110 ILCS 615/1
Citation
Citation. This Act shall be known and may be cited as the "State Colleges and Universities Revenue Bond Act of 1967." (Source: Laws 1967, p. 1101.)
Illinois Compiled Statutes 110 ILCS 615 — State Colleges and Universities Revenue Bond Act of 1967.
Illinois · statute · 110 ILCS 615 · 15 active provisions
110 ILCS 615/2
In this Act, unless the context otherwise requires: 1
In this Act, unless the context otherwise requires: 1. "Board" means the Board of Governors of State Colleges and Universities or its successor. 2. "University" means and includes Eastern Illinois University, located at Charleston, Illinois, Western Illinois University, located at Macomb, Illinois, Chicago State Univer…
110 ILCS 615/3
Powers
Powers. The Board shall have power for each such University to: 1. Acquire any project or projects, or any combination thereof, and to own, operate and maintain the same. 2. Acquire by purchase, gift, or the exercise of eminent domain, and hold or dispose of real or personal property or rights or interest therein. 3. A…
110 ILCS 615/3.5
Eminent domain
Eminent domain. Notwithstanding any other provision of this Act, any power granted under this Act to acquire property by condemnation or eminent domain is subject to, and shall be exercised in accordance with, the Eminent Domain Act. (Source: P.A. 94-1055, eff. 1-1-07.)
110 ILCS 615/4
Issuance of bonds
Issuance of bonds. (A) The Board has power, and is authorized from time to time, to issue negotiable bonds (i) to acquire any one project, or more than one, or any combination thereof, for each such University, or (ii) to refund bonds heretofore and hereafter issued as provided for in this Section, or (iii) for either…
110 ILCS 615/5
Security of bonds
Security of bonds. In connection with the issuance of any bonds under this Act, and in order to secure the payment of any such bonds and the interest thereon, the Board shall have power for each such University: 1. To fix, maintain and collect (a) fees, rentals and other charges from students, staff members and others…
110 ILCS 615/6
Enforcement of contract
Enforcement of contract. The provisions of this Act and of any resolution or other proceeding authorizing the issuance of bonds shall constitute a contract with the holders of such bonds and the provisions thereof shall be enforceable by civil action, mandamus, injunction or other proceeding in the appropriate circuit…
110 ILCS 615/7
Moneys of the board
Moneys of the board. No moneys derived from the sale of bonds issued under the provisions of this Act, or pledged or assigned to or in trust for the benefit of the holder or holders thereof, shall be required to be paid into the state treasury but shall be deposited by the Treasurer or other fiscal officer of the Board…
110 ILCS 615/8
Validity of bonds
Validity of bonds. The bonds bearing the signatures of officers of the Board in office on the date of the signing thereof shall be valid and binding obligations, notwithstanding that before the delivery thereof and payment therefor any or all persons whose signatures appear thereon shall have ceased to be such officers…
110 ILCS 615/9
Prohibitions against obligating the State of Illinois
Prohibitions against obligating the State of Illinois. Nothing in this Act shall be construed to authorize the Board or any University to contract a debt on behalf of, or in any way to obligate, the State of Illinois, or to pledge, assign or encumber in any way, or to permit the pledging, assigning or encumbering in an…
110 ILCS 615/10
Obligations of board
Obligations of board. All bonds issued pursuant to this Act 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 shal…
110 ILCS 615/11
Bonds as legal investments
Bonds as legal investments. The State and all counties, cities, villages, incorporated towns and other municipal corporations, political subdivisions and public bodies, and public officers of any thereof, all banks, bankers, trust companies, savings banks and institutions, building and loan associations, savings and lo…
110 ILCS 615/12
Excision of unconstitutional and ineffective parts of Act
Excision of unconstitutional and ineffective parts of Act. It is hereby declared that the sections, clauses, sentences and parts of this Act are severable, are not matters of mutual essential inducement, and any of them may be excised by any court of competent jurisdiction if this Act would otherwise be unconstitutiona…
110 ILCS 615/13
Supplemental nature of act; construction and purpose
Supplemental nature of act; construction and purpose. The powers conferred by this Act shall be in addition to and supplemental to the powers conferred by any other law, general or special, and bonds may be issued under this Act notwithstanding the provisions of any other such law and without regard to the procedure re…
110 ILCS 615/14
Assumption of obligations
Assumption of obligations. All contracts and agreements entered into by the Board of Governors of State Colleges and Universities on behalf of Chicago State University, Eastern Illinois University, Governors State University, Illinois State University, Northeastern Illinois University, Northern Illinois University, and…