Illinois Bond Replacement Act (30 ILCS 315/)

Chapter 30 — Finance

Bonds and Debt

This text is maintained by the Legislative Reference Bureau for legislative drafting purposes and is NOT the official text of the Illinois Compiled Statutes; the only official copy is the printed copy maintained by the Secretary of State.

Sec. 1.

This Act shall be known and may be cited as the Illinois Bond Replacement Act.

(Source: P.A. 77-205.)

Sec. 2.

As used in this Act, unless the context otherwise requires: the terms described in Sections 2.01 through 2.05 have the meanings ascribed to them in those Sections.

(Source: P.A. 77-205.)

Sec. 2.01.

"Bond" includes general obligation bonds, revenue bonds and refunding bonds heretofore or hereafter issued by the State of Illinois, or by any local governmental entity as well as any coupons issued in connection therewith.

(Source: P.A. 77-205.)

Sec. 2.02.

"Local governmental entity" includes local public entities, as defined in Section 1-206 of the "Local Governmental and Governmental Employees Tort Immunity Act", and all other governmental bodies authorized by any Illinois law to issue bonds.

(Source: P.A. 77-205.)

Sec. 2.03.

"Issuing authority" means the corporate authorities or governing body empowered or directed by Illinois law to issue bonds on behalf of the State of Illinois or a local governmental entity.

(Source: P.A. 77-205.)

Sec. 2.04.

"Officer" means the person or persons designated by Illinois law to execute bonds.

(Source: P.A. 77-205.)

Sec. 2.05.

"Replacement bond" means a bond and any coupons in connection therewith issued under this Act.

(Source: P.A. 77-205.)

Sec. 3.

An issuing authority shall issue a replacement bond for an unmatured bond which has been lost, destroyed or defaced when furnished with:

(a) Proof of ownership;

(b) Proof of loss or destruction or, in the case of a defaced bond, the bond and any coupons issued in connection therewith;

(c) Adequate security to indemnify the issuing authority and the bank or banks at which the bond is payable against any loss they may suffer on account of such replacement bond; and

(d) Payment of the cost of preparation of the replacement bond.

(Source: P.A. 77-205.)

Sec. 4.

Any replacement bond must:

(a) Be of the same form and tenor as the bond originally issued;

(b) Be executed by the same officer in the same manner and subject to the same formal requirements as those provided by law for the bond originally issued; and

(c) Bear an endorsement in substantially the following form: "THIS BOND HAS BEEN REISSUED TO REPLACE A LOST, DESTROYED OR DEFACED BOND". (Source: P.A. 77-205.)