(105 ILCS 5/19-21)
(from Ch. 122, par. 19-21)
Redemption of bonds.
If there is no default in payment of the principal of or interest upon
the refunding bonds, and a sum of money equal to the amount of interest
that will accrue on the refunding bonds and a sum of money equal to the
amount of principal that will become due thereon within the next 6 months
period has been set aside, the treasurer of the school district shall use
the money available from the proceeds of taxes levied for the payment of
the refunding bonds in calling them for payment, if, by their terms, they
are subject to redemption. However, a school district may provide in the
bond resolution that whenever the school district is not in default in
payment of the principal of or interest upon the refunding bonds and has
set aside the sums of money provided in this section for interest accruing
and principal maturing within the next 6 months period, the money available
from the proceeds of taxes levied for the payment of refunding bonds shall
be used, first, in the purchase of the refunding bonds at the lowest price
obtainable, but not to exceed their par value and accrued interest, after
sealed tenders for their purchase have been advertised for as may be
directed by the corporate authorities thereof.
Refunding bonds called for payment and paid or purchased under this
section shall be marked paid and cancelled.
(Source: Laws 1963, p. 3062.)