(30 ILCS 390/4) (from Ch. 122, par. 1204)
Sec. 4. The Bonds shall be issued and sold from time to time in such amounts
as
directed by the Governor, upon recommendation by the Director of the
Governor's Office of Management and Budget. The Bonds shall be serial bonds and shall be in such form,
in the denomination of $5,000 or some multiple thereof, payable within 30
years from their date, bearing interest payable annually or semi-annually
from their date at the rate of not more than 7% per annum, and be dated as
shall be fixed and determined by the Director of the
Governor's Office of Management and Budget
in the order authorizing the issuance and sale of the Bonds, which order
shall be approved by the Governor prior to the giving of notice of the sale
of any of the Bonds. Said Bonds shall be payable as to both principal and
interest at such place or places, within or without the State of Illinois,
and may be made registrable as to either principal or as to both principal
and interest, as shall be fixed and determined by the Director of the
Governor's Office of Management and Budget in the order authorizing the issuance and sale of such
Bonds. The Bonds may be callable as fixed and determined by the Director of
the
Governor's Office of Management and Budget in the order authorizing the issuance and sale of
the Bonds; provided however, that the State shall not pay a premium of more
than 3% of the principal of any Bonds so called.
(Source: P.A. 94-793, eff. 5-19-06.)
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