(70 ILCS 1515/4)
(from Ch. 105, par. 333.32)
Refunding and/or funding bonds shall be authorized by ordinance and
may be made registerable as to principal and shall be of the form and
denomination, payable at the place and bear such date as may be determined
by the commissioners and shall mature within not to exceed 20
from their date
or, for bonds issued after the effective date of this amendatory Act of the
93rd General Assembly, within
to exceed 30 years from their date, but may be made callable on any interest
payment date at
the price of par and accrued interest after notice shall be given by
publication or otherwise and at the time or times and in the manner as may
be provided in the bond ordinance. Such bonds may bear interest at the rate
of not to exceed six per cent per annum payable at the time and place
provided in the bond ordinance.
The ordinance authorizing such refunding and/or funding bonds shall
prescribe all details thereof and shall provide for the levy and collection
of an annual tax upon all the taxable property within the Chicago Park
District sufficient to pay the principal thereof and interest thereon as it
matures which tax shall be in addition to and exclusive of the maximum of
all other taxes authorized to be levied by said commissioners.
A duly certified copy of the bond ordinance shall be filed in the office
of the County Clerk of Cook County and shall constitute authority for the
extension and collection of such bond and interest taxes as required by the
Refunding and funding bonds shall be signed by the facsimile signature
of the president with like effect as if signed with his genuine signature
and shall be signed by such other officers of the Chicago Park District as
may be designated in the bond ordinance.
The validity of any refunding and funding bonds shall remain unimpaired
although one or more of the officers executing same shall have ceased to be
such officer or officers before delivery thereof.
(Source: P.A. 93-338, eff. 7-24-03.)