(20 ILCS 3805/21) (from Ch. 67 1/2, par. 321)
Sec. 21.
The Authority shall create and establish a special fund to
secure the Housing Development Bonds issued under this Act. The fund shall
be designated as "the capital reserve fund."
The Authority shall pay into the capital reserve fund: (a) all moneys
specifically appropriated, earmarked or made available by gift, grant,
or otherwise, from any source, public or private, for the purposes of
meeting expenditures authorized from such fund; (b) any proceeds of sale
of notes or bonds, to the extent provided in the resolution of the
Authority authorizing the issuance thereof; (c) any moneys transferred
into the fund by the Authority from any other fund authorized by this
Act, in such amounts and at such times as the Authority deems necessary
for the purposes of this fund; and (d) any other income or moneys
available to the Authority from any other source or sources for the
purpose of such fund.
All moneys held in the capital reserve fund, except as hereinafter
provided, shall be used solely for the payment of the principal or
annual sinking fund payment of bonds of the Authority as the same
mature, the purchase of bonds of the Authority, the payment of interest
on such bonds of the Authority or the payment of any redemption premium
required to be paid when such bonds are redeemed prior to maturity.
Moneys in the capital reserve fund shall not be withdrawn at any time in
such amount as would reduce the amount of the fund to less than the
maximum amount of principal and interest or annual sinking fund payment,
whichever is less, maturing and becoming due in any succeeding calendar
year on all bonds of the Authority then outstanding, except for the
purpose of paying principal of and interest on bonds of the Authority
becoming due, whether at maturity or by annual sinking fund payment, and
for the payment of which other moneys of the Authority are not
available. Any income or interest earned by, or increment to, the
capital reserve fund due to the investment thereof may be transferred by
the Authority to the general fund or any other fund of the Authority to
the extent it does not reduce the amount of the capital reserve fund
below the maximum amount of principal and interest or annual sinking
fund payment, whichever is less, maturing and becoming due in any
succeeding calendar year on all bonds of the Authority then outstanding.
For purposes of this Section the word "bonds" shall mean only those
bonds of the Authority issued for the purpose of making mortgage loans
to nonprofit corporations and limited-profit entities to finance
multi-family rental and cooperative developments and designated as
"Housing Development Bonds" by the Authority.
(Source: P.A. 78-1074.)
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