Illinois General Assembly - Illinois Compiled Statutes

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30 ILCS 420/4

(30 ILCS 420/4) (from Ch. 127, par. 754)

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
thirty (30) years from their date, bearing interest payable annually or
semiannually from their date at the rate of not more than seven per cent
(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.)