(65 ILCS 5/1-9-4)
(from Ch. 24, par. 1-9-4)
Any bond or other evidence of indebtedness issued under the
provisions of any act repealed by this Code which is outstanding and unpaid
on the effective date of this Code shall be amortized and retired by
taxation or revenue in the manner provided by the act under which such
indebtedness was incurred, notwithstanding the repeal of such act.
However, the provisions of this section shall not be construed to
prevent the refunding of any such indebtedness under the provisions of this
Code or as may be otherwise provided by law.
(Source: Laws 1961, p. 576.)