(110 ILCS 805/3A-18) (from Ch. 122, par. 103A-18)
Sec. 3A-18.
If there is no default in payment of the principal of or interest upon
the refunding bonds, and a sum of money equal to the amount of interest
that will accrue on the refunding bonds and a sum of money equal to the
amount of principal that will become due thereon within the next 6 months
period has been set aside, the treasurer of the community college district
shall use the money available from the proceeds of taxes levied for the
payment of the refunding bonds in calling them for payment, if, by their
terms, they are subject to redemption. However, a district may provide in
the bond resolution that whenever the district is not in default in payment
of the principal of or interest upon the refunding bonds and has set aside
the sums of money provided in this Section for interest accruing and
principal maturing within the next 6 months period, the money available
from the proceeds of taxes levied for the payment of refunding bonds shall
be used, first, in the purchase of the refunding bonds at the lowest price
obtainable, but not to exceed their par value and accrued interest, after
sealed tenders for their purchase have been advertised for as may be
directed by the board.
Refunding bonds called for payment and paid or purchased under this
Section shall be marked paid and cancelled.
(Source: P.A. 78-669.)
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