Sec. 20. Bonds, notes, certificates or other facilities; appropriation.

240 words·~1 min read·/il/chapter-30/act-343/20

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(a)There shall be prepared, under the direction of the Governor, the form of bonds, notes, certificates or other facilities that the Governor deems advisable for borrowing pursuant to this Act. The bonds, notes, certificates or other facilities, when issued, shall be signed by the Governor and a record of their issuance shall be kept by the Comptroller. The interest on and principal of the debt shall be paid from the General Obligation Bond Retirement and Interest Fund.

(b)There is appropriated on a continuing basis, out of any money in the State treasury, a sum sufficient for the payment of the interest on and principal of any debts contracted under this Act, and the irrevocable and continuing authority for and direction to the State Treasurer and the Comptroller to make the necessary transfers, as directed by the Governor.

(c)The Governor is authorized to order, pursuant to the proceedings authorizing debts contracted under this Act, the transfer of any moneys on deposit in the State treasury into the General Obligation Bond Retirement and Interest Fund at times and in amounts the Governor deems necessary to provide for the payment of that interest and principal.

(d)The Comptroller is authorized and directed to draw warrants on the State Treasurer for the amount of all payments of principal and interest on the bonds, notes, certificates or other facilities issued under this Act.