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Current as of January 01, 2022 | Updated by FindLaw Staff
§ 6-517. 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, or they 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 any budget law.
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.
Cite this article: FindLaw.com - Illinois Statutes Chapter 605. Roads and Bridges § 5/6-517. Exchange of bonds; sale; cancellation of bonds exchanged or paid - last updated January 01, 2022 | https://codes.findlaw.com/il/chapter-605-roads-and-bridges/il-st-sect-605-5-6-517/
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