(70 ILCS 1515/2) (from Ch. 105, par. 333.30)
Sec. 2.
The commissioners of the Chicago Park District are authorized to
issue negotiable coupon bonds of the Chicago Park District to be
denominated refunding bonds to refund any of said bonds prior to their
maturity; to refund any of said bonds that have matured; to refund any
matured coupons evidencing interest on any of said bonds; to refund any of
said bonds which by their terms are subject to redemption before maturity;
to refund any of said bonds and interest coupons that were paid at maturity
from bond and/or corporate funds to avoid default thereof where such bonds
and interest coupons shall not have been cancelled and such funds shall not
have been reimbursed; and to refund interest at the coupon rate upon any of
said matured bonds that has accrued since the maturity date thereof.
The refunding of bonds, of interest coupons and/or of interest not
represented by coupons may be authorized by one ordinance or by several
ordinances.
Such refunding bonds may be exchanged on the basis of par for par for
the bonds, interest not represented by coupons and/or interest coupons
refunded, or such refunding bonds may be sold at not less than their par
value and the proceeds received shall be used to pay the bonds, interest
not represented by coupons and/or interest coupons refunded; such payment
may be made without any prior appropriation thereof under any budget law.
Bonds and interest coupons refunded shall be cancelled and interest not
represented by coupons shall be cancelled and payment thereof evidenced by
written acknowledgment.
(Source: Laws 1935, p. 1012.)
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