Illinois 2023-2024 Regular Session

Illinois House Bill HB2909 Compare Versions

Version 1 (Old)

Version 2 (New)

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1		-	HB2909 EngrossedLRB103 05327 NHT 57083 b HB2909 Engrossed LRB103 05327 NHT 57083 b
2		-	HB2909 Engrossed LRB103 05327 NHT 57083 b
	1	+	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2909 Introduced , by Rep. Barbara Hernandez SYNOPSIS AS INTRODUCED: 30 ILCS 105/6a-6 from Ch. 127, par. 142a6 30 ILCS 305/1 from Ch. 17, par. 6601 105 ILCS 305/4.5 new Amends the State Finance Act, the Bond Authorization Act, and the Illinois Mathematics and Science Academy Law. Sets forth certain types of revenue the Illinois Mathematics and Science Academy may retain in its own treasury. Provide that the Board of Trustees of the Academy is authorized to borrow money and issue and sell bonds for the purpose of acquiring, purchasing, completing, building, constructing, reconstructing, enlarging, improving, extending, or equipping buildings, structures, and facilities that are required by or are necessary for the use or benefit of the Academy. Provides that such bonds shall be payable only from tuition, fee, and room and board revenue and from other funds authorized by law to be used for such purpose and applied as a supplement to such revenue. Sets forth other provisions concerning the issuance of bonds by the Academy, including the execution and delivery of trust agreements to a bank or trust company and the adoption of a resolution or resolutions describing in a general way the contemplated facility or facilities designated as the project or projects and the estimated cost. Effective immediately. LRB103 05327 NHT 57083 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2909 Introduced , by Rep. Barbara Hernandez SYNOPSIS AS INTRODUCED: 30 ILCS 105/6a-6 from Ch. 127, par. 142a6 30 ILCS 305/1 from Ch. 17, par. 6601 105 ILCS 305/4.5 new 30 ILCS 105/6a-6 from Ch. 127, par. 142a6 30 ILCS 305/1 from Ch. 17, par. 6601 105 ILCS 305/4.5 new Amends the State Finance Act, the Bond Authorization Act, and the Illinois Mathematics and Science Academy Law. Sets forth certain types of revenue the Illinois Mathematics and Science Academy may retain in its own treasury. Provide that the Board of Trustees of the Academy is authorized to borrow money and issue and sell bonds for the purpose of acquiring, purchasing, completing, building, constructing, reconstructing, enlarging, improving, extending, or equipping buildings, structures, and facilities that are required by or are necessary for the use or benefit of the Academy. Provides that such bonds shall be payable only from tuition, fee, and room and board revenue and from other funds authorized by law to be used for such purpose and applied as a supplement to such revenue. Sets forth other provisions concerning the issuance of bonds by the Academy, including the execution and delivery of trust agreements to a bank or trust company and the adoption of a resolution or resolutions describing in a general way the contemplated facility or facilities designated as the project or projects and the estimated cost. Effective immediately. LRB103 05327 NHT 57083 b LRB103 05327 NHT 57083 b A BILL FOR
	2	+	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2909 Introduced , by Rep. Barbara Hernandez SYNOPSIS AS INTRODUCED:
	3	+	30 ILCS 105/6a-6 from Ch. 127, par. 142a6 30 ILCS 305/1 from Ch. 17, par. 6601 105 ILCS 305/4.5 new 30 ILCS 105/6a-6 from Ch. 127, par. 142a6 30 ILCS 305/1 from Ch. 17, par. 6601 105 ILCS 305/4.5 new
	4	+	30 ILCS 105/6a-6 from Ch. 127, par. 142a6
	5	+	30 ILCS 305/1 from Ch. 17, par. 6601
	6	+	105 ILCS 305/4.5 new
	7	+	Amends the State Finance Act, the Bond Authorization Act, and the Illinois Mathematics and Science Academy Law. Sets forth certain types of revenue the Illinois Mathematics and Science Academy may retain in its own treasury. Provide that the Board of Trustees of the Academy is authorized to borrow money and issue and sell bonds for the purpose of acquiring, purchasing, completing, building, constructing, reconstructing, enlarging, improving, extending, or equipping buildings, structures, and facilities that are required by or are necessary for the use or benefit of the Academy. Provides that such bonds shall be payable only from tuition, fee, and room and board revenue and from other funds authorized by law to be used for such purpose and applied as a supplement to such revenue. Sets forth other provisions concerning the issuance of bonds by the Academy, including the execution and delivery of trust agreements to a bank or trust company and the adoption of a resolution or resolutions describing in a general way the contemplated facility or facilities designated as the project or projects and the estimated cost. Effective immediately.
