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Public Act 096-1546
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| HB5289 Enrolled | LRB096 16711 HLH 32001 b |
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AN ACT concerning finance.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The School Code is amended by changing Section |
19-20 as follows:
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(105 ILCS 5/19-20) (from Ch. 122, par. 19-20)
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Sec. 19-20. Execution-Maturity-Callable.
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The refunding bonds shall be of such form and denomination, |
payable at
such place, bear such date, and be executed by such |
officials as may be
provided by the corporate authorities of |
the school district in the bond
resolution. They shall mature |
within not to exceed 20 years from their
date, and may be made |
callable on any interest payment date at par and
accrued |
interest after notice has been given at the time and in the |
manner
provided in the bond resolution; however, the limitation |
shall be 25 years for bonds issued by Valley View Community |
Unit School District 365U that refund (i) bonds authorized |
under Section 19-3 of this Code or (ii) bonds refunding or |
continuing to refund bonds authorized under Section 19-3 of |
this Code.
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(Source: Laws 1961, p. 31.)
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Section 99. Effective date. This Act takes effect upon |