(30 ILCS 350/11)
(from Ch. 17, par. 6911)
Refundings and redemption premiums.
Bonds may be refunded
or advance refunded upon such terms as the governing body may set in accordance
with this Act, for such term of years, not in excess of the maximum term of
years permitted by applicable law for the bonds to be refunded, and in such
principal amount, all as may be deemed necessary by the governing body.
Revenue bonds may be issued to refund general
obligation bonds or alternate
bonds issued under this Act. General obligation bonds shall not be issued to
refund revenue bonds or alternate bonds except as expressly permitted by
applicable law. Any redemption premium payable upon the redemption of
bonds may be payable from the proceeds of refunding bonds which may be
issued for the purpose of refunding such bonds, from any other lawfully
available source or from both proceeds and such other sources.
(Source: P.A. 90-306, eff. 8-1-97.)