	8	+	LRB103 05327 NHT 57083 b LRB103 05327 NHT 57083 b
	9	+	LRB103 05327 NHT 57083 b
	10	+	A BILL FOR
	11	+	HB2909LRB103 05327 NHT 57083 b HB2909 LRB103 05327 NHT 57083 b
	12	+	HB2909 LRB103 05327 NHT 57083 b
3	13		1 AN ACT concerning education.
4	14		2 Be it enacted by the People of the State of Illinois,
5	15		3 represented in the General Assembly:
6	16		4 Section 5. The State Finance Act is amended by changing
7	17		5 Section 6a-6 as follows:
8	18		6 (30 ILCS 105/6a-6) (from Ch. 127, par. 142a6)
9	19		7 Sec. 6a-6. (1) Unless otherwise provided for in this
10	20		8 Section, all items of income received by the Illinois
11	21		9 Mathematics and Science Academy shall be deposited in a local
12	22		10 clearing account paid into the State Treasury without delay
13	23		11 and not later than 10 days after the receipt of such items of
14	24		12 income. All such moneys shall be paid into a special fund in
15	25		13 the State Treasury to be known as the "IMSA Income Fund". The
16	26		14 General Assembly shall from time to time make appropriations
17	27		15 payable from the IMSA Income Fund for the support and
18	28		16 improvement of the academy.
19	29		17 (2) The following items of income shall be retained by the
20	30		18 Illinois Mathematics and Science Academy in its own treasury:
21	31		19 endowment funds, gifts, and trust funds; alumni dues and
22	32		20 contributions; funds of any alumni association or
23	33		21 organization, or any foundation related to the Academy; monies
24	34		22 of the IMSA Fund for the Advancement of Education; funds
25	35		23 received in connection with the retention, receipt,
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29		-	HB2909 Engrossed LRB103 05327 NHT 57083 b
	39	+	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2909 Introduced , by Rep. Barbara Hernandez SYNOPSIS AS INTRODUCED:
	40	+	30 ILCS 105/6a-6 from Ch. 127, par. 142a6 30 ILCS 305/1 from Ch. 17, par. 6601 105 ILCS 305/4.5 new 30 ILCS 105/6a-6 from Ch. 127, par. 142a6 30 ILCS 305/1 from Ch. 17, par. 6601 105 ILCS 305/4.5 new
	41	+	30 ILCS 105/6a-6 from Ch. 127, par. 142a6
	42	+	30 ILCS 305/1 from Ch. 17, par. 6601
	43	+	105 ILCS 305/4.5 new
	44	+	Amends the State Finance Act, the Bond Authorization Act, and the Illinois Mathematics and Science Academy Law. Sets forth certain types of revenue the Illinois Mathematics and Science Academy may retain in its own treasury. Provide that the Board of Trustees of the Academy is authorized to borrow money and issue and sell bonds for the purpose of acquiring, purchasing, completing, building, constructing, reconstructing, enlarging, improving, extending, or equipping buildings, structures, and facilities that are required by or are necessary for the use or benefit of the Academy. Provides that such bonds shall be payable only from tuition, fee, and room and board revenue and from other funds authorized by law to be used for such purpose and applied as a supplement to such revenue. Sets forth other provisions concerning the issuance of bonds by the Academy, including the execution and delivery of trust agreements to a bank or trust company and the adoption of a resolution or resolutions describing in a general way the contemplated facility or facilities designated as the project or projects and the estimated cost. Effective immediately.
