(70 ILCS 1270/7) (from Ch. 105, par. 255.25)
Sec. 7.
The corporate authorities of a park district may take any action
that may be necessary to inform the owners of the unpaid bonds regarding
the financial condition of the park district, 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 park district. The corporate authorities may
enter into any agreement required to prepare and carry out any refunding
plan and, without any previous appropriation therefor under any budget law,
may incur and pay expenditures that may be necessary in order to accomplish
the refunding of the bonds of the park district.
(Source: Laws 1941, vol. 2, p. 458.)
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