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30 ILCS 415/9
(30 ILCS 415/9) (from Ch. 127, par. 709)
Sec. 9.
Upon each delivery of the Bonds authorized to be issued
under this Act, the Comptroller shall compute and certify to the
State Treasurer the total amount of principal of and interest
on the Bonds issued that will be payable in order to retire such Bonds and
the amount of principal of and interest on such Bonds that will be payable
on each payment date according to the tenor of such Bonds during the then
current and each succeeding fiscal year.
On the last day of each month, commencing with the month in which the
Transportation Bonds, Series A are issued and delivered, the State
Treasurer and the Auditor of Public Accounts, or Comptroller as his
successor, shall transfer from the Road Fund in the State Treasury, or the
General Revenue Fund as provided in Section 7 of this Act, to the
Transportation Bond, Series A Retirement and Interest Fund a sum of money,
appropriated for such purpose, equal to the result of the amount of
principal of and interest on the Transportation Bonds, Series A payable on
the next payment date divided by the number of full calendar months between
the date of such Transportation Bonds, Series A and the first such payment
date, and thereafter divided by the number of months between each
succeeding payment date after the first. On the last day of each month,
commencing with the month in which the Transportation Bonds, Series B are
issued and delivered, the State Treasurer and the Auditor of Public
Accounts, or Comptroller as his successor, shall transfer from the General
Revenue Fund in the State Treasury to the Transportation Bond, Series B
Retirement and Interest Fund in the State Treasury a sum of money,
appropriated for such purpose, equal to the result of the amount of
principal of and interest on the Transportation Bonds, Series B payable on
the next payment date divided by the number of full calendar months between
the date of such Transportation Bonds, Series B and the first such payment
date, and thereafter divided by the number of months between each
succeeding payment date after the first.
Such computations and transfers shall be made when a series of such
Bonds is issued and delivered.
The transfer of monies hereinabove directed is not required if monies in
the Transportation Bond, Series A Retirement and Interest Fund, or the
Transportation Bond, Series B Retirement and Interest Fund, as the case may
be, are more than the amount otherwise to be transferred as hereinabove
provided, and if the Governor notifies the Auditor of Public Accounts, or
Comptroller as his successor, and the State Treasurer of such fact.
(Source: P.A. 83-1280.)
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