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(30 ILCS 440/7)
State Not to Impair Bond Obligations.
While Bonds under this
outstanding, the State irrevocably pledges and covenants that it shall not:
A. Take action to limit or restrict the rights of the Department to
responsibilities to pay Bond Obligations, Bond Administrative Expenses or
comply with instruments entered by the Department pertaining to the issuance of
B. In any way impair the rights and remedies of the holders of the
until the Bonds are fully discharged; or
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.)