(70 ILCS 3005/1) (from Ch. 42, par. 298.1)
Sec. 1.
The corporate authorities of any sanitary 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 of not to exceed that permitted by "An Act to
authorize public corporations to issue bonds, other evidences of indebtedness
and tax anticipation warrants subject to interest rate limitations set forth
therein", approved May 26, 1970, as amended, 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: P.A. 83-591.)
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