reglab/housing_qa huggingface dataset:
65 ILCS 5/8-4-3
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-3)Sec. 8-4-3.         The corporate authorities of any municipality, without  submitting the question to the electors thereof for approval, may authorize  by ordinance the issuance of refunding bonds (1) to refund its bonds prior  to their maturity; (2) to refund its unpaid matured bonds; (3) to refund  matured coupons evidencing interest upon its unpaid bonds; (4) to refund  interest at the coupon rate upon its unpaid matured bonds that has accrued  since the maturity of these bonds; and (5) to refund its bonds which by  their terms are subject to redemption before maturity.The refunding bonds may be made registerable as to principal and may  bear interest at a rate not to exceed the maximum rate authorized by the  Bond Authorization Act, as amended at the time of the making of the contract,  payable at such time and place as may be provided in the bond ordinance.The refunding bonds shall remain valid even though one or more of the  officers executing the bonds cease to hold his or their offices before the  bonds are delivered.With respect to instruments for the payment of money issued under this  Section either before, on, or after the effective date of this amendatory  Act of 1989, it is and always has been the intention of the General  Assembly (i) that the Omnibus Bond Acts are and always have been supplementary  grants of power to issue instruments in accordance with the Omnibus Bond  Acts, regardless of any provision of this Act that may appear to be or to  have been more restrictive than those Acts, (ii) that the provisions of  this Section are not a limitation on the supplementary authority granted by  the Omnibus Bond Acts, and (iii) that instruments issued under this Section  within the supplementary authority granted by the Omnibus Bond Acts are not  invalid because of any provision of this Act that may appear to be or to  have been more restrictive than those Acts.The amendatory Acts of 1971, 1972 and 1973 are not a limit upon any  municipality which is a home rule unit.    (Source: P.A. 86-4.)
65 ILCS 5/8-4-4
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-4)Sec. 8-4-4.         The ordinance authorizing the refunding bonds shall prescribe  all details thereof and shall provide for the levy and collection of a  direct annual tax upon all the taxable property within the municipality  sufficient to pay the principal thereof and interest thereon as it matures.  This tax shall be in addition to and exclusive of the maximum of all other  taxes authorized to be levied by the municipality. Tax limitations  applicable to the municipality provided by this Code or by other Illinois  statutes shall not apply to taxes levied for payment of these refunding  bonds.A certified copy of the bond ordinance shall be filed with the county  clerk of the county in which the municipality or any portion thereof is  situated, and shall constitute the authority for the extension and  collection of refunding bond and interest taxes as required by the  constitution.    (Source: Laws 1961, p. 576.)
65 ILCS 5/8-4-5
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-5)Sec. 8-4-5.         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. Instead  of this exchange, the refunding bonds 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 Section 8-2-1 or 8-2-9.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.    (Source: Laws 1961, p. 576.)
65 ILCS 5/8-4-6
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-6)Sec. 8-4-6.         The refunding bonds shall be of such form and denomination,  payable at such place, bear such date, and be executed by such officials as  may be provided by the corporate authorities of the municipality in the  bond ordinance. They shall mature within not to exceed 20 years from their  date, and may be made callable on any interest payment date at par and  accrued interest after notice has been given at the time and in the manner  provided in the bond ordinance.If there is no default in payment of the principal of or interest upon  the refunding bonds, and if after setting aside a sum of money equal to the  amount of interest that will accrue on the refunding bonds, and a sum of  money equal to the amount of principal that will become due thereon, within  the next 6 months period, the treasurer and comptroller, if there is a  comptroller, of the municipality shall use the money available from the  proceeds of taxes levied for the payment of the refunding bonds in calling  them for payment, if, by their terms, they are subject to redemption.  However, a municipality may provide in the bond ordinance that, whenever  the municipality is not in default in payment of the principal of or  interest upon the refunding bonds and has set aside the sums of money  provided in this paragraph for interest accruing and principal maturing  within the next 6 months period, the money available from the proceeds of  taxes levied for the payment of refunding bonds shall be used, first, in  the purchase of the refunding bonds at the lowest price obtainable, but not  to exceed their par value and accrued interest, after sealed tenders for  their purchase have been advertised for as may be directed by the corporate  authorities thereof.Refunding bonds called for payment and paid or purchased under this  section shall be marked paid and cancelled.    (Source: Laws 1961, p. 576.)
