notwithstanding, funds of a land clearance commission dissolved or in the process of dissolution pursuant to this Act which have been derived from grants made by the State of Illinois shall be transferred and paid over to the municipality for use by a Department of Urban Renewal for any of the purposes of Part I of this Act. Any municipality which has issued and sold bonds prior to the effective date of this amendatory Act of the 102nd General Assembly pursuant to Section 24 of the Blighted Areas Redevelopment Act of 1947 (repealed) for the purpose of raising funds to be paid to a land clearance commission may apply, use and pay the proceeds of such bonds for and in aid of its Department of Urban Renewal and may use such funds for any of the purposes of Part I of this Act.
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