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Code · Illinois · Chapter 30 — FINANCE · Act 540

Sec. 3-7. Transportation bond funds.

111 words·~1 min read·/il/chapter-30/act-540/3-7

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Sec. 3-7. Transportation bond funds. If the Department of Transportation incurs an interest liability under this Act that would be payable from a transportation bond fund, the Department of Transportation is authorized to pay the interest from its available appropriations from the Road Fund, as long as the original purpose to which the bond funds were applied was consistent with Section 11 of Article IX of the Illinois Constitution. As used in this Section, "transportation bond fund" means any of the following funds in the State treasury: the Transportation Bond, Series A Fund; the Transportation Bond, Series B Fund; the Transportation Bond Series D Fund; and the Multi-modal Transportation Bond Fund.
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