(65 ILCS 5/8-4-5) (from Ch. 24, par. 8-4-5)
Sec. 8-4-5.
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. Instead
of this exchange, the refunding bonds 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. This payment may be made without any prior appropriation
therefor under Section 8-2-1 or 8-2-9.
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. 576.)
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