(105 ILCS 5/34A-504) (from Ch. 122, par. 34A-504)
Sec. 34A-504.
Debt service fund.
(a) The Authority shall establish a
debt service fund for the Bonds to be maintained by a corporate trustee
(which may be any trust company or bank having the power of a trust
company within the State) separate and segregated from all other funds
and accounts of the Authority and the Board. All moneys on deposit in
the debt service fund shall be held in trust in such debt service fund
for the benefit of holders of the Bonds, shall be applied solely for the
payment of principal of and sinking fund installment, redemption premium,
if any, and interest on the Bonds and shall not be used for any other purpose.
The holders of the Bonds shall have a security interest in and lien upon all
such moneys.
(b) The Authority shall, by its resolution authorizing Bonds to be issued
on or after July 1, 1993 (other than to refund or to continue the refunding of
Bonds issued prior to July 1, 1993), establish a debt service fund which shall
be separate from any such fund for Bonds issued prior to July 1, 1993
(including Bonds
issued to refund or to continue the refunding of those prior Bonds). Such a
separate debt service fund shall secure only Bonds issued on or after July 1,
1993 (other than Bonds to refund or to continue the refunding of Bonds issued
prior to July 1, 1993). The debt service fund established with respect to
Bonds issued prior to July 1, 1993 (or to refund or to continue the refunding
of Bonds issued prior to July 1, 1993) shall not secure Bonds issued on or
after July 1, 1993 (other than Bonds issued to refund or to continue the
refunding of Bonds issued prior to July 1, 1993).
(Source: P.A. 88-511.)
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