	45	+	LRB103 05327 NHT 57083 b LRB103 05327 NHT 57083 b
	46	+	LRB103 05327 NHT 57083 b
	47	+	A BILL FOR
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	53	+	30 ILCS 105/6a-6 from Ch. 127, par. 142a6
	54	+	30 ILCS 305/1 from Ch. 17, par. 6601
	55	+	105 ILCS 305/4.5 new
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34	74		1 assignment, license, sale or transfer of interests in, rights
35	75		2 to, or income from discoveries, inventions, patents, or
36	76		3 copyrightable works; laboratory fees, fees for testing;
37	77		4 supplementary food service fees received for payment to a food
38	78		5 service vendor; refundable deposits; funds received from
39	79		6 student or staff health programs; and moneys received for
40	80		7 student athletics or student activities.
41	81		8 The Academy may also retain in its own treasury all moneys
42	82		9 received from the sale of any debt obligations, including
43	83		10 bonds issued under the provisions of the Illinois Mathematics
44	84		11 and Science Academy Law, and any tuition, fee, and room and
45	85		12 board revenue pledged to the payment of such obligations or
46	86		13 necessary to meet any financial covenants related thereto or,
47	87		14 as determined by the Board of Trustees of the Academy,
48	88		15 necessary to pay such obligations or for the support and
49	89		16 improvement of the Academy.
50	90		17 Whenever such funds retained by the Academy in its own
51	91		18 treasury or held in a local clearing account are deposited
52	92		19 with a bank or savings and loan association and the amount of
53	93		20 the deposit exceeds the amount of federal deposit insurance
54	94		21 coverage, a bond or pledged securities shall be obtained. Only
55	95		22 the types of securities which the State treasurer may, in his
56	96		23 discretion, accept for amounts not insured by the Federal
57	97		24 Deposit Insurance Corporation or the Federal Savings and Loan
58	98		25 Insurance Corporation under Section 11 of "An Act in relation
59	99		26 to State moneys", approved June 28, 1919, as amended, may be
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70	110		1 accepted as pledged securities. The market value of the bond
71	111		2 or pledged securities shall at all times be equal to or greater
72	112		3 than the uninsured portion of the deposit.
73	113		4 (3) For purposes of implementing this Amendatory act of
74	114		5 1989, the Academy is authorized to transfer monies held in its
75	115		6 treasury at the time of the effective date of this Act into the
76	116		7 IMSA Income Fund in the State Treasury.
77	117		8 (4) The IMSA Special Purposes Trust Fund, held outside the
78	118		9 State Treasury by the State Treasurer as ex officio custodian,
79	119		10 shall receive the following items of income: federal aid and
80	120		11 funds received in connection with contracts with governmental,
81	121		12 public or private agencies or persons. Disbursements from this
82	122		13 fund shall be by warrants drawn by the State Comptroller on
83	123		14 receipt of vouchers duly executed and certified by the
84	124		15 Illinois Mathematics and Science Academy.
85	125		16 All federal monies received as reimbursement for
86	126		17 expenditures from the General Revenue Fund and that were made
87	127		18 for the purposes authorized for expenditures from the IMSA
88	128		19 Special Purposes Trust Fund shall be deposited by the Academy
89	129		20 into the General Revenue Fund.
90	130		21 For purposes of implementing this amendatory Act of 1991,
91	131		22 the Academy is authorized to transfer monies held in the IMSA
92	132		23 Income Fund on the effective date of this amendatory Act of
93	133		24 1991 into the IMSA Special Purposes Trust Fund; provided,
94	134		25 monies so transferred shall not exceed the amount that would
95	135		26 be in the IMSA Special Purposes Trust Fund had such Fund been
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106	146		1 in existence when the monies were received.
107	147		2 (Source: P.A. 86-109; 87-142.)
