093_HB2618enr

 
HB2618 Enrolled                      LRB093 08292 MKM 08509 b

 1        AN ACT in relation to park districts.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Chicago Park District Act is  amended  by
 5    changing Sections 20, 20a, and 21 as follows:

 6        (70 ILCS 1505/20) (from Ch. 105, par. 333.20)
 7        Sec.  20.   The  Chicago  Park  District is authorized to
 8    issue the bonds of such district  for  the  payment  of  land
 9    condemned  or  purchased  for  park  or  boulevards,  for the
10    building, maintaining, improving and protecting of  such  for
11    the   purpose   of   establishing,   acquiring,   completing,
12    enlarging,  ornamenting,  building,  rebuilding and improving
13    public parks,  boulevards,  bridges,  subways,  viaducts  and
14    approaches  thereto,  wharfs,  piers,  jetties,  air  landing
15    fields  and  basins, shore protection works, pleasure grounds
16    and ways, walks, pathways, driveways, roadways, highways  and
17    all  public works, grounds, or improvements under the control
18    of and within the jurisdiction of such park commissioners and
19    including the filling in of submerged lands for park purposes
20    and  constructing  all  buildings,  field  houses,  stadiums,
21    shelters,  conservatories,  museums,  service  shops,   power
22    plants,   structures,   playground   devices,  boulevard  and
23    building lighting systems and building  all  other  types  of
24    permanent  improvement  and  construction necessary to render
25    the property under the control  of  such  park  commissioners
26    usable  for  the enjoyment thereof as public parks, parkways,
27    boulevards and pleasure ways  and  for  the  payment  of  the
28    expenses  incident  thereto,  and may pledge its property and
29    credit therefor.
30        Such district shall not incur  any  bonded  indebtedness,
31    exclusive  of  outstanding  indebtedness  to an amount in the
 
HB2618 Enrolled             -2-      LRB093 08292 MKM 08509 b
 1    aggregate exceeding 2.3% of the  assessed  valuation  of  all
 2    taxable property therein as last equalized and determined for
 3    state  and  local  taxes  preceding  the  incurring  of  such
 4    indebtedness.  Bonds  may  be  issued from time to time to an
 5    amount   which   together   with   the   outstanding   bonded
 6    indebtedness of such district, exclusive of bonds  issued  to
 7    create  a  working  cash  fund,  will  not  exceed  1% of the
 8    assessed valuation of all taxable property  therein  as  last
 9    equalized  and determined for state and local taxes preceding
10    the issuance of such bonds without submitting the question to
11    the legal voters for approval.
12        Except as otherwise provided in this Section  and  except
13    for  working  cash  fund bonds  issued and to be issued under
14    Section 2 of "An Act authorizing the Chicago Park District to
15    provide for the creation, maintenance and administration of a
16    working cash fund", approved July 11, 1935, as amended, bonds
17    shall not be issued until the proposition to issue  such  has
18    been  submitted  to  and  approved by a majority of the legal
19    voters of such park district voting upon the proposition,  at
20    an  election,  after notice of such submission has been given
21    in the manner provided by the general election law.
22        Submission of any proposition of issuing bonds  shall  be
23    authorized  by  resolution  to be adopted by the Chicago Park
24    District commissioners, which shall designate the election at
25    which the question is to be submitted the amount of bonds and
26    purpose for which such bonds are to be issued.
27        Any proposition to issue bonds shall be certified by  the
28    Chicago  Park  District  commissioners to the proper election
29    officials, who shall submit that  proposition  in  accordance
30    with  the  general  election law. The proposition shall be in
31    substantially the following form:
32    -------------------------------------------------------------
33        Shall bonds of the Chicago
34    Park District to the amount of         YES
 
HB2618 Enrolled             -3-      LRB093 08292 MKM 08509 b
 1    ........Dollars ($........) be     --------------------------
 2    issued for the purpose of......        NO
 3    ...............................?
 4    -------------------------------------------------------------
 5        Bonds shall be issued in the name  of  the  Chicago  Park
 6    District  in  such form and denomination and shall be payable
 7    at such place and time, not  exceeding  20  years  from  date
 8    thereof or, for bonds issued after the effective date of this
 9    Amendatory Act of the 93rd General Assembly, not exceeding 30
10    years  from  the date thereof, and may be redeemable prior to
11    maturity with  or  without  premium  at  the  option  of  the
12    commissioners,   as   such  commissioners  may  determine  by
13    ordinance duly adopted and the bonds shall be signed  by  the
14    president  and  attested by the secretary under the corporate
15    seal. After such advertising as the commissioners shall  deem
16    necessary,  the  bonds  shall  be sold at such price and upon
17    such terms as determined by the commissioners and which  will
18    not  cause  the net effective interest rate to be paid by the
19    Chicago Park District to exceed that permitted in "An Act  to
20    authorize public corporations to issue bonds, other evidences
21    of  indebtedness  and  tax  anticipation  warrants subject to
22    interest rate limitations set forth  therein",  approved  May
23    26,  1970,  as now or hereafter amended.  The validity of any
24    bond so executed shall remain  unimpaired,  although  one  or
25    more  of  the officers executing such shall have ceased to be
26    such officer or  officers  before  delivery  thereof  to  the
27    purchaser.
28        For  the  purpose of paying the principal of and interest
29    upon such bonds, the Chicago Park District is  authorized  to
30    levy  and have collected a direct annual tax upon all taxable
31    property within its jurisdiction, in addition  to  all  other
32    taxes  authorized  by law to be levied and collected for park
33    purposes, sufficient to pay the interest on such bonds as  it
34    falls due and to pay the principal thereof as it matures, and
 
HB2618 Enrolled             -4-      LRB093 08292 MKM 08509 b
 1    the county clerk of the county in which such park district is
 2    located  upon  receiving a certificate from the commissioners
 3    that the amount set out in such certificate is  necessary  to
 4    pay the interest on and principal of such bonds, shall assess
 5    and  extend such amount upon the taxable property embraced in
 6    such park district, the same as other park taxes are  by  law
 7    assessed  and extended, and such taxes shall be collected and
 8    paid over in like manner as other park taxes are required  by
 9    law to be collected and paid.
10    (Source: P.A. 84-676.)

