§ 1E-95

Illinois § 1E-95

• Jurisdiction: Illinois
• Topic: EDUCATION
• Ch. 105: SCHOOLS
• Act 105 ILCS 5/: School Code.
• Art.: Article 1E - Downstate School Finance Authority

Text

(This Section scheduled to be repealed in accordance with 105 ILCS 5/1E-165) Sec. 1E-95. Vesting powers in trustee or other authorized agent. The resolution authorizing issuance of the Bonds shall vest in a trustee, paying agent, escrow agent, or depository such rights, powers, and duties in trust as the Authority may determine and may contain such provisions for protecting and enforcing the rights and remedies of the holders of the Bonds and limiting such rights and remedies as may be reasonable and proper and not in violation of law, including covenants setting forth the duties of the Authority in relation to the exercise of its corporate powers and the custody, safeguarding, and application of all moneys. The resolution shall provide for the manner in which moneys in the various funds and accounts of the Authority may be invested and the disposition of the earnings on the investments.

Legislative History

(Source: P.A. 92-547, eff. 6-13-02 .)