Illinois Statutes
§ 31-45 — Obligations of Board
Illinois § 31-45
JurisdictionIllinois
TopicEDUCATION
Ch. 110HIGHER EDUCATION
Act 110 ILCS 686/Northern Illinois University Revenue Bond Law.
Art.Article 31 -
This text of Illinois § 31-45 (Obligations of Board) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
110 Ill. Comp. Stat. 31-45 (2026).
Text
All bonds issued pursuant to this Article shall be obligations of the Board payable only in accordance with the terms thereof and shall not be obligations general, special or otherwise, of the State of Illinois. Such bonds shall not constitute a debt, legal or moral, of the State of Illinois, and shall not be enforceable against the State, nor shall payment thereof be enforceable out of any funds of the Board, or of the University, other than the income and revenues pledged and assigned to, or in trust for the benefit of, the holder or holders of such bonds.
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Legislative History
(Source: P.A. 89-4, eff. 1-1-96.)
Nearby Sections
15
§ 31-1
Short title§ 31-10
Powers§ 31-12
Eminent domain§ 31-15
Issuance of Bonds§ 31-20
Security of Bonds§ 31-25
Enforcement of Contract§ 31-30
Moneys of the Board§ 31-35
Validity of Bonds§ 31-45
Obligations of Board§ 31-5
Definitions§ 31-50
Bonds as Legal Investments§ 31-55
§ 31-55Cite This Page — Counsel Stack
Bluebook (online)
Illinois § 31-45, Counsel Stack Legal Research, https://law.counselstack.com/statute/il/110/31-45.