Illinois General Assembly - Illinois Compiled Statutes

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105 ILCS 5/19-16

(105 ILCS 5/19-16) (from Ch. 122, par. 19-16)

Sec. 19-16.

Resolution for issuance.

The corporate authorities of any school district, without submitting the
question to the electors thereof for approval, may authorize by resolution
the issuance of refunding bonds (1) to refund its bonds prior to their
maturity; (2) to refund its unpaid matured bonds; (3) to refund matured
coupons evidencing interest upon its unpaid bonds; (4) to refund interest
at the coupon rate upon its unpaid matured bonds that has accrued since the
maturity of those bonds; (5) to refund its bonds which by their terms are
subject to redemption before maturity; and (6) to refund other valid and
subsisting evidences of indebtedness that are due and payable. The
refunding bonds and the procedure for issuing them shall comply with
Sections 19-5 through 19-7.

(Source: Laws 1961, p. 31.)