108	148		3 Section 10. The Bond Authorization Act is amended by
109	149		4 changing Section 1 as follows:
110	150		5 (30 ILCS 305/1) (from Ch. 17, par. 6601)
111	151		6 Sec. 1. (a) As used in this Act, "public corporations"
112	152		7 mean any body corporate organized by or pursuant to the laws of
113	153		8 this State to carry out a public governmental or proprietary
114	154		9 function, including, without limitation of the foregoing, the
115	155		10 State state, the Illinois Mathematics and Science Academy, or
116	156		11 any school district, park district, city, village,
117	157		12 incorporated town, county, drainage or any other type of
118	158		13 district, commission, authority, university, or public
119	159		14 community college, or any combination thereof, acting through
120	160		15 the corporate authorities thereof.
121	161		16 (b) "Bonds" or "other evidences of indebtedness" mean any
122	162		17 instrument providing for the payment of money executed by or
123	163		18 on behalf of a public corporation or which the public
124	164		19 corporation has assumed or agreed to pay, including, without
125	165		20 limitation of the foregoing, bonds, notes, contracts, leases,
126	166		21 certificates and tax anticipation warrants.
127	167		22 (Source: P.A. 82-622.)
128	168		23 Section 15. The Illinois Mathematics and Science Academy
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139	179		1 Law is amended by adding Section 4.5 as follows:
140	180		2 (105 ILCS 305/4.5 new)
141	181		3 Sec. 4.5. Revenue bond financing for facilities.
142	182		4 (a) The Board of Trustees is authorized to borrow money
143	183		5 and issue and sell bonds in such amount, at such price, and
144	184		6 redeemable prior to maturity with or without premium as the
145	185		7 Board may determine for the purpose of acquiring, purchasing,
146	186		8 completing, building, constructing, reconstructing,
147	187		9 enlarging, improving, extending, or equipping buildings,
148	188		10 structures, and facilities that, as determined by the Board,
149	189		11 are required by or are necessary for the use or benefit of the
150	190		12 Academy, including, without limiting the generality of the
151	191		13 foregoing, school classrooms, science labs, or other
152	192		14 instructional spaces; dormitories and student residence halls;
153	193		15 apartments; staff housing facilities; facilities for student,
154	194		16 staff, or administrative services; cafeteria and other food
155	195		17 service areas; auditoriums; gymnasiums, field houses,
156	196		18 stadiums, and other athletic facilities; and parking
157	197		19 facilities and including the acquisition and improvement of a
158	198		20 site or sites therefor. These bonds shall be payable only from
159	199		21 tuition, fee, and room and board revenue and, if authorized by
160	200		22 the Board, from other funds authorized by law to be used for
161	201		23 such purpose and applied as a supplement to that revenue. The
162	202		24 bonds shall be secured by a pledge of these revenues. The bonds
163	203		25 may be issued in one or more series, and may bear such date or
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174	214		1 dates, may be in such denomination or denominations, may
175	215		2 mature at such time or times not exceeding 40 years from the
176	216		3 respective dates thereof, may mature in such amount or
177	217		4 amounts, and may bear interest at such rate or rates,
178	218		5 including variable rates, not exceeding the maximum rate
179	219		6 authorized by the Bond Authorization Act at the time of the
180	220		7 making of the contract for the sale of the bonds.
