Illinois Compiled Statutes 65 ILCS 5/8-4.1-6 – The corporate authorities are authorized and may covenant and …
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Illinois Compiled Statutes 65 ILCS 5/8-4.1-6
- Bonds: means any instrument evidencing the obligation to pay money authorized or issued by or on behalf of a municipality under Applicable Law including, without limiting the generality of the foregoing, bonds, notes, installment or financing contracts, leases, certificates, tax anticipation warrants or notes, vouchers, or any evidence of indebtedness. See Illinois Compiled Statutes 65 ILCS 5/8-4.1-2
- Contract: A legal written agreement that becomes binding when signed.
- Revenue Bonds: means any Bonds of a municipality other than General Obligation Bonds. See Illinois Compiled Statutes 65 ILCS 5/8-4.1-2
The corporate authorities are authorized and may covenant and contract with the holders of Revenue Bonds to levy, charge and collect moneys pledged as security for the payment of Revenue Bonds in amounts sufficient to provide for the prompt payment of the principal of and interest on such Bonds, and to provide an additional amount of money, as debt service coverage, computed as a percentage of the amount of principal and interest scheduled to be payable in any given year.