(105 ILCS 5/1E-100)
(This Section scheduled to be repealed in accordance with 105 ILCS 5/1E-165) Sec. 1E-100.
Discharge of bonds.
(a) If the Authority pays or
causes to be paid to the holders of all Bonds then outstanding the
principal, redemption price, if any, and interest to become due on the Bonds,
at the times and
in the manner stipulated therein and in
the resolution authorizing the issuance of the Bonds, then the
covenants, agreements, and other obligations of the Authority to the
Bondholders shall be discharged and satisfied.
(b) Bonds or interest installments for the payment or
redemption of which moneys have been set aside and held
in trust by the trustee or other authorized agent provided for in Section 1E-95
of this Code, through deposit by the Authority of funds for the
payment, redemption, or otherwise, at the maturity or redemption date, are
deemed to have been paid within the meaning and with the effect expressed in
subsection (a) of this Section. All outstanding Bonds of any series, prior to
the maturity or redemption date, are deemed to have been paid within the
meaning and with the effect expressed in subsection (a) of this Section if
(1) there has been deposited with the trustee or other authorized
agent either (A) moneys in an amount that is sufficient or
(B) direct obligations of the United States of America the principal of
and the interest on which, when due, will provide moneys that,
together with the moneys, if any, deposited with the trustee or other
authorized
agent at the same time, are sufficient to pay, when due,
the principal, sinking fund installment, or redemption price,
if applicable, of and interest due and to become due on the Bonds
on and prior to the redemption date, sinking fund installment date, or
maturity date, as the case may be, and (2) the Authority has given the trustee
or other authorized agent, in form satisfactory to it,
irrevocable instructions to give notice to the effect and in
accordance with the procedures provided in the resolution authorizing
the issuance of the Bonds. Neither direct obligations of the United
States of America, moneys deposited with the trustee or other authorized agent,
or
principal or interest payments on the securities shall be
withdrawn or used for any purpose other than, and shall be held in trust
for, the payment of the principal or redemption price, if applicable,
and interest on the Bonds.
(Source: P.A. 92-547, eff. 6-13-02 .)
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