(110 ILCS 805/3A-13) (from Ch. 122, par. 103A-13)
Sec. 3A-13.
Refunding bonds.
The corporate authorities of any community college 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; (6) to refund other
valid and subsisting evidences of indebtedness that are due and payable; and
(7) to refund or continue to refund indebtedness initially incurred after
February 1, 1994 and prior to March 1, 1994 in an amount not exceeding
$34,000,000, the proceeds of which were used to preserve a district's rights,
title and interest in a portfolio of investment securities previously purchased
by such district.
The refunding bonds and the procedure for issuing them shall comply with
Sections 3A-3 through 3A-5.
(Source: P.A. 89-281, eff. 8-10-95.)
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