A governing body may provide for a reserve fund solely for the payment of the principal of and interest on bonds. Bond proceeds may be used to provide such reserve fund.
30 ILCS 350/7
Reserves
Known as the Local Government Debt Reform Act
The act spans §§ 30-350-1 to 30-350-9 (22 sections).
P.A. 85-1419.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.