(105 ILCS 5/19-15)
(from Ch. 122, par. 19-15)
Authority to refund bonds.
When a school district has issued bonds or other evidence of
indebtedness for any purposes which are binding and subsisting legal
obligations and remaining outstanding, the school board of the district
may, upon the surrender of the bonds or other evidences of indebtedness,
issue in lieu thereof to the holders or owners thereof or to other persons
for money with which to pay them, new bonds or other evidences of
indebtedness, according to the subsequent provisions of this Article.
For the purposes of Sections 19-15 through 19-26 "school district"
includes any non-high school district.
(Source: Laws 1961, p. 31