181		-	8 ~~All bonds issued under~~ the ~~provisions of this Section~~
182		-	9 ~~shall be obligations of the Academy payable only in accordance~~
183		-	10 ~~with~~ the ~~terms thereof and shall not be obligations, general,~~
184		-	11 ~~special, or otherwise,~~ of ~~the State of Illinois.~~ ~~Such bonds~~
185		-	12 ~~shall not constitute a debt, legal or moral, of the~~ State of
186		-	13 ~~Illinois~~ and ~~shall not be enforceable against~~ the ~~State of~~
187		-	14 ~~Illinois.~~
188		-	15 ~~(b)~~ The ~~Board shall have the power from time to time to~~
189		-	16 ~~execute~~ and ~~deliver trust agreements under this Section to a~~
190		-	17 ~~bank or trust company authorized by~~ the ~~laws of this State or~~
191		-	18 the ~~United States of America~~ to ~~accept and execute trusts in~~
192		-	19 ~~this State. These trust agreements may contain~~ any ~~provision~~
193		-	20 ~~for~~ the ~~deposit with the trustee and the disposition~~ of ~~the~~
194		-	21 ~~proceeds of the~~ bonds issued under the provisions of this
195		-	22 ~~Section~~ and ~~secured thereby,~~ ~~provisions for the protection and~~
196		-	23 the ~~enforcement~~ of the ~~rights~~ and ~~remedies of~~ the ~~trustee and~~
197		-	24 the ~~holders of such~~ bonds as the ~~Board may approve, and~~
198		-	25 ~~provision for~~ the ~~direct payment to or deposit with the~~
199		-	26 ~~trustee of any revenues pledged to~~ the ~~payment of~~ bonds issued
	221	+	8 (b) The Board shall have the power from time to time to
	222	+	9 execute and deliver trust agreements under this Section to a
	223	+	10 bank or trust company authorized by the laws of this State or
	224	+	11 the United States of America to accept and execute trusts in
	225	+	12 this State. These trust agreements may contain any provision
	226	+	13 for the deposit with the trustee and the disposition of the
	227	+	14 proceeds of the bonds issued under the provisions of this
	228	+	15 Section and secured thereby, provisions for the protection and
	229	+	16 the enforcement of the rights and remedies of the trustee and
	230	+	17 the holders of such bonds as the Board may approve, and
	231	+	18 provision for the direct payment to or deposit with the
	232	+	19 trustee of any revenues pledged to the payment of bonds issued
	233	+	20 under the provisions of this Section.
	234	+	21 (c) Bonds issued under the provisions of this Section
	235	+	22 shall be signed by the chair of the Board and shall be attested
	236	+	23 by the Director of the Academy, and if the official who signed
	237	+	24 or attested the bonds or whose facsimile appears on the bonds
	238	+	25 ceases to be such an official before the bonds have been issued
	239	+	26 by the Academy, the bonds may nevertheless be validly issued
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210		-	1 ~~under~~ the ~~provisions of this Section~~.
211		-	2 (c) ~~Bonds issued under~~ the ~~provisions of this Section~~
212		-	3 ~~shall be signed by the chair of~~ the Board ~~and~~ shall ~~be attested~~
213		-	4 ~~by the Director of the Academy,~~ ~~and if the official who signed~~
214		-	5 ~~or attested~~ the ~~bonds~~ or ~~whose facsimile appears on~~ the ~~bonds~~
215		-	6 ~~ceases to be such an official before~~ the ~~bonds have been issued~~
216		-	7 ~~by the Academy~~, the ~~bonds may nevertheless be validly issued~~
217		-	8 by the ~~Academy.~~
218		-	9 ~~(d) Upon the determination by the Board to undertake one~~
219		-	10 ~~or more projects set forth~~ in subsection (a), the ~~Board shall~~
220		-	11 ~~adopt a resolution or resolutions describing in a general way~~
221		-	12 the ~~contemplated facility~~ or ~~facilities designated as the~~
222		-	13 ~~project or projects and~~ the ~~estimated cost thereof.~~ ~~The amount~~
223		-	14 ~~of bonds~~, ~~the maturity or maturities, the interest rate~~, and
224		-	15 ~~all details in respect thereof shall be set forth in~~ the
225		-	16 ~~resolution or resolutions or in a related trust agreement~~
226		-	17 ~~authorized in subsection (b). The resolution~~ or ~~resolutions or~~
227		-	18 ~~related trust agreement shall contain such covenants with~~
228		-	19 ~~respect to~~ the ~~creation of reserves~~ or ~~accounts and any~~
229		-	20 ~~restrictions upon~~ the ~~issuance~~ of ~~additional bonds that may~~
230		-	21 ~~thereafter be issued payable from tuition, fee,~~ and ~~room and~~
231		-	22 ~~board revenue and, if authorized~~ by the ~~Board, from other~~
232		-	23 ~~funds authorized by law to be used for such purpose and applied~~
233		-	24 ~~as a supplement~~ to ~~that revenue as may be deemed necessary or~~
234		-	25 ~~advisable for the assurance~~ and ~~payment of the bonds thereby~~
235		-	26 ~~authorized,~~ and the ~~resolution or resolutions or related trust~~
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	250	+	1 by the Academy.
