(60 ILCS 1/280-15)
Sec. 280-15.
Exchange or sale of refunding bonds.
(a) The refunding bonds may be exchanged for the bonds to be refunded
on the basis of dollar for dollar for the par value of the bonds, interest
coupons, and interest not represented by coupons, if any. Instead of this
exchange, the refunding bonds may be sold at not less than their par value
and accrued interest. The proceeds received from their sale shall be used
to pay the bonds, interest coupons, and interest not represented by
coupons, if any. This payment may be made without any prior appropriation
for the payment under any budget law.
(b) Bonds and interest coupons that have been received in exchange or paid
shall be cancelled, and the obligation for interest, not represented by
coupons, that has been discharged shall be evidenced by a written
acknowledgment of the exchange or payment.
(Source: Laws 1941, vol. 2, p. 489; P.A. 88-62.)
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