11        (70 ILCS 1505/20a) (from Ch. 105, par. 333.20a)
12        Sec.  20a.   Bonds;  issuance; interest.  Notwithstanding
13    anything to the contrary in  Section  20  of  this  Act,  the
14    Chicago  Park  District  is  authorized to issue from time to
15    time bonds of  such  district  in  the  principal  amount  of
16    $84,000,000  for  the purpose of paying the cost of erecting,
17    enlarging, ornamenting, building, rebuilding,  rehabilitating
18    and  improving  any aquarium or any museum or museums of art,
19    industry, science or natural or other history located  within
20    any  public  park  or  parks under the control of the Chicago
21    Park District, without submitting  the  question  of  issuing
22    such bonds to the voters of the District.
23        Notwithstanding anything to the contrary in Section 20 of
24    this  Act,  and  in  addition  to  any  other amount of bonds
25    authorized to be issued under  this  Act,  the  Chicago  Park
26    District  is  authorized  to  issue from time to time, before
27    January 1, 2004, bonds  of  the  district  in  the  principal
28    amount  of $128,000,000 for the purpose of paying the cost of
29    erecting,  enlarging,  ornamenting,   building,   rebuilding,
30    rehabilitating,  and  improving any aquarium or any museum or
31    museums of  art,  industry,  science,  or  natural  or  other
32    history  located  within  any  public park or parks under the
33    control of the Chicago Park District, without submitting  the
 
HB2618 Enrolled             -5-      LRB093 08292 MKM 08509 b
 1    question of issuing the bonds to the voters of the District.
 2        The  bonds authorized under this Section shall be of such
 3    denomination or denominations,  may  be  registerable  as  to
 4    principal  only, and shall mature serially within a period of
 5    not to exceed  20  years  or,  for  bonds  issued  after  the
 6    effective  date  of  this  amendatory Act of the 93rd General
 7    Assembly, within a period of not to exceed 30 years,  may  be
 8    redeemable  prior  to maturity with or without premium at the
 9    option of the commissioners on such terms and  conditions  as
10    the  commissioners  of the Chicago Park District shall fix by
11    the ordinance authorizing the issuance  of  such  bonds.  The
12    bonds  shall  bear interest at the rate of not to exceed that
13    permitted in "An Act  to  authorize  public  corporations  to
14    issue   bonds,   other  evidences  of  indebtedness  and  tax
15    anticipation warrants subject to  interest  rate  limitations
16    set  forth  therein",  approved  May  26,  1970,  as  now  or
17    hereafter amended.
18        Such  bonds  shall  be  executed for and on behalf of the
19    Park District by such officers as shall be specified  in  the
20    bond ordinance, and one of such officers may be authorized to
21    execute  the  bonds by his facsimile signature, which officer
22    shall adopt as and for  his  official  manual  signature  the
23    facsimile signature as it appears upon the bonds.
24        The ordinance authorizing the issuance of the bonds shall
25    provide for the levy and collection, in each of the years any
26    of  such bonds shall be outstanding, a tax without limitation
27    as to rate or amount and in addition to all other taxes  upon
28    all  the  taxable property within the corporate boundaries of
29    the Chicago Park District, sufficient to pay the principal of
30    and the interest upon such bonds  as  the  same  matures  and
31    becomes due.
32        A  certified  copy  of  the  ordinance  providing for the
33    issuance of the bonds and the levying and collecting  of  the
34    tax  to  pay the same shall be filed with the County Clerk of
 
HB2618 Enrolled             -6-      LRB093 08292 MKM 08509 b
 1    the county in which the Chicago Park District is  located  or
 2    with the respective County Clerks of each county in which the
 3    Chicago  Park  District  is  located. Such ordinance shall be
 4    irrevocable and upon receipt of the  certified  copy  thereof
 5    the  County Clerk or County Clerks, as the case may be, shall
 6    provide for, assess and extend the tax  as  therein  provided
 7    upon  all  the  taxable property located within the corporate
 8    boundaries of the Chicago Park District, in the  same  manner
 9    as  other  park  taxes by law shall be provided for, assessed
10    and extended, and such taxes shall be collected and paid  out
11    in  the  same  manner  as  other  park  taxes by law shall be
12    collected and paid.
13        The interest on any unexpended proceeds of  bonds  issued
14    under  this  Section  shall  be  credited to the Chicago Park
15    District and  shall  be  paid  into  the  District's  general
16    corporate  fund.  The Chicago Park District may transfer such
17    amount of interest from the general  corporate  fund  to  the
18    aquarium and museum bond fund.
19        The  amount of the outstanding bonded indebtedness of the
20    Chicago Park District issued under this Section shall not  be
21    included  in  the  bonded  indebtedness  of  the  District in
22    determining whether or not  the  District  has  exceeded  its
23    limitation  of  1/2  of  1%  of the assessed valuation of all
24    taxable property  in  the  District  as  last  equalized  and
25    determined  by  the Department of Revenue for the issuance of
26    any bonds authorized under the provisions of  Section  20  of
27    this  Act without submitting the question to the legal voters
28    for approval.
29    (Source: P.A. 88-503.)

