Illinois General Assembly - Illinois Compiled Statutes

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30 ILCS 440/7

(30 ILCS 440/7)

Sec. 7. State Not to Impair Bond Obligations.

While Bonds under this
Act are
outstanding, the State irrevocably pledges and covenants that it shall not:

A. Take action to limit or restrict the rights of the Department to
fulfill its
responsibilities to pay Bond Obligations, Bond Administrative Expenses or
otherwise
comply with instruments entered by the Department pertaining to the issuance of
the
Bonds;

B. In any way impair the rights and remedies of the holders of the
Bonds
until the Bonds are fully discharged; or

C. Reduce:

1. The Fund Building Rates below the levels in

existence effective January 1, 2012;

2. The maximum amount includable as wages pursuant to

Section 235 of the Unemployment Insurance Act below the levels in existence effective January 1, 2012; and

3. The Solvency Adjustments imposed pursuant to

Section 1400.1 of the Unemployment Insurance Act below the levels in existence effective January 1, 2012.

(Source: P.A. 97-621, eff. 11-18-11.)