Sec. 7. State Not to Impair Bond Obligations.

151 words·~1 min read·/il/chapter-30/act-440/7

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 7. State Not to Impair Bond Obligations. While Bonds under this Act are outstanding, the State irrevocably pledges and covenants that it shall not:

A. Take action to limit or restrict the rights of the Department to fulfill its responsibilities to pay Bond Obligations, Bond Administrative Expenses or otherwise comply with instruments entered by the Department pertaining to the issuance of the Bonds;

B. In any way impair the rights and remedies of the holders of the Bonds until the Bonds are fully discharged; or

C. Reduce:

1. The Fund Building Rates below the levels in existence effective January 1, 2012;

2. The maximum amount includable as wages pursuant to Section 235 of the Unemployment

Insurance Act below the levels in existence effective January 1, 2012; and

3. The Solvency Adjustments imposed pursuant to Section 1400.1 of the Unemployment

Insurance Act below the levels in existence effective January 1, 2012.