30        (70 ILCS 1505/21) (from Ch. 105, par. 333.21)
31        Sec. 21. The commissioners of the Chicago Park  District,
32    without  submitting  the  question  to  the  legal voters for
33    approval, are authorized to issue negotiable coupon bonds  to
 
HB2618 Enrolled             -7-      LRB093 08292 MKM 08509 b
 1    refund   and/or  fund  outstanding  indebtedness  hereinafter
 2    described of the several park districts which were superseded
 3    by it, together with accrued interest and interest  on  bonds
 4    after their maturity, on such indebtedness as is evidenced by
 5    bonds.
 6        Refunding  and/or  funding  bonds  of  a  superseded park
 7    district shall be issued by the Chicago Park District for and
 8    on behalf of such  superseded  park  district  and  shall  be
 9    payable  from  taxes  levied upon the taxable property within
10    the territory of such superseded park district.
11        Such indebtedness as is evidenced by bonds of  superseded
12    park  districts  issued  for  proper  corporate  purposes  is
13    described as follows:
14                                                   Total of bonds
15    Name of Park District                             outstanding
16    Albany......................................   $   568,000.00
17    Calumet.....................................        82,000.00
18    Edison......................................        88,666.67
19    Fernwood....................................        95,000.00
20    Forest Glen.................................         7,000.00
21    Hollywood...................................        99,000.00
22    Irving......................................     1,598,000.00
23    Jefferson...................................       876,000.00
24    Lincoln.....................................    18,534,000.00
25    North Shore.................................       692,000.00
26    Northwest...................................     4,518,000.00
27    Norwood.....................................       171,000.00
28    Old Portage.................................     1,392,000.00
29    Ravenswood..................................        22,000.00
30    Ridge Avenue................................       373,000.00
31    Ridge.......................................       892,500.00
32    River.......................................     1,387,500.00
33    Sauganash...................................        83,000.00
34    South.......................................    48,267,000.00
 
HB2618 Enrolled             -8-      LRB093 08292 MKM 08509 b
 1    West Chicago................................    14,273,338.87
 2    West Pullman................................        46,000.00
 3                                                   ..............
 4        Total                                      $94,065,005.54
 5        Indebtedness  in  the  amount  of $3,137,045 evidenced by
 6    bonds and interest coupons of Lincoln Park District that were
 7    paid at maturity from bond and/or corporate  funds  to  avoid
 8    default  thereof  which  bonds  and interest coupons have not
 9    been cancelled and such funds have not been reimbursed.
10        Indebtedness as of May 1, 1934  represented  by  unfunded
11    and   floating   obligations  of  superseded  park  districts
12    incurred  for  proper  corporate  purposes  is  described  as
13    follows:
14                                                Total of unfunded
15    Name of Park District                            indebtedness
16    Albany..................................        $   21,130.81
17    Calumet.................................             3,255.86
18    Forest Glen.............................               643.55
19    Hollywood...............................            17,815.98
20    Jefferson...............................               861.23
21    Lincoln.................................            46,983.02
22    North Shore.............................            52,014.06
23    Northwest...............................           370,561.10
24    Norwood.................................             1,148.47
25    Old Portage.............................               839.65
26    Ridge Avenue............................             1,032.97
27    Ridge...................................             5,000.00
28    River...................................             5,113.68
29    Sauganash...............................               974.32
30    South...................................           113,132.57
31    West....................................         1,518,393.78
32    West Pullman............................               249.80
33                                                   ..............
34        Total                                       $2,159,150.85
 
HB2618 Enrolled             -9-      LRB093 08292 MKM 08509 b
 1        Indebtedness   existing   by   reason   of   unauthorized
 2    expenditure of money from special funds of West Chicago  Park
 3    District  and  which funds have not been reimbursed described
 4    as follows:
 5    Employees Annuity and Benefit Fund................$593,135.25
 6    Park Policemen's Annuity and Benefit Fund..........$11,084.38
 7    Public Benefit Fund...............................$371,769.47
 8    Additional Land Fund..............................$107,182.79
 9    Special Assessment Fund...........................$492,867.28
10        Indebtedness of the Northwest Park District in the amount
11    of  $1,283,876.09  existing   by   reason   of   unauthorized
12    expenditure for corporate purposes of money received from the
13    proceeds  of  the  sale of its bonds issued and sold for park
14    improvements.
15        Refunding bonds may be issued to refund any of said bonds
16    prior to their maturity; to refund any  of  said  bonds  that
17    have  matured;  to  refund  any  matured  coupons  evidencing
18    interest  on  any  of said bonds; to refund any of said bonds
19    which  by  their  terms  are  subject  to  redemption  before
20    maturity; to refund any of said bonds  and  interest  coupons
21    that  were  paid at maturity from bond and/or corporate funds
22    to avoid  default  thereof  where  such  bonds  and  interest
23    coupons  shall  not  have been cancelled and such funds shall
24    not have been reimbursed;  and  to  refund  interest  at  the
25    coupon  rate  upon any of said matured bonds that has accrued
26    since the maturity date thereof.
27        The refunding of bonds, of  interest  coupons  and/or  of
28    interest  not represented by coupons may be authorized by one
29    ordinance or by several ordinances.
30        Refunding bonds may be exchanged on the basis of par  for
31    par for the bonds, interest not represented by coupons and/or
32    interest  coupons refunded, or refunding bonds may be sold at
33    not less than their par value and the proceeds received shall
34    be used to pay the bonds, interest not represented by coupons
 