	251	+	2 (d) Upon the determination by the Board to undertake one
	252	+	3 or more projects set forth in subsection (a), the Board shall
	253	+	4 adopt a resolution or resolutions describing in a general way
	254	+	5 the contemplated facility or facilities designated as the
	255	+	6 project or projects and the estimated cost thereof. The amount
	256	+	7 of bonds, the maturity or maturities, the interest rate, and
	257	+	8 all details in respect thereof shall be set forth in the
	258	+	9 resolution or resolutions or in a related trust agreement
	259	+	10 authorized in subsection (b). The resolution or resolutions or
	260	+	11 related trust agreement shall contain such covenants with
	261	+	12 respect to the creation of reserves or accounts and any
	262	+	13 restrictions upon the issuance of additional bonds that may
	263	+	14 thereafter be issued payable from tuition, fee, and room and
	264	+	15 board revenue and, if authorized by the Board, from other
	265	+	16 funds authorized by law to be used for such purpose and applied
	266	+	17 as a supplement to that revenue as may be deemed necessary or
	267	+	18 advisable for the assurance and payment of the bonds thereby
	268	+	19 authorized, and the resolution or resolutions or related trust
	269	+	20 agreement shall provide for the payment of the principal of
	270	+	21 and interest on the bonds and the creation of any reserves or
	271	+	22 accounts established by the resolution or resolutions.
	272	+	23 (e) Whenever bonds are issued under the provisions of this
	273	+	24 Section, it shall be the duty of the Board to establish
	274	+	25 tuition, fee, and room and board revenue (i) sufficient at all
	275	+	26 times to pay the principal of and interest on the bonds and to
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246		-	1 ~~agreement shall provide for the payment of the principal of~~
247		-	2 ~~and interest on the bonds~~ and ~~the creation of any reserves or~~
248		-	3 ~~accounts established by the resolution or resolutions.~~
249		-	4 ~~(e) Whenever bonds are issued under the provisions of this~~
250		-	5 ~~Section, it shall be the duty of~~ the Board ~~to establish~~
251		-	6 ~~tuition, fee,~~ and ~~room and board revenue (i) sufficient at all~~
252		-	7 ~~times to pay~~ the ~~principal of and interest on the bonds and to~~
253		-	8 ~~meet any related financial covenants or (ii) sufficient at all~~
254		-	9 ~~times, if added to other funds authorized and allocated for~~
255		-	10 ~~such purpose,~~ to ~~pay such principal~~ and ~~interest and meet such~~
256		-	11 ~~financial covenants.~~
257		-	12 ~~(f) The Board may refund and refinance bonds issued under~~
258		-	13 the ~~provisions of this Section from time to time and to this~~
259		-	14 ~~end may authorize~~ and ~~issue refunding bonds whenever the Board~~
260		-	15 ~~determines that it is in~~ the ~~best interests~~ of ~~the Academy to~~
261		-	16 ~~do so. The proceeds derived from the sale of any~~ such ~~refunding~~
262		-	17 ~~bonds shall be applied either~~ to ~~the payment or redemption and~~
263		-	18 ~~retirement of~~ the bonds ~~to be refunded, or, if such bonds are~~
264		-	19 ~~not then subject~~ to ~~payment or redemption~~, ~~all proceeds~~
265		-	20 ~~received at the sale thereof shall be invested in direct~~
266		-	21 obligations of ~~or obligations~~ the ~~principal~~ of ~~and interest on~~
267		-	22 ~~which are fully guaranteed by the United States of America~~, so
268		-	23 ~~long as such investments mature at such time,~~ with ~~interest~~
269		-	24 ~~thereon or profit therefrom~~, to ~~provide funds adequate to pay,~~
270		-	25 ~~when due~~ or ~~called for~~ redemption ~~prior to maturity, the bonds~~
271		-	26 ~~to be~~ refunded~~, together with~~ the ~~interest accrued thereon and~~
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	286	+	1 meet any related financial covenants or (ii) sufficient at all
	287	+	2 times, if added to other funds authorized and allocated for
	288	+	3 such purpose, to pay such principal and interest and meet such
	289	+	4 financial covenants.
