§ 3A-28

Illinois § 3A-28

• Jurisdiction: Illinois
• Topic: EDUCATION
• Ch. 110: HIGHER EDUCATION
• Act 110 ILCS 805/: Public Community College Act.
• Art.: Article IIIa - Bonds

Text

If the board determines subsequent to the original issue of bonds under Sections 3A-25 through 3A-29 that the income from the facility is insufficient to pay the principal and interest on these bonds, the board, after submitting the proposition to referendum held in accordance with the general election law, may pay the deficit by issuing general obligation bonds in the manner prescribed by this Article. The board shall certify the proposition to the proper election authorities for submission to the electors.

Legislative History

(Source: P.A. 81-1489.)