(70 ILCS 1270/4) (from Ch. 105, par. 255.22)
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 park 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 park 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 park district may provide in the bond
ordinance that, whenever the park 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. 458.)
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