(105 ILCS 5/32-5.5) (from Ch. 122, par. 32-5.5)
Sec. 32-5.5.
Issue of new bonds.
When any school district described in Section 32-5 has heretofore
issued bonds or other evidences of indebtedness, on account of any public
school building, or for any other purpose, which are now binding and
subsisting obligations against such school district and remaining
outstanding, such school district may, upon the surrender of any such bonds
or any part thereof, or other evidences of indebtedness, issue in lieu
thereof, to the holders of the bonds, or to any persons, for money with
which to take them up, new bonds in accordance with the provisions of
Sections 32-5 to 32-5.4, inclusive; provided, such bonds shall not be
issued so as to increase the aggregate indebtedness of such school district
to exceed, including existing indebtedness, 5% of the taxable property of
such school district, to be ascertained by the last assessment for State
and county taxes previous to incurring such indebtedness.
(Source: Laws 1961, p. 31.)
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