HB2618 Enrolled             -10-     LRB093 08292 MKM 08509 b
 1    and/or interest coupons refunded; such payment  may  be  made
 2    without any prior appropriation thereof under any budget law.
 3        Bonds  and  interest  coupons refunded shall be cancelled
 4    and interest not represented by coupons  shall  be  cancelled
 5    and payment thereof evidenced by written acknowledgment.
 6        Funding  bonds  may  be  issued  to fund the floating and
 7    unfunded indebtedness of the superseded park districts and to
 8    reimburse the special funds of the West Chicago Park District
 9    and the bond proceeds fund of  the  Northwest  Park  District
10    hereinabove described.
11        Funding  bonds  may  be exchanged on the basis of par for
12    par for the indebtedness funded or reimbursed or the  funding
13    bonds  may  be  sold at not less than their par value and the
14    proceeds  received  shall  be  used  to  pay  such   floating
15    indebtedness  and/or  to  reimburse  such special funds; such
16    payment may be made without any prior  appropriation  thereof
17    under any budget law.
18        Floating  indebtedness  funded  shall  be  cancelled  and
19    payment  thereof  and reimbursement of special funds shall be
20    evidenced by written acknowledgment.
21        Refunding and/or funding bonds  shall  be  authorized  by
22    ordinance  and  may  be made registerable as to principal and
23    shall be of the form and denomination, payable at  the  place
24    and  bear such date as may be determined by the commissioners
25    and shall mature within not to exceed 20  twenty  years  from
26    their  date  or, for bonds issued after the effective date of
27    this amendatory Act of the 93rd General Assembly, within  not
28    to  exceed 30 years from their date, but may be made callable
29    on any interest payment date at the price of par and  accrued
30    interest  after  notice  shall  be  given  by  publication or
31    otherwise and at the time or times and in the manner  as  may
32    be  provided  in  the  bond  ordinance.  Such  bonds may bear
33    interest at the rate of not to exceed six per cent per  annum
34    payable at the time and place provided in the bond ordinance.
 
HB2618 Enrolled             -11-     LRB093 08292 MKM 08509 b
 1        The  ordinance  authorizing such refunding and/or funding
 2    bonds of any superseded park  district  shall  prescribe  all
 3    details thereof and shall provide for the levy and collection
 4    of  an  annual  tax  upon all the taxable property within the
 5    superseded park district  sufficient  to  pay  the  principal
 6    thereof and interest thereon as it matures which tax shall be
 7    in  addition  to  and  exclusive  of the maximum of all other
 8    taxes authorized to be levied by said commissioners.
 9        A duly certified copy of  the  bond  ordinance  shall  be
10    filed  in  the  office of the County Clerk of Cook County and
11    shall constitute authority for the extension  and  collection
12    of   such   bond  and  interest  taxes  as  required  by  the
13    constitution.
14        Refunding and  funding  bonds  shall  be  signed  by  the
15    facsimile  signature  of the president with like effect as if
16    signed with his genuine signature and shall be signed by such
17    other officers  of  the  Chicago  Park  District  as  may  be
18    designated in the bond ordinance.
19        The  validity  of  any  refunding and funding bonds shall
20    remain unimpaired  although  one  or  more  of  the  officers
21    executing  same  shall  have  ceased  to  be  such officer or
22    officers before delivery thereof.
23        Prior to the maturity of  the  refunding  and/or  funding
24    bonds, after setting aside a sum of money equal to the amount
25    of  interest  that  will  accrue  thereon within the next six
26    months period from the time it is proposed to purchase and/or
27    redeem any  such  refunding  and/or  funding  bonds,  or  the
28    commissioners  may require that said sum of money be equal to
29    the amount of interest that will so accrue  within  the  next
30    twelve  months  period,  the  treasurer  of  the Chicago Park
31    District shall use the money available from the  proceeds  of
32    taxes  levied for the payment of the refunding and/or funding
33    bonds, first,  in  the  purchase  of  such  refunding  and/or
34    funding  bonds  at  the  lowest  price obtainable, but not to
 
HB2618 Enrolled             -12-     LRB093 08292 MKM 08509 b
 1    exceed their par value and  accrued  interest,  after  sealed
 2    tenders  for  such purchase shall have been advertised for as
 3    may be directed by the commissioners thereof  and  thereafter
 4    such  money  shall  be  used by said official in calling said
 5    bonds for payment, if, by their terms, they  are  subject  to
 6    redemption.
 7        Refunding  and  funding bonds called for payment and paid
 8    or purchased shall be marked paid and cancelled.
 9        Whenever refunding or funding bonds are purchased  and/or
10    redeemed  and  cancelled, the taxes thereafter to be extended
11    for payment of interest shall be reduced in an  amount  equal
12    to  the interest that thereafter would have accrued upon such
13    refunding and funding bonds so  cancelled  and  a  resolution
14    shall  be adopted by the commissioners finding such facts and
15    a certified copy thereof shall be filed in the office of  the
16    county clerk of Cook County whereupon it shall be the duty of
17    such  official  to  reduce  and  extend  such  tax  levies in
18    accordance therewith.
19        After  bonds  are  refunded  proper  reduction  of  taxes
20    theretofore levied for the payment of the bonds refunded  and
21    next  to  be  extended  for  collection  shall be made by the
22    County Clerk upon receipt of  a  certificate  signed  by  the
23    secretary  of  the Chicago Park District describing the bonds
24    refunded and amount thereof and the tax to be abated.
25        Money available from uncollected taxes levied  for  prior
26    years  for payment of bonds and/or interest coupons that have
27    been paid or refunded, after payment of all warrants that may
28    have been issued in  anticipation  of  such  taxes  shall  be
29    placed in the Sinking Fund Account hereinafter designated and
30    used to purchase, call for payment or to pay at maturity such
31    refunding bonds and interest thereon as herein provided.
32        Money  received from the proceeds of taxes levied for the
33    payment of principal of and interest upon such refunding  and
34    funding  bonds  shall  be deposited in the depositary bank or
 
