State of Illinois
91st General Assembly
Legislation

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91_HB0841

 
                                               LRB9102029MWgc

 1        AN ACT to  amend  the  Park  District  Code  by  changing
 2    Section 6-4.

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

 5        Section 5.  The Park District Code is amended by changing
 6    Section 6-4 as follows:

 7        (70 ILCS 1205/6-4) (from Ch. 105, par. 6-4)
 8        Sec. 6-4.  The issue  of  bonds  or  notes  by  any  park
 9    district shall be authorized by ordinance, and a copy of that
10    ordinance  properly certified by the secretary shall be filed
11    in the office of the clerk in each of  the  counties  wherein
12    such  district  lies.   Except  as otherwise provided in this
13    Section, bonds and notes  the  aggregate  outstanding  unpaid
14    principal  balance  of  which  exceeds  0.575%  of  the total
15    assessed valuation of all taxable property  in  the  district
16    may not be issued by any park district, until the proposition
17    to  issue the same has been certified by the secretary to the
18    proper election officials who shall submit the proposition at
19    an election in accordance  with  the  general  election  law.
20    Notice  of  the  referendum shall be given and the referendum
21    shall be conducted in the  manner  provided  by  the  general
22    election law.
23        Submission  of  any proposition of issuing bonds or notes
24    shall be authorized by resolution to be adopted by the  board
25    which  shall designate the  election at which the proposition
26    is to be submitted and designate  the  amount  of  bonds  and
27    purpose for which the bonds are to be issued.
28        Any  proposition to issue bonds shall be in substantially
29    the following form:
30    -------------------------------------------------------------
31        Shall bonds or notes of the
 
                            -2-                LRB9102029MWgc
 1    ..... Park District (name it) to     YES
 2    the amount of..... Dollars
 3    ($.....) be issued for the        ---------------------------
 4    purpose of.....?  (Here insert
 5    any one or more of the               NO
 6    purposes authorized in
 7    Section 6-2 hereof)
 8    -------------------------------------------------------------
 9    This Section shall not be construed to require  a  referendum
10    for  bonds  issued under Section 9-2b nor for bonds to refund
11    any maturing bond issues as provided  in  the  Park  District
12    Refunding  Bond  Act "An Act authorizing any park district to
13    issue refunding bonds and to provide for the  levy  of  taxes
14    for  the  payment  thereof",  approved August 15, 1941, or to
15    refund any judgment indebtedness including any unpaid  public
16    benefits  and  amounts  assessed  against  any park district,
17    whether due or not due under Division 2 of Article 9  of  the
18    Illinois  Municipal  Code,  but  bonds may be issued for such
19    purposes without referendum.
20        Bonds heretofore or hereafter issued and outstanding that
21    are approved by referendum, bonds issued under  this  Section
22    that  have  been  paid  in  full  or for which provisions for
23    payment have been made by an irrevocable deposit of funds  in
24    an  amount  sufficient  to  pay the principal and interest on
25    those bonds to their respective maturity date, non-referendum
26    bonds  issued under any other  provision  of  this  Act,  and
27    bonded indebtedness assumed from another park district do not
28    limit  in  any  way  the  right  of  a park district to issue
29    non-referendum bonds in accordance with this Section.
30        This Section shall not be construed to permit issuance of
31    bonds for the purpose of refunding revenue bonds as  provided
32    in  Section  6-2  until the proposition to issue the same has
33    been  submitted  as  herein  provided  at  an   election   in
34    accordance with the general election law.
 
                            -3-                LRB9102029MWgc
 1    (Source: P.A. 86-494.)

 2        Section  99.  Effective date.  This Act takes effect upon
 3    becoming law.

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