ILCS » Chapter 30 · Act 350
Illinois Compiled Statutes

30 ILCS 350/11 (2026)

Refundings and redemption premiums

✓ current as of May 2026
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(30 ILCS 350/11) (from Ch. 17, par. 6911)
    Sec. 11. Refundings and redemption premiums. Bonds may be refunded or advance refunded upon such terms as the governing body may set in accordance with this Act, for such term of years, not in excess of the maximum term of years permitted by applicable law for the bonds to be refunded, and in such principal amount, all as may be deemed necessary by the governing body. Revenue bonds may be issued to refund general obligation bonds or alternate bonds issued under this Act. General obligation bonds shall not be issued to refund revenue bonds or alternate bonds except as expressly permitted by applicable law. Any redemption premium payable upon the redemption of bonds may be payable from the proceeds of refunding bonds which may be issued for the purpose of refunding such bonds, from any other lawfully available source or from both proceeds and such other sources.
(Source: P.A. 90-306, eff. 8-1-97.)

    
Notes of Decisions
Cited in 3 cases, 2002–2003 · leading case: City of Chicago Ex Rel. Scachitti v. Prudential Sec., Inc., 772 N.E.2d 906 (Ill. App. Ct. 2002).
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City of Chicago Ex Rel. Scachitti v. Prudential Sec., Inc., 772 N.E.2d 906 (Ill. App. Ct. 2002). “6911; see 30 ILCS 350/11 (West 2000). This authorization was granted in light of findings by the General Assembly that inconsistent and outdated provisions of Illinois law resulted in additional costs for the citizens of the State of Illinois residing in local governmental units…”
Commonwealth Edison Co. v. People ex rel. Coffman, 788 N.E.2d 364 (Ill. App. Ct. 2003). · cites it 2× “Plaintiff argues that the use of general obligation bonds to refund the 1989 and 1998 alternate bonds violates section 11 of the Debt Reform Act (30 ILCS 350/11 (West 2000)). Section 11 states that “[gjeneral obligation bonds shall not be issued to refund revenue bonds or…”
City of Chicago ex rel. Scachitti v. Prudential Sec., Inc. (Ill. App. Ct. 2002). “17, ¶ 6911; see 30 ILCS 350/11 (West 2000). This authorization was granted in light of findings by the General Assembly that inconsistent and outdated provisions of Illinois law resulted in additional costs for the citizens of the State of Illinois residing in local governmental…”
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