HB2618 Enrolled             -13-     LRB093 08292 MKM 08509 b
 1    savings and loan association of the Chicago Park District  in
 2    a  special  account  designated as "Chicago Park District and
 3    Superseded Park Districts  Bond  and  Interest  Sinking  Fund
 4    Account."  Said  money  shall  be  faithfully  applied to the
 5    payment of the refunding and/or funding  bonds  and  interest
 6    thereon for which such taxes were levied.
 7        If  such  money  is  not  immediately  necessary  for the
 8    payment or redemption of refunding and/or funding bonds or if
 9    such bonds cannot be purchased  before  maturity,  then  said
10    money   may   be   invested   under   the  direction  of  the
11    commissioners in bonds or other interest bearing  obligations
12    of the United States and bonds of the State of Illinois.
13        The  maturity  date  of  the invested securities shall be
14    prior to the due date of the refunding and/or  funding  bonds
15    for  the  payment  of  which  said  money was collected. Such
16    securities may be sold when ordered by the  commissioners  if
17    necessary to obtain cash to meet bond and interest payments.
18        The  commissioners  of  the  Chicago  Park  District  are
19    authorized to take any action that may be necessary to inform
20    the   owners   of   such   outstanding   bonds  and  floating
21    indebtedness of the financial  condition  of  the  superseded
22    park   districts   and   the   necessity  of  refunding  said
23    outstanding  bonds  and  readjusting  their  maturities   and
24    funding  such  floating indebtedness in order that sufficient
25    taxes  may  be  collected  to  take  care  of  all  financial
26    obligations.  Said  commissioners   may   enter   into   such
27    agreements as may be deemed essential to prepare and complete
28    any  refunding  and  funding plan and are authorized, without
29    previous appropriation therefor  under  any  budget  law,  to
30    incur  and  pay  from any available revenues all expenditures
31    necessary to complete the refunding of  such  bonds  and  the
32    funding  of such floating indebtedness of the superseded park
33    districts and reestablish the  credit  of  the  Chicago  Park
34    District.
 
HB2618 Enrolled             -14-     LRB093 08292 MKM 08509 b
 1        The  outstanding  indebtedness  of the several superseded
 2    park districts as evidenced by  their  official  records  and
 3    described  in  this  section  is declared to be the legal and
 4    binding obligation of said several superseded park  districts
 5    in  the  amounts  therein  described,  respectively, and when
 6    refunding and/or funding bonds shall have been issued in lieu
 7    thereof, such bonds will constitute  the  legal  and  binding
 8    obligation  of  the  superseded park districts, respectively,
 9    for the payment of which all taxable property therein will be
10    liable.
11        Nothing herein contained shall prevent the  commissioners
12    of the Chicago Park District from accepting the provisions of
13    and  issuing  funding  and  refunding  bonds  under  "An  Act
14    authorizing  the  Chicago  Park District to assume and become
15    liable for the payment of certain indebtedness of  superseded
16    park  districts  and to issue its bonds to refund and/or fund
17    same, legalizing such indebtedness and providing for the levy
18    and collection of taxes  for  the  payment  of  such  bonds,"
19    enacted at the regular session of the 59th General Assembly.
20    (Source: P.A. 83-541.)

21        Section  10.  The Chicago Park District Working Cash Fund
22    Act is amended by changing Section 2 as follows:

23        (70 ILCS 1510/2) (from Ch. 105, par. 333.25)
24        Sec. 2.  For the purpose of creating  such  working  cash
25    fund  the commissioners of the Chicago Park District, without
26    the submission thereof to the voters for approval, may  incur
27    an  indebtedness and issue bonds therefor in an amount not to
28    exceed $40,000,000 in addition to  bonds  in  the  amount  of
29    $25,000,000  heretofore  authorized, and in addition to bonds
30    in  the  amounts  of  $5,000,000  and  $7,000,000  heretofore
31    authorized, and issued for that purpose. Bonds in the  amount
32    of  not to exceed $40,000,000 may be sold in any one year and
 
HB2618 Enrolled             -15-     LRB093 08292 MKM 08509 b
 1    if such maximum amount shall not be so sold in the first year
 2    the balance thereof may be sold in any year thereafter at the
 3    discretion of the commissioners.
 4        Such bonds shall be authorized by ordinance and shall  be
 5    of  the  form and denomination, payable at the place and bear
 6    such date as may be determined by the commissioners and shall
 7    mature within not to exceed 20 years from their date or,  for
 8    bonds  issued after the effective date of this amendatory Act
 9    of the 93rd General Assembly, within not to exceed  30  years
10    from  their  date,  but  may be made callable on any interest
11    payment date at the price of par and accrued  interest  after
12    notice  shall be given by publication or otherwise and at the
13    time or times and in the manner as may  be  provided  in  the
14    bond ordinance.
15        Such  bonds  may  be registered as to principal and shall
16    bear interest at the rate of not more than that permitted  in
17    "An  Act  to  authorize  public  corporations to issue bonds,
18    other evidences of indebtedness and tax anticipation warrants
19    subject to interest  rate  limitations  set  forth  therein",
20    approved  May  26,  1970,  as  now or hereafter amended, such
21    interest to be payable at such time and  place  and  in  such
22    manner as may be provided in the bond ordinance.
23        The bonds may be signed by the facsimile signature of the
24    President  with  like  effect  as  if signed with his genuine
25    signature and shall be signed by such other officers  of  the
26    Chicago  Park  District  as  may  be  designated  in the bond
27    ordinance.
28        The validity of any bond shall remain unimpaired although
29    one or more of the officers executing same shall have  ceased
30    to be such officer or officers before delivery thereof.
31        Such  bonds  may  be  sold  for such price and after such
32    advertising  as  shall  be  approved  and  directed  by   the
33    commissioners.
34        Money  received  from  the  proceeds  of taxes levied for
 
