Sec. 85. No impairment of loan agreement.
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/il/chapter-70/act-3210/85A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 85. No impairment of loan agreement. The State of Illinois pledges to and agrees with any facility owner under any loan agreement entered into by the Authority with respect to a facility that the State will not limit or alter the rights and powers vested in the Authority by this Act so as to impair the terms of the loan agreement or in any way impair the rights and remedies of the owner so long as the owner is not in default under the loan agreement. In addition, the State pledges to and agrees with the owner that the State will not limit the basis on which State funds are to be allocated, deposited, and paid to the Authority, or the use of those funds, so as to impair the terms of any such loan agreement.
The Authority is authorized to include this pledge and agreement of the State in the loan agreement.