Illinois § 34-27 Use of special funds to purchase outstanding bonds

Illinois Statutes

§ 34-27 — Use of special funds to purchase outstanding bonds

Illinois·Topic EDUCATION·Ch. 105 SCHOOLS·Act 105 ILCS 5/ School Code.·Art. Article 34 - Cities Of Over 500,000 Inhabitants - Board Of Education

If the board has in its treasury any fund set aside for some particular purpose that is not immediately necessary for such purpose, it may by resolution adopted by a majority of its full membership use the money in such fund in the purchase of bonds issued by the board representing an obligation and pledging the credit of the board, and all interest upon such bonds and all moneys paid in redemption of the bonds or realized from the sale thereof shall at once be credited to and placed in such fund.

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If the board has in its treasury any fund set aside for some particular purpose that is not immediately necessary for such purpose, it may by resolution adopted by a majority of its full membership use the money in such fund in the purchase of bonds issued by the board representing an obligation and pledging the credit of the board, and all interest upon such bonds and all moneys paid in redemption of the bonds or realized from the sale thereof shall at once be credited to and placed in such fund.

Illinois § 34-27 (Use of special funds to purchase outstanding bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.