HB2618 Enrolled             -16-     LRB093 08292 MKM 08509 b
 1    payment of principal of and interest upon such bonds shall be
 2    deposited  in  a  special  fund  of  such  municipality   and
 3    designated  as "Bond and Interest Sinking Fund Account of the
 4    Chicago Park District." Said fund shall be faithfully applied
 5    to the payment of the bonds and interest  thereon  for  which
 6    such taxes were levied.
 7        If  such  money  is  not  immediately  necessary  for the
 8    payment of said bonds or if the  bonds  cannot  be  purchased
 9    before  maturity  then  said  money may be invested under the
10    direction of the commissioners in  bonds  or  other  interest
11    bearing  obligations  of  the  United  States or bonds of the
12    State of Illinois.
13        The maturity date of the  invested  securities  shall  be
14    prior  to  the due date of the bonds for the payment of which
15    said money was collected. Such securities may  be  sold  when
16    ordered  by the commissioners if necessary to obtain money to
17    meet bond and interest payments.
18        Prior to the maturity of the bonds, after setting aside a
19    sum of money equal to the amount of interest that will accrue
20    thereon within the next 6 months period from the time  it  is
21    proposed  to  purchase  and/or  redeem any such bonds, or the
22    commissioners may require that said sum of money be equal  to
23    the amount of interest that will so accrue within the next 12
24    months  period,  the treasurer of the park district shall use
25    the money available from the proceeds of taxes levied for the
26    payment of the bonds first, in the purchase of such bonds  at
27    the  lowest  price  obtainable,  but  not to exceed their par
28    value and accrued interest, after  sealed  tenders  for  such
29    purchase shall have been advertised for as may be directed by
30    the  commissioners and thereafter such money shall be used by
31    said official in calling said bonds for payment according  to
32    their terms of redemption.
33        Bonds  called  for payment and paid or purchased shall be
34    marked paid and cancelled.
 
HB2618 Enrolled             -17-     LRB093 08292 MKM 08509 b
 1        Whenever any bonds are so purchased and/or  redeemed  and
 2    cancelled, the taxes thereafter to be extended for payment of
 3    interest  shall  be  reduced  in  the amount of interest that
 4    would have thereafter accrued upon such bonds  so  cancelled,
 5    and  a  resolution  shall  be  adopted  by  the commissioners
 6    finding such facts and a  certified  copy  thereof  shall  be
 7    filed in the office of the county clerk whereupon it shall be
 8    the  duty of such official to reduce and extend such taxes in
 9    accordance therewith.
10        The ordinance authorizing said bonds shall prescribe  all
11    details thereof and shall provide for the levy and collection
12    of  a  direct annual tax upon all the taxable property within
13    said Chicago Park District sufficient  to  pay  the  interest
14    upon  and the principal of said bonds as the same become due,
15    which tax shall be  in  addition  to  and  exclusive  of  the
16    maximum  of  all  other taxes authorized to be levied by said
17    park district.
18        A copy of the bond  ordinance  duly  certified  shall  be
19    filed  in  the  office of the County Clerk of Cook County and
20    shall constitute authority for the extension  and  collection
21    of   such   bond  and  interest  taxes  as  required  by  the
22    constitution.
23    (Source: P.A. 83-972.)

24        Section 15.  The Chicago Park  District  Debt  Assumption
25    Act is amended by changing Section 4 as follows:

26        (70 ILCS 1515/4) (from Ch. 105, par. 333.32)
27        Sec.   4.   Refunding   and/or  funding  bonds  shall  be
28    authorized by ordinance and may be made  registerable  as  to
29    principal  and shall be of the form and denomination, payable
30    at the place and bear such date as may be determined  by  the
31    commissioners and shall mature within not to exceed 20 twenty
32    years  from  their  date  or,  for  bonds  issued  after  the
 
HB2618 Enrolled             -18-     LRB093 08292 MKM 08509 b
 1    effective  date  of  this  amendatory Act of the 93rd General
 2    Assembly, within not to exceed 30 years from their date,  but
 3    may  be  made  callable  on  any interest payment date at the
 4    price of par and accrued interest after notice shall be given
 5    by publication or otherwise and at the time or times  and  in
 6    the  manner  as  may  be provided in the bond ordinance. Such
 7    bonds may bear interest at the rate of not to exceed six  per
 8    cent  per annum payable at the time and place provided in the
 9    bond ordinance.
10        The ordinance authorizing such refunding  and/or  funding
11    bonds  shall  prescribe all details thereof and shall provide
12    for the levy and collection of an annual  tax  upon  all  the
13    taxable  property within the Chicago Park District sufficient
14    to pay the principal  thereof  and  interest  thereon  as  it
15    matures  which  tax  shall be in addition to and exclusive of
16    the maximum of all other taxes authorized  to  be  levied  by
17    said commissioners.
18        A  duly  certified  copy  of  the bond ordinance shall be
19    filed in the office of the County Clerk of  Cook  County  and
20    shall  constitute  authority for the extension and collection
21    of  such  bond  and  interest  taxes  as  required   by   the
22    constitution.
23        Refunding  and  funding  bonds  shall  be  signed  by the
24    facsimile signature of the president with like effect  as  if
25    signed with his genuine signature and shall be signed by such
26    other  officers  of  the  Chicago  Park  District  as  may be
27    designated in the bond ordinance.
28        The validity of any refunding  and  funding  bonds  shall
29    remain  unimpaired  although  one  or  more  of  the officers
30    executing same shall  have  ceased  to  be  such  officer  or
31    officers before delivery thereof.
32    (Source: Laws 1935, p. 1012.)

33        Section 20.  The Chicago Park District Bond (1935) Act is
 
HB2618 Enrolled             -19-     LRB093 08292 MKM 08509 b
 1    amended by changing Section 1 as follows:

