(65 ILCS 5/8-4-9) (from Ch. 24, par. 8-4-9)
Sec. 8-4-9.
The corporate authorities of a municipality may take any action
that may be necessary to inform the owners of unpaid bonds regarding the
financial condition of the municipality, the necessity of refunding its
unpaid bonds and readjusting the maturities thereof in order that
sufficient taxes may be collected to take care of these bonds, and thus
re-establish the credit of the municipality. The corporate authorities may
enter into any agreement required to prepare and carry out any refunding
plan and, without any previous appropriation therefor under Section 8-2-1
or 8-2-9, may incur and pay expenditures that may be necessary in order to
accomplish the refunding of the bonds of the municipality.
(Source: Laws 1961, p. 576.)
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