School Construction Bond Act

Sections covered

• 30 ILCS 390/1This Act shall be known and may be cited as the "School Construction Bond Act"
• 30 ILCS 390/10Finance › 30 ILCS 390 — School Construction Bond Act
• 30 ILCS 390/11If the State fails to pay the principal of or interest on any of the Bonds as the same become due, a civil action to compel payment may be instituted in the Supreme Court of Illinois as a court of original jurisdiction by the holder or holders of the Bonds on which such default of payment exists
• 30 ILCS 390/12Finance › 30 ILCS 390 — School Construction Bond Act
• 30 ILCS 390/13Finance › 30 ILCS 390 — School Construction Bond Act
• 30 ILCS 390/14If any Section, sentence, or clause of this Act is for any reason held invalid or to be unconstitutional, such decision shall not affect the validity of the remaining portions of this Act
• 30 ILCS 390/15After December 1, 1984 no additional bonds shall be issued or sold pursuant to this Act; instead all State of Illinois general obligation bonds shall be issued and sold pursuant to the "General Obligation Bond Act"
• 30 ILCS 390/2The General Assembly has examined the long-term capital facility and land needs of the local school districts within the State of Illinois
• 30 ILCS 390/3Finance › 30 ILCS 390 — School Construction Bond Act
• 30 ILCS 390/4The Bonds shall be issued and sold from time to time in such amounts as directed by the Governor, upon recommendation by the Director of the Governor's Office of Management and Budget
• 30 ILCS 390/5The Bonds shall be signed by the Governor and attested by the Secretary of State under the printed facsimile seal of the State and countersigned by the Treasurer by his manual signature or by his duly authorized deputy
• 30 ILCS 390/6Finance › 30 ILCS 390 — School Construction Bond Act
• 30 ILCS 390/7At all times, the proceeds from the sale of the Bonds are subject to appropriation by the General Assembly to the Capital Development Board or its successor, or, for the 1976 and 1977 fiscal years only, to the State Board of Education for reimbursements for special education building purposes
• 30 ILCS 390/8The Treasurer may, with the approval of the Governor, invest and reinvest any money in the School Construction Fund in the State Treasury which, in the opinion of the Governor communicated in writing to the Treasurer, is not needed for current expenditures due or about to become due from such funds
• 30 ILCS 390/9Finance › 30 ILCS 390 — School Construction Bond Act