(This Section scheduled to be repealed in accordance with 105 ILCS 5/1E-165)
154 words·~1 min read·
/il/chapter-105/act-5/105-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(This Section scheduled to be repealed in accordance with 105 ILCS 5/1E-165)
Sec. 1E-105. Pledge of the State. The State of Illinois pledges to and agrees with the holders of Bonds that the State will not limit or alter the rights and powers vested in the Authority by this Article with respect to the issuance of obligations so as to impair the terms of any contract made by the Authority with these holders or in any way impair the rights and remedies of these holders until the Bonds, together with interest on the Bonds, interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of these holders, are fully met and discharged or provisions made for their payment.
The Authority is authorized to include this pledge and agreement of the State in any resolution or contract with the holders of Bonds.