State of Illinois
91st General Assembly
Legislation

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91_HB2023

 
                                               LRB9104508NTsb

 1        AN  ACT  to  amend  the  School  Code by changing Section
 2    34B-3.

 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:

 5        Section  5.   The  School  Code  is  amended  by changing
 6    Section 34B-3 as follows:

 7        (105 ILCS 5/34B-3) (from Ch. 122, par. 34B-3)
 8        Sec. 34B-3.  The Notes shall bear interest at  such  rate
 9    or  rates  as shall be determined by ordinance of the City as
10    hereinafter provided,  which  rate  or  rates  shall  not  be
11    limited  by  any  interest  rate  limitation  provided by law
12    including, without limitation, the  limitation  contained  in
13    Section  2  of  "An  Act  to authorize public corporations to
14    issue  bonds,  other  evidences  of  indebtedness   and   tax
15    anticipation  warrants  subject  to interest rate limitations
16    set forth therein", approved May 26, 1970, as  amended.   The
17    Notes  shall  bear  interest  from the date of their issuance
18    until paid in full, but no interest shall be payable prior to
19    the earlier of the date of any prepayment thereof or  October
20    1,  1980.  The Notes shall mature within 2 two years from the
21    date of their issuance.
22    (Source: P.A. 81-1222.)

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