Illinois Compiled Statutes 30 ILCS 343/20 – Bonds, notes, certificates or other facilities; appropriation
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(a) There shall be prepared, under the direction of the Governor, the form of bonds, notes, certificates or other facilities that the Governor deems advisable for borrowing pursuant to this Act. The bonds, notes, certificates or other facilities, when issued, shall be signed by the Governor and a record of their issuance shall be kept by the Comptroller. The interest on and principal of the debt shall be paid from the General Obligation Bond Retirement and Interest Fund.
(b) There is appropriated on a continuing basis, out of any money in the State treasury, a sum sufficient for the payment of the interest on and principal of any debts contracted under this Act, and the irrevocable and continuing authority for and direction to the State Treasurer and the Comptroller to make the necessary transfers, as directed by the Governor.
(c) The Governor is authorized to order, pursuant to the proceedings authorizing debts contracted under this Act, the transfer of any moneys on deposit in the State treasury into the General Obligation Bond Retirement and Interest Fund at times and in amounts the Governor deems necessary to provide for the payment of that interest and principal.
(d) The Comptroller is authorized and directed to draw warrants on the State Treasurer for the amount of all payments of principal and interest on the bonds, notes, certificates or other facilities issued under this Act.
(b) There is appropriated on a continuing basis, out of any money in the State treasury, a sum sufficient for the payment of the interest on and principal of any debts contracted under this Act, and the irrevocable and continuing authority for and direction to the State Treasurer and the Comptroller to make the necessary transfers, as directed by the Governor.
Terms Used In Illinois Compiled Statutes 30 ILCS 343/20
- 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.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(c) The Governor is authorized to order, pursuant to the proceedings authorizing debts contracted under this Act, the transfer of any moneys on deposit in the State treasury into the General Obligation Bond Retirement and Interest Fund at times and in amounts the Governor deems necessary to provide for the payment of that interest and principal.
(d) The Comptroller is authorized and directed to draw warrants on the State Treasurer for the amount of all payments of principal and interest on the bonds, notes, certificates or other facilities issued under this Act.