(65 ILCS 85/1) (from Ch. 111 2/3, par. 110.1)
Sec. 1.
Without submitting the question to the legal voters thereof for
approval the corporate authorities of any city, village or incorporated
town having a population of less than five hundred thousand (500,000), may,
by ordinance, authorize the issue of refunding revenue bonds payable solely
from the revenues of a municipally owned electric light plant and system to
refund the principal of its outstanding revenue bonds, public utility
certificates, certificates of indebtedness, electric light plant and system
certificates of indebtedness, revenue notes or any other securities prior
to their maturity and the principal of any such securities that have
matured and which remain outstanding and issued under the provisions of any
laws of this State and which by their terms are payable solely from the
revenues of a municipally owned electric light plant and system.
The refunding revenue bonds may be made registerable as to principal and
may bear interest at a rate not to exceed the maximum rate authorized
by the Bond Authorization Act, as amended at the time of the making of the
contract,
payable at such time and at such places as may be provided for in the
ordinance authorizing the issuance thereof.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Act that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that instruments
issued under this Section within the supplementary authority granted
by the Omnibus Bond Acts are not invalid because of any provision of
this Act that may appear to be or to have been more restrictive than
those Acts.
(Source: P.A. 86-4.)
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