65 ILCS 5/8-4-7
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-7)Sec. 8-4-7.         Whenever any refunding bonds are purchased or redeemed and  cancelled, as provided in Section 8-4-6, the taxes thereafter to be  extended for payment of the principal of and the interest on the remainder  of the issue shall be reduced in an amount equal to the principal of and  the interest that would have thereafter accrued upon the refunding bonds so  cancelled. A resolution shall be adopted by the corporate authorities of  the municipality finding these facts. A certified copy of this resolution  shall be filed with the county clerk specified in Section 8-4-4. Whereupon  the county clerk shall reduce and extend such tax levies in accordance  therewith.Whenever refunding bonds are issued, proper reduction of taxes,  theretofore levied for the payment of the bonds refunded and next to be  extended for collection, shall be made by the county clerk upon receipt of  a certificate signed by the treasurer and the comptroller, if there is a  comptroller, of the municipality, showing the bonds refunded and the tax to  be abated.    (Source: Laws 1961, p. 576.)
65 ILCS 5/8-4-8
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-8)Sec. 8-4-8.         Money which becomes available from taxes that were levied for  prior years for payment of bonds or interest coupons that were paid or  refunded before these taxes were collected, after payment of all warrants  that may have been issued in anticipation of these taxes, shall be placed  in the sinking fund account provided in this section. It shall be used to  purchase, call for payment, or to pay at maturity refunding bonds and  interest thereon as provided in Sections 8-4-3 through 8-4-9.Money received from the proceeds of taxes levied for the payment of the  principal of and interest upon refunding bonds shall be deposited in a  special fund of the municipality. It shall be designated as the "Refunding  Bond and Interest Sinking Fund Account of ....." This fund shall be  faithfully applied to the purchase or payment of refunding bonds and the  interest thereon as provided in Sections 8-4-3 through 8-4-9.If the money in this fund is not immediately necessary for the payment  or redemption of refunding bonds or if refunding bonds can not be purchased  before maturity, then, under the direction of the corporate authorities of  the municipality, the money may be invested by the treasurer and the  comptroller, if there is a comptroller, of the municipality, in bonds or  other interest bearing obligations of the United States or in bonds of the  State of Illinois or in general obligation bonds of the issuing  municipality.The maturity date of the securities in which this money is invested  shall be prior to the due date of any issue of refunding bonds of the  investing municipality. The corporate authorities may sell these securities  whenever necessary to obtain cash to meet bond and interest payments.    (Source: Laws 1961, p. 576.)
65 ILCS 5/8-4-9
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-9)Sec. 8-4-9.         The corporate authorities of a municipality may take any action  that may be necessary to inform the owners of unpaid bonds regarding the  financial condition of the municipality, the necessity of refunding its  unpaid bonds and readjusting the maturities thereof in order that  sufficient taxes may be collected to take care of these bonds, and thus  re-establish the credit of the municipality. The corporate authorities may  enter into any agreement required to prepare and carry out any refunding  plan and, without any previous appropriation therefor under Section 8-2-1  or 8-2-9, may incur and pay expenditures that may be necessary in order to  accomplish the refunding of the bonds of the municipality.    (Source: Laws 1961, p. 576.)
65 ILCS 5/8-4-10
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-10)Sec. 8-4-10.         Sections 8-4-3 through 8-4-10 apply to all municipalities,  whether incorporated under a general or a special act, and shall constitute  complete authority for issuing refunding bonds without reference to other  laws, and shall be construed as conferring powers in addition to, but not  as limiting powers granted under other laws or under any other provisions  of this Code.    (Source: Laws 1961, p. 576.)
65 ILCS 5/8-4-11
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-11)Sec. 8-4-11.         In every municipality there shall be a sinking fund  commission, composed of the mayor or president, as the case may be, the  chairman of the finance committee, and the comptroller, or if there is no  comptroller, the municipal clerk.Sections 8-4-11 and 8-4-12 shall not be applicable to the refunding bond  and interest sinking fund account provided for in Section 8-4-8.    (Source: Laws 1961, p. 576.)
65 ILCS 5/8-4-12
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-12)Sec. 8-4-12.         Whenever there is a sum in the municipality's sinking fund in  excess of the amount required for the payment of the municipality's bonded  indebtedness maturing in that, or the succeeding, fiscal year, and the  interest due in that period, the sinking fund commission may use this  excess in the purchase of unpaid bonds for the payment of which, at  maturity, the sinking fund was or shall be created, paying therefor no more  than the market price. When such bonds are so purchased, they shall be  cancelled, and thereafter no taxes for the payment of those bonds or the  interest thereon shall be levied. The money in a municipality's sinking  fund may be applied to the payment of such bonds without any further  appropriation by the municipality than is made under this section.    (Source: Laws 1961, p. 576.)
