(105 ILCS 5/34-27) (from Ch. 122, par. 34-27)
Sec. 34-27.
Use
of special funds to purchase outstanding bonds.
If the board has in its treasury any fund set aside for some particular
purpose that is not immediately necessary for such purpose, it may by
resolution adopted by a majority of its full membership use the money in
such fund in the purchase of bonds issued by the board representing an
obligation and pledging the credit of the board, and all interest upon such
bonds and all moneys paid in redemption of the bonds or realized from the
sale thereof shall at once be credited to and placed in such fund.
(Source: Laws 1961, p. 31.)
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