(70 ILCS 1205/9.1-5) (from Ch. 105, par. 9.1-5)
Sec. 9.1-5.
Each park district which issues bonds and acquires or constructs,
or extends or improves a golf course and facilities shall charge for the
use thereof at a rate which at all times is sufficient to pay maintenance
and operation costs, depreciation, and the principal and interest on the
bonds. Such district may make, enact, and enforce all needful rules and
regulations for the construction, acquisition, improvement, extension,
management, maintenance, care and protection of its golf course and for the
use thereof. Charges or rates for the use of the golf course or courses
shall be such as the board may from time to time determine.
While any bond issued under Section 9.1-1 of this Article is outstanding
such district is required to maintain and operate its golf course or courses,
as long as it can do so, out of the revenue derived from the operation thereof.
It shall not sell, lease, loan, mortgage, or in any other manner dispose
of the golf course or courses until all of the bonds so issued have been
paid in full, both principal and interest, or until provision has been made
for the payment of all of the bonds and interest thereon in full. Nothing
in this Section prohibits any park district from leasing any such golf course
and facilities to any school district, municipality, or other unit of local
government, or from entering into any other agreement with any school district,
municipality, or other unit of local government by which lease or other
agreement such golf course and facilities may be operated or used in whole
or in part by or for such school district, municipality, or other unit of
local government, where such lease or other agreement is not prohibited
by the terms of such revenue bonds or the ordinance of the park district
authorizing them and where the revenues of the park district derived from
such lease or other agreement are deposited in the fund required by Section
9.1-4 of this Act in connection with such revenue bonds.
Such a park district shall install and maintain a proper system of
accounts, showing the amount of revenue received from the operation of its
golf course. At least once each year, the district shall have the accounts
properly audited. A report of this audit shall be open for public
inspection at all times.
(Source: P.A. 79-1423.)
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