Illinois Statutes
§ 6-517
Illinois·Topic TRANSPORTATION·Ch. 605 ROADS AND BRIDGES·Act 605 ILCS 5/ Illinois Highway Code.·Art. Article 6 - Administration Of Township And District Roads
The refunding bonds may be exchanged for the bonds to be refunded on the basis of dollar for dollar for the par value of the bonds, interest coupons, and interest not represented by coupons, if any, or they may be sold at not less than their par value and accrued interest. The proceeds received from their sale shall be used to pay the bonds, interest coupons, and interest not represented by coupons, if any. This payment may be made without any prior appropriation therefor under any budget law. Bonds and interest coupons which have been received in exchange or paid shall be cancelled and the obligation for interest, not represented by coupons, which has been discharged, shall be evidenced by a written acknowledgment of the exchange or payment thereof.
Free access — add to your briefcase to read the full text and ask questions with AI
Illinois § 6-517 — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
(Source: Laws 1959, p. 196.)