(110 ILCS 805/3A-21)
(from Ch. 122, par. 103A-21)
Money received from the proceeds of taxes levied for payment of the
principal of and interest upon refunding bonds shall be deposited in a
special fund of the community college district, designated as the
"Refunding Bond and Interest Sinking Fund Account of ....". This fund shall
be applied to the purchase or payment of refunding bonds and the interest
thereon as provided in Sections 3A-13 through 3A-23.
If the money in this fund is not immediately necessary for the payment
of refunding bonds or if refunding bonds can not be purchased before
maturity, then, under the direction of the board of the community college
district, the money may be invested by the treasurer of the district in
bonds or other interest bearing obligations of the United States or in
bonds of the State of Illinois.
The maturity date of the securities in which this money is invested
shall be prior to the due date of any issue of refunding bonds of the
investing district. The board may sell these securities whenever necessary
to obtain cash to meet bond and interest payments.
(Source: P.A. 78-669