Sec. 25. Bond terms.
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/il/chapter-30/act-445/25A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 25. Bond terms. Bonds issued under Section 20 shall bear interest at a rate or rates not to exceed the maximum rate permitted by the Bond Authorization Act at the time of the making of the loan from the Illinois Finance Authority. The bonds shall mature within 30 years from the date issued. General obligation bonds shall be the direct general obligations of the governmental unit and the full faith and credit of the governmental unit shall be pledged for the punctual payment of the principal of and interest on the general obligation bonds.
Revenue bonds shall be limited obligations of the governmental unit payable from the enterprise revenues or revenue sources of the governmental unit pledged as security for the punctual payment of the principal of and interest on the revenue bonds.