30 ILCS 385/0.01
Short title
Short title. This Act may be cited as the Motor Fuel Tax Fund Bond Act. (Source: P.A. 86-1324.)
Illinois Compiled Statutes 30 ILCS 385 — Motor Fuel Tax Fund Bond Act.
Illinois · statute · 30 ILCS 385 · 5 active provisions
Provisions
30 ILCS 385/1
As used in this Act: (a) "Governmental unit" means any county, township, road district, city, village or incorporated town
As used in this Act: (a) "Governmental unit" means any county, township, road district, city, village or incorporated town. (b) "Highway" means a highway as defined in the Illinois Highway Code. (c) "Road district" means a road district as defined in the Illinois Highway Code. (Source: P.A. 76-374.)
30 ILCS 385/2
The governing body of a governmental unit may issue bonds of the governmental unit for the purpose of constructing or improving highways of the governmental unit
The governing body of a governmental unit may issue bonds of the governmental unit for the purpose of constructing or improving highways of the governmental unit. The governing body of the governmental unit, and in the case of townships and road districts only with written approval of their respective county engineers…
30 ILCS 385/3
The governing body of the governmental unit shall issue the bonds of the governmental unit not exceeding the amount named in the resolution
The governing body of the governmental unit shall issue the bonds of the governmental unit not exceeding the amount named in the resolution. Such bonds shall become due not more than 30 years after their date, shall be in denominations of $100 or any multiple thereof, and shall bear interest, at a rate not exceeding th…
30 ILCS 385/4
The bonds authorized by this Act shall be sold and the proceeds used solely for the specified purpose
The bonds authorized by this Act shall be sold and the proceeds used solely for the specified purpose. At the time or before issuing any such bonds, the governing body shall adopt a resolution fixing the details of such bonds and providing for the payment of the principal and interest on such bonds as the same become d…