(30 ILCS 390/6) (from Ch. 122, par. 1206)
Sec. 6. The Bonds shall be sold from time to time by the Director of the
Governor's Office of Management and Budget to the highest and best bidders, for not less than their par
value, upon sealed bids, at not exceeding the maximum interest rate fixed
in the order authorizing the issuance of the Bonds, provided, that at no
one time shall Bonds in excess of the amount of $150,000,000 be offered for
sale. The right to reject any and all bids may be reserved. The Secretary
of State shall, from time to time, as the Bonds are to be sold, advertise
in at least two daily newspapers, one of which is published in the City of
Springfield and one in the City of Chicago, for proposals to purchase the
Bonds. Each of such advertisements for proposals shall be published once at
least 10 days prior to the date of the opening of the bids. The executed
Bonds shall, upon payment therefore, be delivered to the purchaser, and the
proceeds of the Bonds shall be paid into the State Treasury. The proceeds
of the Bonds shall be deposited in a separate fund known as the "School
Construction Fund", which separate fund is hereby created.
(Source: P.A. 94-793, eff. 5-19-06.)
|