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91_HB2077eng HB2077 Engrossed LRB9104508NTsb 1 AN ACT to amend the School Code by changing Section 2 34B-3. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The School Code is amended by changing 6 Section 34B-3 as follows: 7 (105 ILCS 5/34B-3) (from Ch. 122, par. 34B-3) 8 Sec. 34B-3. The Notes shall bear interest at such rate 9 or rates as shall be determined by ordinance of the City as 10 hereinafter provided, which rate or rates shall not be 11 limited by any interest rate limitation provided by law 12 including, without limitation, the limitation contained in 13 Section 2 of "An Act to authorize public corporations to 14 issue bonds, other evidences of indebtedness and tax 15 anticipation warrants subject to interest rate limitations 16 set forth therein", approved May 26, 1970, as amended. The 17 Notes shall bear interest from the date of their issuance 18 until paid in full, but no interest shall be payable prior to 19 the earlier of the date of any prepayment thereof or October 20 1, 1980. The Notes shall mature within 2twoyears from the 21 date of their issuance. 22 (Source: P.A. 81-1222.)