(This Section scheduled to be repealed in accordance with 105 ILCS 5/1E-165)
152 words·~1 min read·
/il/chapter-105/act-5/105-30A 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(This Section scheduled to be repealed in accordance with 105 ILCS 5/1E-165)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-80. Debt service fund. The Authority shall establish a debt service fund for the Bonds to be maintained by a paying agent, escrow agent, depository, or corporate trustee, which may be any trust company or bank having the power of a trust company within this State, separate and segregated from all other funds and accounts of the Authority and the district. All moneys on deposit in the debt service fund shall be held in trust in the debt service fund for the benefit of the holders of the Bonds, shall be applied solely for the payment of the principal of and sinking fund installment, redemption premium, if any, and interest on the Bonds, and shall not be used for any other purpose.
The holders of the Bonds shall have a security interest in and lien upon all such moneys.