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Illinois Statutes Chapter 30. Finance § 440/6. Bonds Not A Pledge of the State

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 6. Bonds Not A Pledge of the State.

A. Any Bonds issued under this Act, and any related Credit Agreement, are not a pledge of the faith and credit or moral obligation of the State or any State agency or political subdivision of the State. All Bonds, Bond Obligations and payment obligations deriving from any Credit Agreement are payable solely as provided in Section 4D.

B. Any Bonds and any related Credit Agreement issued under this Act must contain a conspicuous statement to the effect that:

1. Neither the State, nor any State agency, political corporation, or political subdivision of the State, is obligated to pay the principal of or interest on the Bonds except as provided by this Act; and

2. Neither the faith and credit of the State or any State agency, political corporation, or political subdivision of the State, nor the moral obligation of any of them, is pledged to the payment of the principal of or interest on the Bonds.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 30. Finance § 440/6. Bonds Not A Pledge of the State - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-30-finance/il-st-sect-30-440-6/

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