Illinois Compiled Statutes 110 ILCS 676/21-45 – Obligations of Board
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Terms Used In Illinois Compiled Statutes 110 ILCS 676/21-45
- Board: means the Board of Trustees of the University or its successor. See Illinois Compiled Statutes 110 ILCS 676/21-5
- 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
- University: means and includes Illinois State University, located at Normal, Illinois, and its branches. See Illinois Compiled Statutes 110 ILCS 676/21-5
All bonds issued pursuant to this Article shall be obligations of the Board payable only in accordance with the terms thereof and shall not be obligations general, special or otherwise, of the State of Illinois. Such bonds shall not constitute a debt, legal or moral, of the State of Illinois, and shall not be enforceable against the State, nor shall payment thereof be enforceable out of any funds of the Board, or of the University, other than the income and revenues pledged and assigned to, or in trust for the benefit of, the holder or holders of such bonds.