 2        (70 ILCS 1520/1) (from Ch. 105, par. 333.38)
 3        Sec.  1.  The  commissioners of the Chicago Park District
 4    without submission of the question to the voters for approval
 5    may incur indebtedness and issue bonds therefor in the amount
 6    of not to exceed $6,000,000 for the purchase of any  and  all
 7    real  estate,  riparian  estates  or  rights,  and  all other
 8    property  required  or  needed  for  any  such  park  or  for
 9    parkways,  driveways,  or  boulevards,  or   for   extending,
10    adorning,  or  maintaining  the  same,  for  the  purpose  of
11    establishing,  acquiring, completing, enlarging, ornamenting,
12    building, rebuilding and improving public parks,  boulevards,
13    bridges,  subways,  viaducts  and approaches thereto, wharfs,
14    piers,  jetties,  air  landing  fields  and   basins,   shore
15    protection works, pleasure grounds and ways, walks, pathways,
16    driveways,  roadways,  highways and all public works, grounds
17    or  improvements  under  the  control  of  and   within   the
18    jurisdiction  of  such  park  commissioners and including the
19    filling  in  of  submerged  land  for   park   purposes   and
20    constructing all buildings, field houses, stadiums, shelters,
21    conservatories,   museums,   service   shops,  power  plants,
22    structures,  playground  devices,  boulevard   and   building
23    lighting  systems  and  building all other types of permanent
24    improvement and construction necessary to render the property
25    under the control of said park commissioners usable  for  the
26    enjoyment  thereof  as public parks, parkways, boulevards and
27    pleasureways.
28        Provided, however, such bonds may be  authorized,  issued
29    and sold only in case the bonds are purchased by an agency of
30    the  United States of America in connection with the grant of
31    money from the Federal government to be used  in  making  any
32    such park improvements.
33        Such  bonds shall be authorized by ordinance and shall be
 
HB2618 Enrolled             -20-     LRB093 08292 MKM 08509 b
 1    in form and denomination, payable at the place and bear  such
 2    date  as  may  be  determined  by the commissioners and shall
 3    mature within not to exceed 20 twenty years from  their  date
 4    or,  for  bonds  issued  after  the  effective  date  of this
 5    amendatory Act of the 93rd General Assembly,  within  not  to
 6    exceed  30 years from their date, but may be made callable on
 7    any interest payment date at the price  of  par  and  accrued
 8    interest  after  notice  shall  be  given  by  publication or
 9    otherwise and at the time or times and in the manner  as  may
10    be provided in the bond ordinance.
11        Such  bonds  may be made registerable as to principal and
12    shall bear interest at the rate of not to exceed six per cent
13    per annum, such interest to be payable at such time and place
14    and in such manner as may be provided in the bond  ordinance.
15    Bonds  may  be  signed  by  the  facsimile  signature  of the
16    president with like  effect  as  if  signed  by  his  genuine
17    signature  and  shall be signed by such other officers of the
18    park district as may be designated in the bond ordinance.
19        The  validity  of  any  bonds  shall  remain   unimpaired
20    although  one  or  more  of the officers executing same shall
21    have ceased to be such officer or  officers  before  delivery
22    thereof.
23        The  bonds  may  be sold only as in this section provided
24    for such price and upon such terms as shall be  approved  and
25    directed by the commissioners.
26    (Source: Laws 1935, p. 1019.)

27        Section 25.  The Chicago Park District Bond (1965) Act is
28    amended by changing Section 1 as follows:

29        (70 ILCS 1525/1) (from Ch. 105, par. 333.43b)
30        Sec.  1.  The  commissioners of the Chicago Park District
31    without submission of the question to the voters for approval
32    may incur indebtedness and issue bonds therefor in the amount
 
HB2618 Enrolled             -21-     LRB093 08292 MKM 08509 b
 1    of not to exceed $10,000,000 for the payment of any  and  all
 2    real   estate,  riparian  estates  or  rights,  condemned  or
 3    purchased for parks or boulevards,  and  all  other  property
 4    required  or  needed for any park or for parkways, driveways,
 5    or boulevards, or for extending, adorning, or maintaining the
 6    same, for the purpose of establishing, acquiring, completing,
 7    enlarging, ornamenting, building,  rebuilding  and  improving
 8    public  parks,  boulevards,  bridges,  subways,  viaducts and
 9    approaches  thereto,  wharfs,  piers,  jetties,  air  landing
10    fields and basins, shore protection works,  pleasure  grounds
11    and  ways, walks, pathways, driveways, roadways, highways and
12    all public works, grounds or improvements under  the  control
13    of and within the jurisdiction of such park commissioners and
14    including  the filling in of submerged land for park purposes
15    and  constructing  all  buildings,  field  houses,  stadiums,
16    shelters,  conservatories,  museums,  service  shops,   power
17    plants,   structures,   playground   devices,  boulevard  and
18    building lighting systems and building  all  other  types  of
19    permanent  improvement  and  construction necessary to render
20    the property under the control  of  said  park  commissioners
21    usable  for  the enjoyment thereof as public parks, parkways,
22    boulevards and pleasureways.
23        Such bonds shall be authorized by ordinance and shall  be
24    in  form and denomination, payable at the place and bear such
25    date as may be determined  by  the  commissioners  and  shall
26    mature  within  not to exceed 20 twenty years from their date
27    or, for  bonds  issued  after  the  effective  date  of  this
28    amendatory  Act  of  the 93rd General Assembly, within not to
29    exceed 30 years from their date, but may be made callable  on
30    any  interest  payment  date  at the price of par and accrued
31    interest after  notice  shall  be  given  by  publication  or
32    otherwise  and  at the time or times and in the manner as may
33    be provided in the bond ordinance.
34        Such bonds may be made registerable as to  principal  and
 
HB2618 Enrolled             -22-     LRB093 08292 MKM 08509 b
 1    shall bear interest at the rate of not to exceed six per cent
 2    per annum, such interest to be payable at such time and place
 3    and  in such manner as may be provided in the bond ordinance.
 4    Bonds may  be  signed  by  the  facsimile  signature  of  the
 5    president  with  like  effect  as  if  signed  by his genuine
 6    signature and shall be signed by such other officers  of  the
 7    park district as may be designated in the bond ordinance.
 8        The   validity  of  any  bonds  shall  remain  unimpaired
 9    although one or more of the  officers  executing  same  shall
10    have  ceased  to  be such officer or officers before delivery
11    thereof.
12        The bonds shall be sold for not less than par and accrued
13    interest upon such terms as shall be approved and directed by
14    the commissioners.
15    (Source: Laws 1965, p. 1821.)