65 ILCS 5/8-4-13
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-13)Sec. 8-4-13.         Every municipality incorporated by and operating under a  special charter may borrow money upon the credit of the municipality for  lawful corporate purposes, including the funding and refunding of any  judgment indebtedness heretofore or hereafter incurred, and may issue its  negotiable coupon bonds therefor in such form, of such denomination,  payable at such place and at such time or times, not exceeding 20 years  from their date, as the corporate authorities of the municipality may  prescribe by ordinance.Every such municipality, prior to or at the time of issuing its bonds  under this section, shall provide for the collection of a direct annual tax  upon all of the taxable property of the municipality, which, in addition to  all other taxes, shall be sufficient to pay the interest on the bonds as it  falls due and also to pay the principal of the bonds within 20 years from  their date.    (Source: Laws 1961, p. 576.)
65 ILCS 5/8-4-14
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-14)Sec. 8-4-14.         Without submitting the question to the legal voters thereof  for approval the corporate authorities of any municipality having a  population of less than 500,000 may by ordinance authorize the issue of  refunding revenue bonds, payable solely from the revenues of a  municipally-owned water utility, combined water and sewer utility, sewer  utility, gas utility, swimming pool or airport, to refund the principal or  accrued interest, or both, of its outstanding revenue bonds, revenue  certificates of indebtedness or revenue notes, prior to their maturity, and  the principal and accrued interest of its matured outstanding revenue  bonds, revenue certificates of indebtedness or revenue notes issued under  the provisions of any law of this State, and which by their terms are  payable solely from the revenues of a municipally-owned water utility,  combined water and sewer utility, sewer utility, gas utility, swimming pool  or airport. The refunding revenue bonds may be made registerable as to  principal and bear interest at a rate not to exceed  the maximum rate authorized by the Bond Authorization Act, as amended at the  time of the making of the contract, payable at such time or at  such place as may be provided for in the ordinance authorizing the issue  thereof.With respect to instruments for the payment of money issued under this  Section either before, on, or after the effective date of this amendatory  Act of 1989, it is and always has been the intention of the General  Assembly (i) that the Omnibus Bond Acts are and always have been supplementary  grants of power to issue instruments in accordance with the Omnibus Bond  Acts, regardless of any provision of this Act that may appear to be or to  have been more restrictive than those Acts, (ii) that the provisions of  this Section are not a limitation on the supplementary authority granted by  the Omnibus Bond Acts, and (iii) that instruments issued under this Section  within the supplementary authority granted by the Omnibus Bond Acts are not  invalid because of any provision of this Act that may appear to be or to  have been more restrictive than those Acts.The amendatory Acts of 1971, 1972 and 1973 are not a limit upon any  municipality which is a home rule unit.    (Source: P.A. 86-4.)
65 ILCS 5/8-4-15
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-15)Sec. 8-4-15.         The ordinance authorizing such refunding revenue bonds shall  prescribe all the details thereof and the bonds shall be in such form and  denomination, payable at such places, bear such date and be executed by  such officials as may be provided in the bond ordinance. The ordinance also  shall determine the period of usefulness of the utility. The refunding  revenue bonds shall mature within the determined period of usefulness of  the utility and shall mature, in any event, within not to exceed 40 years  from their date, and may be made callable on any interest payment date at a  price of par and accrued interest, after notice shall be given by  publication or otherwise at any time or times and in the manner as may be  provided for in the bond ordinance.The ordinance may contain such covenants and restrictions upon the  issuance of additional refunding revenue bonds, or revenue bonds for the  improvement and extension of such utility or facility as may be deemed  necessary or advisable for the assurance of the payment of the refunding  revenue bonds thereby authorized. Such bonds shall be payable solely from  the revenues derived from such municipally-owned utility or facility and  such bonds shall not, in any event, constitute an indebtedness of the  municipality within the meaning of any constitutional or statutory  limitation, and it shall be plainly stated on the face of each bond that it  does not constitute an indebtedness of the municipality within the meaning  of any constitutional or statutory provision or  limitation.The validity of any refunding revenue bonds shall remain unimpaired,  although one or more of the officials executing the same shall cease to be  such officer or officers before delivery thereof, and such bonds shall have  all the qualities of negotiable instruments under the Law Merchant and  Article 3 of the Uniform Commercial Code.    (Source: P.A. 90-655, eff. 7-30-98.)
