(20 ILCS 3501/820-15)
Sec. 820-15.
Creation of Reserve Funds.
The Authority may establish and
maintain one or more reserve funds in which there may be one or more accounts
in which there may be deposited:
(a) Any proceeds of bonds issued by the Authority required to be deposited
therein by the terms of any contract between the Authority and its bondholders
or any resolution of the Authority;
(b) Any other moneys or funds of the Authority which it may determine to
deposit therein from any other source; and
(c) Any other moneys or funds made available to the Authority, including
without limitation any proceeds of any local government security or any taxes
or
revenues, rates, charges, assessments, grants, or other funds pledged or
assigned to pay, repay or secure any local government security.
Subject to the terms of any pledge to the owners of any bond, moneys in any
reserve fund may be held and applied to the payment of the interest, premium,
if any, or principal of bonds or local government securities or for any other
purpose authorized by the Authority.
(Source: P.A. 93-205, eff. 1-1-04.)
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