Illinois Compiled Statutes 105 ILCS 5/19a-4 – If the school board determines subsequent to the original issue of …
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Terms Used In Illinois Compiled Statutes 105 ILCS 5/19a-4
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
If the school board determines subsequent to the original issue of bonds under this Article that the income from the facility is insufficient to pay the principal and interest on those bonds, the board, after submitting the question to referendum in accordance with the general election law, may pay the deficit by issuing general obligation bonds in the manner prescribed by Article 19 of this Act.