(605 ILCS 5/10-806) (from Ch. 121, par. 10-806)
Sec. 10-806.
Any municipality may by ordinance authorize the issue of
refunding revenue bonds under this Division of this Article payable solely
from the net revenue of one or more bridges to refund the principal,
premium, if any, and accrued interest of any one or more issues of its
outstanding revenue bonds issued under the provisions of this Division of
this Article and which by their terms are payable solely from the revenue
of any bridge or bridges, such refunding to be made at or after maturity or
prior to maturity with the consent of the holders thereof, provided that
such consent shall not be required if such bonds are subject to redemption
prior to maturity, and any such refunding revenue bonds 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
times as may be
provided by the ordinance authorizing the issue thereof. All of the
provisions of this Division of this Article with respect to the form,
maturities and other details of bonds and the security therefor and
covenants with respect thereto shall be applicable to such refunding bonds,
and such refunding bonds may be consolidated with and be a part of an issue
of revenue bonds issued pursuant to the provisions of this Division of this
Article for the payment of the cost of acquiring, constructing,
reconstructing, improving, enlarging, bettering or repairing any bridge or
for the payment of any portion of such cost. Any ordinance authorizing such
refunding revenue bonds may contain such covenants and restrictions upon
the issuance of additional revenue bonds as may be deemed necessary or
advisable for the assurance of the payment of the revenue bonds thereby
authorized.
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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