(105 ILCS 5/19-19)
(from Ch. 122, par. 19-19)
or exchange-Use of proceeds-Cancellation.
The refunding bonds may be exchanged for the bonds to be refunded on the
basis of dollar for dollar for the par value of the bonds, interest
coupons, and interest not represented by coupons, if any, or they may be
sold at not less than their par value and accrued interest. The proceeds
received from their sale shall be used to pay the bonds, interest coupons,
and interest not represented by coupons, if any, without any prior
appropriation therefor under any budget law.
Bonds and interest coupons which have been received in exchange or paid
shall be cancelled and the obligation for interest, not represented by
coupons, which has been discharged, shall be evidenced by a written
acknowledgment of the exchange or payment thereof.
(Source: Laws 1961, p. 31.)