60 ILCS 1/ Township Code.

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60 ILCS 1/Art. 280

(60 ILCS 1/Art. 280 heading) ARTICLE 280.

TOWNSHIP

REFUNDING BONDS

60 ILCS 1/280-5

(60 ILCS 1/280-5)

Sec. 280-5.

Refunding bonds.

(a) The corporate authorities of any township, without submitting the
question to the electors of the township for approval, may authorize by
ordinance the issuance of refunding bonds (i) to refund its bonds before their
maturity; (ii) to refund its unpaid matured bonds; (iii) to refund matured
coupons evidencing interest upon its unpaid bonds; (iv) to refund interest at
the coupon rate upon its unpaid matured bonds that has accrued since the
maturity of those bonds; and (v) to refund its bonds that by their terms are
subject to redemption before maturity.

(b) The refunding bonds may be made registerable as to principal and may
bear interest at a rate not to exceed 6% annually, payable at the time and
place provided in the bond ordinance.

(c) The refunding bonds shall remain valid even though one or more of
the officers executing the bonds ceases to hold that office before the
bonds are delivered.

(d) For purposes of this Article, "corporate authorities of a
township" means the board of officers who were authorized to issue the
bonds that are being refunded under this Article.

(Source: Laws 1941, vol. 2, p. 489; P.A. 88-62.)