Illinois Compiled Statutes 105 ILCS 5/1E-155 – Abolition of Authority
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Terms Used In Illinois Compiled Statutes 105 ILCS 5/1E-155
- Authority: means a School Finance Authority created under this Article. See Illinois Compiled Statutes 105 ILCS 5/1E-10
- Obligations: means bonds and notes of the Authority. See Illinois Compiled Statutes 105 ILCS 5/1E-10
- 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
- State Board: means the State Board of Education. See Illinois Compiled Statutes 105 ILCS 5/1E-10
The Authority shall be abolished 10 years after its creation or one year after all its obligations issued under the provisions of this Article have been fully paid and discharged, whichever comes later. However, the State Board, upon recommendation of the Authority and if no obligations are outstanding, may abolish the Authority at any time after the Authority has been in existence for 3 years. Upon the abolition of the Authority, all of its records shall be transferred to the State Board and any property of the Authority shall pass to and be vested in the State Board.