Illinois § 19-15 Authority to refund bonds

Illinois Statutes

§ 19-15 — Authority to refund bonds

Illinois·Topic EDUCATION·Ch. 105 SCHOOLS·Act 105 ILCS 5/ School Code.·Art. Article 19 - Debt Limitation - Bonds - Territory Liable - Refunding Bonds

When a school district has issued bonds or other evidence of indebtedness for any purposes which are binding and subsisting legal obligations and remaining outstanding, the school board of the district may, upon the surrender of the bonds or other evidences of indebtedness, issue in lieu thereof to the holders or owners thereof or to other persons for money with which to pay them, new bonds or other evidences of indebtedness, according to the subsequent provisions of this Article. For the purposes of Sections 19-15 through 19-26 "school district" includes any non-high school district.

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When a school district has issued bonds or other evidence of indebtedness for any purposes which are binding and subsisting legal obligations and remaining outstanding, the school board of the district may, upon the surrender of the bonds or other evidences of indebtedness, issue in lieu thereof to the holders or owners thereof or to other persons for money with which to pay them, new bonds or other evidences of indebtedness, according to the subsequent provisions of this Article. For the purposes of Sections 19-15 through 19-26 "school district" includes any non-high school district.

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