30 ILCS 435/20

(30 ILCS 435/20)

Sec. 20.

Payment to bond trustee.

(a) If authorized in the contract between a State agency and a service
provider, whenever the service provider is required to replenish the reserve
fund established under a covered bond issue, the trustee of the reserve fund
shall certify to the affected State agency the amount required to meet the
service provider's obligation.  The certification must specifically identify:

(1) the covered bond issue involved;

(2) the name, address, and source of authority of the

trustee;

(3) the name and address of the service provider;

(4) the contract between the service provider and the

State agency; and

(5) the amount that the service provider is required

to pay into the reserve fund.

The certification must also include provisions requiring a refund to the
State agency, or to the service provider if so directed by the State agency,
of any surplus amount received by the bond trustee from the State agency.

(b) Beginning with the next contract payment date occurring at least 15 days
after a certification that complies with subsection (a) has been received by a
State agency, the State agency shall direct the payment of any money that is
due and payable to
the service provider under the contract for principal and interest, up to
the amount specified in the
certification, directly to the bond trustee to replenish the reserve
fund.  The State agency shall authorize payment, and the State Comptroller
shall
make the payment to the bond trustee, or if necessary to the provider in care
of the trustee.
Any amount due the service provider in excess of the amount certified shall be
payable directly to the service provider.  This Act does not require the State
to alter its payment schedule.

(Source: P.A. 88-117.)