15-2105. Securing principal and
interest
To secure the principal and interest on the impact aid revenue bonds, the governing
board by resolution may:
1. Segregate the impact aid revenue bond debt service fund into one or more
accounts and subaccounts and provide that bonds issued under this article may be secured
by a lien on all or part of the monies paid into the impact aid revenue bond debt service
fund or into any account or subaccount in the fund.
2. Provide that the bonds issued under this article are secured by a first lien on
the monies paid in the impact aid revenue bond debt service fund as provided by section
15-2104 and pledge and assign to or in trust for the benefit of the holder or holders of
the bonds all or part of the monies in the impact aid revenue bond debt service fund or
an account or subaccount as is necessary to secure and pay the principal, the interest
and any premium on the bonds as they come due.
3. Establish priorities among bondholders based on criteria adopted by the
governing board.
4. Set aside, regulate and dispose of reserves and sinking accounts.
5. Prescribe the procedure, if any, by which the terms of any contract with
bondholders may be amended or abrogated, the amount of bonds the holders of which must
consent to and the manner in which the consent may be given.
6. Provide for payment of bond related expenses from the proceeds of the sale of
the bonds or other revenues authorized by this article available to the school district.
7. Provide for the services of trustees, cotrustees, agents and consultants and
other specialized services with respect to the bonds.
8. Take any other action that in any way may affect the security and protection of
the bonds or interest on the bonds.
9. Refund any bonds issued by the school district, if these bonds are secured from
the same source of revenues as the bonds authorized by this article, by issuing new
bonds.
10. Issue bonds partly to refund outstanding bonds and partly for any other purpose
consistent with this article.
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