Illinois Compiled Statutes 30 ILCS 440/7 – State Not to Impair Bond Obligations
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While Bonds under this Act are outstanding, the State irrevocably pledges and covenants that it shall not:
A. Take action to limit or restrict the rights of the Department to fulfill its responsibilities to pay Bond Obligations, Bond Administrative Expenses or otherwise comply with instruments entered by the Department pertaining to the issuance of the Bonds;
B. In any way impair the rights and remedies of the holders of the Bonds until the Bonds are fully discharged; or
C. Reduce:
1. The Fund Building Rates below the levels in
A. Take action to limit or restrict the rights of the Department to fulfill its responsibilities to pay Bond Obligations, Bond Administrative Expenses or otherwise comply with instruments entered by the Department pertaining to the issuance of the Bonds;
Terms Used In Illinois Compiled Statutes 30 ILCS 440/7
- 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
B. In any way impair the rights and remedies of the holders of the Bonds until the Bonds are fully discharged; or
C. Reduce:
1. The Fund Building Rates below the levels in
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existence effective January 1, 2012;
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2. The maximum amount includable as wages pursuant to
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Section 235 of the Unemployment Insurance Act below the levels in existence effective January 1, 2012; and
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3. The Solvency Adjustments imposed pursuant to
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Section 1400.1 of the Unemployment Insurance Act below the levels in existence effective January 1, 2012.
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