(30 ILCS 355/15)
(from Ch. 85, par. 1397h)
(a) Upon each delivery of Bonds authorized to be issued under
this Act, the Comptroller shall compute and certify to the Treasurer the
total amount of principal of and interest on Bonds issued that will be
payable in order to retire such Bonds and the amount of principal of and
interest on such Bonds that will be payable on each payment date according
to the tenor of such Bonds during the then current and each succeeding
(b) On or before the last day of each month the Treasurer and
Comptroller shall transfer from the MEAOB Fund to the Bond Retirement Fund
an amount sufficient to pay the aggregate of the principal of, interest on,
and premium, if any, on Bonds payable, by their terms on the next payment
date divided by the number of full calendar months between the date of such
Bonds and the first such payment date, and thereafter, divided by the
number of months between each succeeding payment date after the first.
Such computations and transfers shall be made for each series of Bonds
issued and delivered; provided that in any fiscal year such transfers
shall not exceed $19,000,000. The transfer of monies herein and above
directed is not required if monies in the Bond Retirement Fund are more
than the amount otherwise to be transferred as herein above provided, and
if the Budget Director notifies the Treasurer and Comptroller of such fact.
(c) Nothing in this Section shall prohibit a transfer of funds from the
MEAOB Fund to the General Revenue Fund in accordance with Section 5 of this Act.
(Source: P.A. 86-44.)