Illinois § 34-67 Sale or exchange of bonds - Use of proceeds

Illinois Statutes

§ 34-67 — Sale or exchange of bonds - Use of proceeds

Illinois § 34-67

JurisdictionIllinois

TopicEDUCATION

Ch. 105SCHOOLS

Act 105 ILCS 5/School Code.

Art.Article 34 - Cities Of Over 500,000 Inhabitants - Board Of Education

This text of Illinois § 34-67 (Sale or exchange of bonds - Use of proceeds) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

105 Ill. Comp. Stat. 34-67 (2026).

Text

Refunding bonds issued under Section 34-65 may be exchanged on the basis of par for par for the bonds being refunded and described in the authorizing resolution, or may be sold at not less than par under the direction of the board, and the proceeds thereof shall be received by the city treasurer, as school treasurer, and shall be kept in a separate fund to be used solely for the purpose of paying the principal and interest on the bonds so refunded. All bonds refunded shall be cancelled.

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Refunding bonds issued under Section 34-65 may be exchanged on the basis of par for par for the bonds being refunded and described in the authorizing resolution, or may be sold at not less than par under the direction of the board, and the proceeds thereof shall be received by the city treasurer, as school treasurer, and shall be kept in a separate fund to be used solely for the purpose of paying the principal and interest on the bonds so refunded. All bonds refunded shall be cancelled.