(605 ILCS 5/6-515) (from Ch. 121, par. 6-515)
Sec. 6-515.
The highway commissioner and the road district clerk of any
road 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; and (5)
to refund its bonds which by their terms are subject to redemption before
maturity.
The refunding 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
place as may be provided in the bond resolution.
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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