(605 ILCS 5/10-706) (from Ch. 121, par. 10-706)
Sec. 10-706.
Any municipality may by ordinance authorize the issue of
refunding revenue bonds, payable solely from the revenues of a bridge to
refund the principal or accrued interest, or both, of its outstanding
revenue bonds issued hereunder, prior to their maturity, and the principal
and accrued interest of its matured outstanding revenue bonds issued under
the provisions of this Division of this Article, and which by their terms
are payable solely from the net revenues of the bridge. The refunding
revenue bonds may be made registerable as to principal and bear interest at
a rate not to exceed the maximum rate authorized by the Bond Authorization
Act, as amended at the time of the making of the contract,
payable at such time
or at such place as
may be provided for in the ordinance authorizing the issue thereof.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Act that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that instruments
issued under this Section within the supplementary authority granted
by the Omnibus Bond Acts are not invalid because of any provision of
this Act that may appear to be or to have been more restrictive than
those Acts.
(Source: P.A. 86-4.)
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