(30 ILCS 430/5) (from Ch. 127, par. 3755)
Sec. 5. Security of Retirement Savings Bonds. Any Retirement Savings
Bonds issued under the General Obligation Bond Act, as now or hereafter
amended, in accordance with this
Act shall be direct, general obligations of
the State of Illinois and subject to repayment as provided in the General
Obligation Bond Act, as now or hereafter amended; however in the
proceedings of the Governor and
the Director of the
Governor's Office of Management and Budget
authorizing the issuance of
Retirement Savings Bonds, such officials may covenant on behalf of the State
with or for the benefit of the holders of such Bonds as to all matters
deemed advisable by such officials, including the terms and conditions for
creating and maintaining sinking funds, reserve funds and such other special
funds as may be created in such proceedings, separate and apart from all
other funds and accounts of the State, and such officials may make such
other covenants as may be deemed necessary or desirable to assure the
prompt payment of the principal of and interest on such Bonds. The
transfers to and appropriations from the General Obligation Bond Retirement
and Interest Fund required by the General Obligation Bond Act, as now or
hereafter amended, shall be made
to and from any fund or funds created pursuant to this Section for the
payment of the principal of and interest on any Retirement Savings Bonds.
(Source: P.A. 94-793, eff. 5-19-06.)
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