(70 ILCS 1515/3) (from Ch. 105, par. 333.31)
Sec. 3.
The commissioners of the Chicago Park District are authorized to
issue negotiable coupon bonds of the Chicago Park District to be
denominated funding bonds to fund the floating and unfunded indebtedness of
the superseded park districts and to reimburse the special funds of the
West Chicago Park District and the bond proceeds fund of the Northwest Park
District described in section one of this act.
Such funding bonds may be exchanged on the basis of par for par for the
indebtedness funded or reimbursed or the funding bonds may be sold at not
less than their par value and the proceeds received shall be used to pay
such floating indebtedness and/or to reimburse such special funds; such
payment may be made without any prior appropriation thereof under any
budget law.
Floating indebtedness funded shall be cancelled and payment thereof and
reimbursement of special funds shall be evidenced by written
acknowledgment.
(Source: Laws 1935, p. 1012.)
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