Illinois Compiled Statutes 105 ILCS 5/1E-105 – Pledge of the State
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Terms Used In Illinois Compiled Statutes 105 ILCS 5/1E-105
- Authority: means a School Finance Authority created under this Article. See Illinois Compiled Statutes 105 ILCS 5/1E-10
- Bonds: means bonds authorized to be issued by the Authority under Section 1E-65 of this Code. See Illinois Compiled Statutes 105 ILCS 5/1E-10
- Contract: A legal written agreement that becomes binding when signed.
- 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
The State of Illinois pledges to and agrees with the holders of Bonds that the State will not limit or alter the rights and powers vested in the Authority by this Article with respect to the issuance of obligations so as to impair the terms of any contract made by the Authority with these holders or in any way impair the rights and remedies of these holders until the Bonds, together with interest on the Bonds, interest on any unpaid installments of interest, and all costs and expenses in connection with any action or proceedings by or on behalf of these holders, are fully met and discharged or provisions made for their payment. The Authority is authorized to include this pledge and agreement of the State in any resolution or contract with the holders of Bonds.