(65 ILCS 85/7) (from Ch. 111 2/3, par. 110.7)
Sec. 7.
Such refunding revenue bonds may be exchanged on the basis of par
for par for the securities to be refunded, or such bonds may be sold at not
less than their par value and accrued interest and the proceeds received
shall be used to pay the securities which are to be refunded thereby;
provided, that in any case where the outstanding security holders are
willing to accept any sum amounting to less than the total of the principal
and accrued interest on any such outstanding securities such refunding
bonds may be sold at a price which will cost the municipality not to exceed
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, computed
to maturity
according to the
standard tables of bond values.
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.)
|