	290	+	5 (f) The Board may refund and refinance bonds issued under
	291	+	6 the provisions of this Section from time to time and to this
	292	+	7 end may authorize and issue refunding bonds whenever the Board
	293	+	8 determines that it is in the best interests of the Academy to
	294	+	9 do so. The proceeds derived from the sale of any such refunding
	295	+	10 bonds shall be applied either to the payment or redemption and
	296	+	11 retirement of the bonds to be refunded, or, if such bonds are
	297	+	12 not then subject to payment or redemption, all proceeds
	298	+	13 received at the sale thereof shall be invested in direct
	299	+	14 obligations of or obligations the principal of and interest on
	300	+	15 which are fully guaranteed by the United States of America, so
	301	+	16 long as such investments mature at such time, with interest
	302	+	17 thereon or profit therefrom, to provide funds adequate to pay,
	303	+	18 when due or called for redemption prior to maturity, the bonds
	304	+	19 to be refunded, together with the interest accrued thereon and
	305	+	20 any redemption premium due thereon. Such proceeds or
	306	+	21 obligations of the United States of America shall, with all
	307	+	22 other funds legally available for such purpose, be deposited
	308	+	23 in escrow with any bank or trust company doing business in this
	309	+	24 State with power to accept and execute trusts, to be held in an
	310	+	25 irrevocable trust for the payment at maturity or redemption of
	311	+	26 the bonds refunded and accrued interest and the applicable
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282		-	1 any redemption premium due thereon. Such proceeds or
283		-	2 obligations of the United States of America shall, with all
284		-	3 other funds legally available for such purpose, be deposited
285		-	4 in escrow with any bank or trust company doing business in this
286		-	5 State with power to accept and execute trusts, to be held in an
287		-	6 irrevocable trust for the payment at maturity or redemption of
288		-	7 the bonds refunded and accrued interest and the applicable
289		-	8 premiums, if any, if the bonds are redeemable prior to
290		-	9 maturity or upon earlier voluntary surrender with the consent
291		-	10 of the holder thereof. Any balance remaining in such escrow
292		-	11 after the payment and retirement of the bonds to be refunded
293		-	12 shall be returned to the Academy, to be used as revenues
294		-	13 pledged for the payment of the refunding bonds. All of the
295		-	14 provisions of this Section, including covenants that may be
296		-	15 entered into in connection with the issuance of bonds, shall
297		-	16 be applicable to the authorization and issuance of any
298		-	17 refunding bonds.
299		-	18 Section 99. Effective date. This Act takes effect upon
300		-	19 becoming law.
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	322	+	1 premiums, if any, if the bonds are redeemable prior to
	323	+	2 maturity or upon earlier voluntary surrender with the consent
	324	+	3 of the holder thereof. Any balance remaining in such escrow
	325	+	4 after the payment and retirement of the bonds to be refunded
	326	+	5 shall be returned to the Academy, to be used as revenues
	327	+	6 pledged for the payment of the refunding bonds. All of the
	328	+	7 provisions of this Section, including covenants that may be
	329	+	8 entered into in connection with the issuance of bonds, shall
	330	+	9 be applicable to the authorization and issuance of any
	331	+	10 refunding bonds.
	332	+	11 Section 99. Effective date. This Act takes effect upon
	333	+	12 becoming law.
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