(70 ILCS 820/4) (from Ch. 96 1/2, par. 6554)
Sec. 4.
The refunding bonds shall be of such form and denomination, payable
at such place, bear such date, and be executed by such officials as may be
provided by the corporate authorities of the forest preserve district in
the bond ordinance. They shall mature within not to exceed twenty years
from their date, and may be made callable on any interest payment date at
par and accrued interest after notice has been given at the time and in the
manner provided in the bond ordinance.
If there is no default in payment of the principal of or interest upon
the refunding bonds, and if after setting aside 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 six months period, the treasurer of the forest preserve 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 forest preserve district
may provide in the bond ordinance that, whenever the forest preserve
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
paragraph for interest accruing and principal maturing within the next six
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 1941, vol. 2, p. 454.)
|