16        Section  30.   The   Chicago   Park   District   Judgment
17    Indebtedness  Bond  Act  is  amended by changing Section 1 as
18    follows:

19        (70 ILCS 1540/1) (from Ch. 105, par. 333.46)
20        Sec.  1.   The  Chicago  Park   District,   without   the
21    submission  thereof to the voters for approval, is authorized
22    to issue bonds in an amount not to exceed $1,100,000  to  pay
23    judgment indebtedness based upon the order or judgment of any
24    court  of competent jurisdiction heretofore entered; provided
25    bonds shall not be issued to pay any judgments  rendered  for
26    money  due  upon  unpaid  claims  for  services rendered, for
27    supplies, or for materials.
28        Such bonds shall be authorized by ordinance and shall  be
29    of  the form and denomination, payable at the place, and bear
30    such date as may be determined by the Board of  Commissioners
31    of  the Chicago Park District, and shall mature within not to
32    exceed twenty (20) years from their date or, for bonds issued
 
HB2618 Enrolled             -23-     LRB093 08292 MKM 08509 b
 1    after the effective date of this amendatory Act of  the  93rd
 2    General  Assembly,  within  not to exceed 30 years from their
 3    date, but may be made callable on any interest  payment  date
 4    at  the  price of par and accrued interest after notice shall
 5    be given by publication or otherwise and at the time or times
 6    and in the manner as may be provided in the bond ordinance.
 7        Such bonds may be registerable as to principal and  shall
 8    bear  interest  at  a  rate of not to exceed the maximum rate
 9    authorized by the Bond Authorization Act, as amended  at  the
10    time  of  the  making  of  the  contract, such interest to be
11    payable at such time and place and in such manner as  may  be
12    provided in the bond ordinance.
13        The bonds may be signed by the facsimile signature of the
14    President  with  like  effect  as  if signed with his genuine
15    signature and shall be signed by such other officers  of  the
16    Chicago  Park  District  as  may  be  designated  in the bond
17    ordinance.
18        The validity of any bond shall remain unimpaired although
19    one or more of the officers executing  the  same  shall  have
20    ceased  to  be  such  officer  or  officers  before  delivery
21    thereof.
22        Such  bonds  may  be  sold at not less than par and after
23    such advertising as shall be approved  and  directed  by  the
24    Board of Commissioners.
25        Money  received from the proceeds of taxes levied for the
26    payment of principal of and interest upon said bonds shall be
27    deposited  in  a  special  fund  of  such  municipality   and
28    designated  as  "Judgment  Bond  and  Interest  Sinking  Fund
29    Account  of  the  Chicago  Park District." Said fund shall be
30    faithfully applied to the payment of the bonds  and  interest
31    thereon for which such taxes were levied.
32        If  such  money  is  not  immediately  necessary  for the
33    payment of said bonds or if the  bonds  cannot  be  purchased
34    before  maturity,  then  said money may be invested under the
 
HB2618 Enrolled             -24-     LRB093 08292 MKM 08509 b
 1    direction of the Board of Commissioners  in  bonds  or  other
 2    interest bearing obligations of the United States or bonds of
 3    the State of Illinois.
 4        The  maturity  date  of  the invested securities shall be
 5    prior to the due date of the bonds for the payment  of  which
 6    said  money  was  collected. Such securities may be sold when
 7    ordered by the Commissioners if necessary to obtain money  to
 8    meet bond and interest payments.
 9        Bonds  called for payment and paid and purchased shall be
10    marked paid and cancelled.
11        Whenever any bonds are so purchased and/or  redeemed  and
12    cancelled the taxes thereafter to be extended for the payment
13    of  interest  shall be reduced in the amount of interest that
14    would have thereafter accrued upon such  bonds  so  cancelled
15    and   a   resolution   shall  be  adopted  by  the  Board  of
16    Commissioners finding such facts and a certified copy thereof
17    shall be filed in the office of the County  Clerk,  whereupon
18    it  shall  be  the duty of such official to reduce and extend
19    such taxes in accordance therewith.
20        The ordinance authorizing said bonds shall prescribe  all
21    details  thereof  and  designate the judgment to be paid, and
22    shall provide for the levy and collection of a direct  annual
23    tax  upon  all  taxable  property  within  said  Chicago Park
24    District, in addition to all other taxes authorized by law to
25    be levied and collected for park purposes, sufficient to  pay
26    interest  upon  and  the  principal of said bonds as the same
27    become due.
28        A copy of the bond  ordinance  duly  certified  shall  be
29    filed  in  the  office of the County Clerk of Cook County and
30    shall constitute authority for the extension  and  collection
31    of   such   bond  and  interest  taxes  as  required  by  the
32    Constitution.
33        With respect to instruments  for  the  payment  of  money
34    issued  under  this  Section  either before, on, or after the
 
HB2618 Enrolled             -25-     LRB093 08292 MKM 08509 b
 1    effective date of this amendatory Act  of  1989,  it  is  and
 2    always  has  been  the  intention of the General Assembly (i)
 3    that  the  Omnibus  Bond  Acts  are  and  always  have   been
 4    supplementary   grants  of  power  to  issue  instruments  in
 5    accordance with the Omnibus  Bond  Acts,  regardless  of  any
 6    provision  of  this Act that may appear to be or to have been
 7    more restrictive than those Acts, (ii) that the provisions of
 8    this Section  are  not  a  limitation  on  the  supplementary
 9    authority  granted  by  the Omnibus Bond Acts, and (iii) that
10    instruments   issued   under   this   Section   within    the
11    supplementary  authority granted by the Omnibus Bond Acts are
12    not invalid because of any provision of  this  Act  that  may
13    appear  to  be  or  to  have been more restrictive than those
14    Acts.
15    (Source: P.A. 86-4.)

16        Section 99.  Effective date.  This Act takes effect  upon
17    becoming law.