105 ILCS 5/1E-70
2021 Illinois Compiled Statutes|Chapter 105 - SCHOOLS|105 ILCS 5/ - School Code.|Article 1E - Downstate School Finance Authority

(This Section scheduled to be repealed in accordance with 105 ILCS 5/1E-165)Sec. 1E-70.     Terms of bonds.(a) Whenever the Authority desires or is required to issue Bonds as  provided in this Article, it shall adopt a resolution designating the  amount of the Bonds to be issued, the purposes for which the proceeds of  the Bonds are to be used, and the manner in which the proceeds shall be  held pending the application thereof. The Bonds shall be issued in the  corporate name of the Authority and shall bear such date or dates and  shall mature at such time or times, not exceeding 20 years from their  date, as the resolution may provide. The Bonds may be issued  as serial bonds payable in installments,  as term bonds with sinking  fund installments, or as a combination of these as the Authority may  determine in the resolution. The Bonds shall be in such  denominations as the Authority may determine.   The Bonds  shall be in such form, carry such registration privileges, be  executed in such manner, be payable at such place or places, and  be subject to such terms of redemption at such redemption prices,  including premium, as the resolution may provide. The Bonds  shall be sold by the Authority at public or private sale, as determined by the  Authority.(b) In connection with the issuance of its Bonds, the Authority may  enter into arrangements to provide additional security and liquidity for  the Bonds. These may include without limitation municipal bond  insurance, letters of credit, lines of credit by which the Authority may  borrow funds to pay or redeem its Bonds, and purchase or remarketing  arrangements for ensuring the ability of owners of the Authority's Bonds  to sell their Bonds or to have their Bonds redeemed. The Authority may enter  into  contracts and may agree to pay fees to persons providing the  arrangements, including from Bond proceeds, but only under circumstances  in which the total interest paid or to be paid on the Bonds, together  with the fees for the arrangements (being treated as if interest), would  not, taken together, cause the Bonds to bear interest, calculated to  their absolute maturity, at a rate in excess of the maximum rate allowed  by law.The resolution of the Authority authorizing the issuance of its  Bonds may provide that interest rates may vary from time to time  depending upon criteria established by the Authority, which may include  without limitation a variation in interest rates as may be necessary to  cause the Bonds to be remarketable from time to time at a price equal to  their principal amount, and may provide for appointment of a national  banking association, bank, trust company, investment banker, or other  financial institution to serve as a remarketing agent in that  connection. The resolution of the Authority authorizing the issuance of  its Bonds may provide that alternative interest rates or provisions shall  apply during such times as the Bonds are held by a person providing a  letter of credit or other credit enhancement arrangement for those  Bonds.    (Source: P.A. 92-547, eff. 6-13-02.)