(70 ILCS 1270/1)
(from Ch. 105, par. 255.19)
The corporate authorities of any park district, without submitting
the question to the electors thereof for approval, may authorize by
ordinance 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 six per cent annually, payable at
such time and place as may be provided in the bond ordinance.
The refunding bonds shall remain valid even though one or more of the
officers executing the bonds ceases to hold his or their offices before the
bonds are delivered.
(Source: Laws 1941, vol. 2, p. 458.)