65 ILCS 5/8-4-16
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-16)Sec. 8-4-16.         If any revenue securities which are refunded are secured by an  indenture of mortgage or deed of trust, such indenture of mortgage or deed  of trust shall be properly released of record.    (Source: Laws 1961, p. 576.)
65 ILCS 5/8-4-17
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-17)Sec. 8-4-17.         Whenever refunding revenue bonds are issued under this  Division 4, sufficient revenues received from the operation of the  municipally-owned utility or facility shall be set aside as collected and  be deposited in a separate fund, which shall be used only in paying the  cost of operation and maintenance of the utility or facility, providing an  adequate depreciation fund, and paying the principal of and interest upon  the revenue bonds issued that are payable by their terms only from such  revenues.    (Source: Laws 1961, p. 576.)
65 ILCS 5/8-4-18
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-18)Sec. 8-4-18.         Rates charged for service and the use of the utility or  facility shall be sufficient at all times to pay the cost of operation and  maintenance, provide an adequate depreciation fund and pay the principal of  and interest upon all revenue bonds which by their terms are payable solely  from the revenues derived from the operation of the utility or facility.    (Source: Laws 1961, p. 576.)
65 ILCS 5/8-4-19
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-19)Sec. 8-4-19.         Any holder of a bond or bonds, or of any of the coupons of any  bond or bonds of a municipality issued under Sections 8-4-14 through  8-4-23, may in any civil action, mandamus, injunction or other proceeding,  enforce and  compel performance of all duties required by this Division 4, including the  maintaining and collecting of sufficient rates for that purpose and the  application of income and revenue thereof.    (Source: P.A. 83-345.)
65 ILCS 5/8-4-20
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-20)Sec. 8-4-20.         After the ordinance providing for the issuance of the  refunding revenue bonds has been passed, it shall be published at least  once within 10 days after its passage in one or more newspapers published  in the municipality, or, if no newspaper is published therein, then in one  or more newspapers with a general circulation within the municipality. In  municipalities with less than 500 population in which no newspaper is  published, publication may instead be made by posting a notice in 3  prominent places within the municipality. The ordinance shall not become  effective until 10 days after its publication.    (Source: Laws 1961, p. 576.)
65 ILCS 5/8-4-21
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-21)Sec. 8-4-21.         Such refunding revenue bonds may be exchanged on a basis of  par for the securities to be refunded, or such bonds may be sold at not  less than their par value and accrued interest and the proceeds received  shall be used to pay the securities which are to be refunded thereby.    (Source: Laws 1961, p. 576.)
65 ILCS 5/8-4-22
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-22)Sec. 8-4-22.         The corporate authorities of any such municipality are  authorized to take any action that may be necessary to inform owners of  outstanding securities regarding the financial condition of the fund out of  which the securities are payable and the necessity of refunding the same  and readjusting the maturities thereof and the corporate authorities may  enter into any agreements required to prepare and carry out any refunding  plan, and without previous appropriation therefor under any law may incur  and pay expenditures that may be necessary in order to accomplish the  refunding of such securities.    (Source: Laws 1961, p. 576.)
65 ILCS 5/8-4-23
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-23)Sec. 8-4-23.         Sections 8-4-14 through 8-4-23 constitute complete authority  for the issue of refunding revenue bonds as herein provided without  reference to any other laws or provisions of this Code and shall be  construed as conferring power in addition to but not in limitation of the  powers granted under any other existing laws or provisions of this Code.    (Source: Laws 1961, p. 576.)
65 ILCS 5/8-4-24
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 8 - Finance

 (from Ch. 24, par. 8-4-24)Sec. 8-4-24.         Whenever bonds have been issued by any municipality for  the purpose of constructing an incinerator, and the corporate  authorities decide that such project is not feasible and substitute a  different method of refuse disposal, they may adopt an ordinance ordering  the submission to the electors of a proposition to use the  proceeds of such bond issue, or any balance thereof, for some other  specified municipal purpose. The clerk shall certify such question to the  proper election authority who shall submit the proposition at an election  in accordance with the general election law.    (Source: P.A. 81-1489.)