40 ILCS 5/15-167.2
2021 Illinois Compiled Statutes|Chapter 40 - PENSIONS|40 ILCS 5/ - Illinois Pension Code.|Article 15 - State Universities Retirement System

 (from Ch. 108 1/2, par. 15-167.2)Sec. 15-167.2.     To issue bonds.     To borrow money and, in evidence of  its obligation to repay the borrowing, to issue bonds for the purpose of  financing the cost of any project.  The bonds shall be authorized pursuant  to a resolution to be adopted by the board setting forth all details in  connection with the bonds.The principal amount of the outstanding bonds of the board shall not at  any time exceed $20,000,000.The bonds may be issued in one or more series, bear such date or dates,  become due at such time or times within 40 years, bear interest payable at  such intervals and at such rate or rates, which rates may be fixed or  variable, be in such denominations, be in such form, either coupon,  registered or book-entry, carry such conversion, registration and exchange  privileges, be subject to defeasance upon such terms, have such rank or  priority, be executed in such manner, be payable in such medium of payment  at such place or places within or without the State of Illinois, make  provision for a corporate trustee within or without the State of  Illinois with respect to such bonds, prescribe the rights, powers and  duties thereof to be exercised for the benefit of the board, the system and  the protection of the bondholders, provide for the holding in trust,  investment and use of moneys, funds and accounts held in connection  therewith, be subject to such terms of redemption with or without premium,  and be sold in such manner at private or public sale and at such price, all  as the board shall determine.  Whenever bonds are sold at a price less than  par, they shall be sold at such price and bear interest at such rate or  rates that either the true interest cost (yield) or the net interest rate,  as may be selected by the board, received upon the sale of such bonds does  not exceed the maximum interest rate permitted by the Bond Authorization Act,  as amended at the time of the making of the contract.Any bonds may be refunded or advance refunded upon such terms as the  board may determine for such term of years, not exceeding 40 years, and in  such principal amount, as may be deemed necessary by the board.  Any  redemption premium payable upon the redemption of bonds may be payable from  the proceeds of refunding bonds issued for the purpose of refunding such  bonds, from any lawfully available source or from both refunding bond  proceeds and such other sources.The bonds or refunding bonds shall be obligations of the board payable  from the income, interest and dividends derived from investments of  the board, all as may be designated in the resolution of the board  authorizing the issuance of the bonds. The bonds shall be secured as  provided in the authorizing resolution, which may, notwithstanding any  other provision of this Code, include a specific pledge or assignment of  and lien on or security interest in the income, interest and dividends  derived from investments of the board and a specific pledge or assignment  of and lien on or security interest in any funds, reserves or accounts  established or provided for by the resolution of the board authorizing the  issuance of the bonds.  The bonds or refunding bonds shall not be payable from any  employer or employee contributions derived from State appropriations nor  constitute obligations or indebtedness of the State of Illinois or of any  municipal corporation or other body politic and corporate in the State.The holder or holders of any bonds issued by the board may bring suits at  law or proceedings in equity to compel the performance and observance by  the board or any of its agents or employees of any contract or covenant  made with the holders of the bonds, to compel the board or any of its  agents or employees to perform any duties required to be performed for the  benefit of the holders of the bonds by the provisions of the resolution  authorizing their issuance, and to enjoin the board or any of its agents or  employees from taking any action in conflict with any such contract or covenant.Notwithstanding the provisions of Section 15-188 of this Code, if the  board fails to pay the principal of, premium, if any, or interest on any of  the bonds as they become due, a civil action to compel payment may be  instituted in the appropriate circuit court by the holder or holders of the  bonds upon which such default exists or by a trustee acting on behalf of the holders.No bonds may be issued under this Section until a copy of the resolution  of the board authorizing such bonds, certified by the secretary of the  board, has been filed with the Governor of the State of Illinois."Bonds" means any instrument evidencing the obligation to pay money,  including without limitation bonds, notes, installment or financing  contracts, leases, certificates, warrants, and any other evidences of indebtedness."Project" means the acquisition, construction, equipping, improving,  expanding and furnishing of any office building for the use of the system,  including any real estate or interest in real estate necessary or useful in  connection therewith."Cost of any project" includes all capital costs of the project, an  amount for expenses of issuing any bonds to finance such project, including  underwriter's discount and costs of bond insurance or other credit  enhancement, an amount necessary to provide for a reserve fund for the  payment of the principal of and interest on such bonds and an amount to pay  interest on such bonds for a period not to exceed the greater of 2 years or  a period ending 6 months after the estimated date of completion of the project.    (Source: P.A. 90-65, eff. 7-7-97; 90-511, eff. 8-22-97.)