Any bonds authorized and issued pursuant to the provisions of any bond ordinance adopted pursuant to the provisions hereof and also any bonds issued and outstanding as of July 1, 1971, which by their terms are payable from taxes unlimited as to rate or amount and levied against all the taxable property within the City of Chicago, may be refunded prior to their maturity or at their maturity and including the refunding of matured coupons evidencing interest upon such unpaid bonds. Such refunding shall be by the issuance of refunding bond to be authorized by a refunding bond ordinance which shall be adopted in the manner and subject to the terms, conditions and provisions as herein required for the issuance of bonds for public purposes. Any such refunding shall be on the basis of an exchange of par for par for bonds and matured interest coupons to be refunded, or such refunding bonds may be sold at not less than par and the proceeds thereof be used for the purpose of paying maturing principal and matured interest coupons on such outstanding bonds as they become due.
Refunding bonds which may be issued for the purpose of refunding outstanding bonds issued prior to July 1, 1971 and including past due coupons pertaining to bonds issued prior to July 1, 1971 shall not be deemed an indebtedness incurred by the City of Chicago without a referendum in accordance with the provisions of Section 6(k) of Article VII of the Constitution of Illinois generally effective July 1, 1971.
(Prior code § 7-64)