Public Act 093-0338
Public Act 93-0338 of the 93rd General Assembly
Public Act 93-0338
HB2618 Enrolled LRB093 08292 MKM 08509 b
AN ACT in relation to park districts.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Chicago Park District Act is amended by
changing Sections 20, 20a, and 21 as follows:
(70 ILCS 1505/20) (from Ch. 105, par. 333.20)
Sec. 20. The Chicago Park District is authorized to
issue the bonds of such district for the payment of land
condemned or purchased for park or boulevards, for the
building, maintaining, improving and protecting of such for
the purpose of establishing, acquiring, completing,
enlarging, ornamenting, building, rebuilding and improving
public parks, boulevards, bridges, subways, viaducts and
approaches thereto, wharfs, piers, jetties, air landing
fields and basins, shore protection works, pleasure grounds
and ways, walks, pathways, driveways, roadways, highways and
all public works, grounds, or improvements under the control
of and within the jurisdiction of such park commissioners and
including the filling in of submerged lands for park purposes
and constructing all buildings, field houses, stadiums,
shelters, conservatories, museums, service shops, power
plants, structures, playground devices, boulevard and
building lighting systems and building all other types of
permanent improvement and construction necessary to render
the property under the control of such park commissioners
usable for the enjoyment thereof as public parks, parkways,
boulevards and pleasure ways and for the payment of the
expenses incident thereto, and may pledge its property and
credit therefor.
Such district shall not incur any bonded indebtedness,
exclusive of outstanding indebtedness to an amount in the
aggregate exceeding 2.3% of the assessed valuation of all
taxable property therein as last equalized and determined for
state and local taxes preceding the incurring of such
indebtedness. Bonds may be issued from time to time to an
amount which together with the outstanding bonded
indebtedness of such district, exclusive of bonds issued to
create a working cash fund, will not exceed 1% of the
assessed valuation of all taxable property therein as last
equalized and determined for state and local taxes preceding
the issuance of such bonds without submitting the question to
the legal voters for approval.
Except as otherwise provided in this Section and except
for working cash fund bonds issued and to be issued under
Section 2 of "An Act authorizing the Chicago Park District to
provide for the creation, maintenance and administration of a
working cash fund", approved July 11, 1935, as amended, bonds
shall not be issued until the proposition to issue such has
been submitted to and approved by a majority of the legal
voters of such park district voting upon the proposition, at
an election, after notice of such submission has been given
in the manner provided by the general election law.
Submission of any proposition of issuing bonds shall be
authorized by resolution to be adopted by the Chicago Park
District commissioners, which shall designate the election at
which the question is to be submitted the amount of bonds and
purpose for which such bonds are to be issued.
Any proposition to issue bonds shall be certified by the
Chicago Park District commissioners to the proper election
officials, who shall submit that proposition in accordance
with the general election law. The proposition shall be in
substantially the following form:
-------------------------------------------------------------
Shall bonds of the Chicago
Park District to the amount of YES
........Dollars ($........) be --------------------------
issued for the purpose of...... NO
...............................?
-------------------------------------------------------------
Bonds shall be issued in the name of the Chicago Park
District in such form and denomination and shall be payable
at such place and time, not exceeding 20 years from date
thereof or, for bonds issued after the effective date of this
Amendatory Act of the 93rd General Assembly, not exceeding 30
years from the date thereof, and may be redeemable prior to
maturity with or without premium at the option of the
commissioners, as such commissioners may determine by
ordinance duly adopted and the bonds shall be signed by the
president and attested by the secretary under the corporate
seal. After such advertising as the commissioners shall deem
necessary, the bonds shall be sold at such price and upon
such terms as determined by the commissioners and which will
not cause the net effective interest rate to be paid by the
Chicago Park District to exceed that permitted in "An Act to
authorize public corporations to issue bonds, other evidences
of indebtedness and tax anticipation warrants subject to
interest rate limitations set forth therein", approved May
26, 1970, as now or hereafter amended. The validity of any
bond so executed shall remain unimpaired, although one or
more of the officers executing such shall have ceased to be
such officer or officers before delivery thereof to the
purchaser.
For the purpose of paying the principal of and interest
upon such bonds, the Chicago Park District is authorized to
levy and have collected a direct annual tax upon all taxable
property within its jurisdiction, in addition to all other
taxes authorized by law to be levied and collected for park
purposes, sufficient to pay the interest on such bonds as it
falls due and to pay the principal thereof as it matures, and
the county clerk of the county in which such park district is
located upon receiving a certificate from the commissioners
that the amount set out in such certificate is necessary to
pay the interest on and principal of such bonds, shall assess
and extend such amount upon the taxable property embraced in
such park district, the same as other park taxes are by law
assessed and extended, and such taxes shall be collected and
paid over in like manner as other park taxes are required by
law to be collected and paid.
(Source: P.A. 84-676.)
(70 ILCS 1505/20a) (from Ch. 105, par. 333.20a)
Sec. 20a. Bonds; issuance; interest. Notwithstanding
anything to the contrary in Section 20 of this Act, the
Chicago Park District is authorized to issue from time to
time bonds of such district in the principal amount of
$84,000,000 for the purpose of paying the cost of erecting,
enlarging, ornamenting, building, rebuilding, rehabilitating
and improving any aquarium or any museum or museums of art,
industry, science or natural or other history located within
any public park or parks under the control of the Chicago
Park District, without submitting the question of issuing
such bonds to the voters of the District.
Notwithstanding anything to the contrary in Section 20 of
this Act, and in addition to any other amount of bonds
authorized to be issued under this Act, the Chicago Park
District is authorized to issue from time to time, before
January 1, 2004, bonds of the district in the principal
amount of $128,000,000 for the purpose of paying the cost of
erecting, enlarging, ornamenting, building, rebuilding,
rehabilitating, and improving any aquarium or any museum or
museums of art, industry, science, or natural or other
history located within any public park or parks under the
control of the Chicago Park District, without submitting the
question of issuing the bonds to the voters of the District.
The bonds authorized under this Section shall be of such
denomination or denominations, may be registerable as to
principal only, and shall mature serially within a period of
not to exceed 20 years or, for bonds issued after the
effective date of this amendatory Act of the 93rd General
Assembly, within a period of not to exceed 30 years, may be
redeemable prior to maturity with or without premium at the
option of the commissioners on such terms and conditions as
the commissioners of the Chicago Park District shall fix by
the ordinance authorizing the issuance of such bonds. The
bonds shall bear interest at the rate of not to exceed that
permitted in "An Act to authorize public corporations to
issue bonds, other evidences of indebtedness and tax
anticipation warrants subject to interest rate limitations
set forth therein", approved May 26, 1970, as now or
hereafter amended.
Such bonds shall be executed for and on behalf of the
Park District by such officers as shall be specified in the
bond ordinance, and one of such officers may be authorized to
execute the bonds by his facsimile signature, which officer
shall adopt as and for his official manual signature the
facsimile signature as it appears upon the bonds.
The ordinance authorizing the issuance of the bonds shall
provide for the levy and collection, in each of the years any
of such bonds shall be outstanding, a tax without limitation
as to rate or amount and in addition to all other taxes upon
all the taxable property within the corporate boundaries of
the Chicago Park District, sufficient to pay the principal of
and the interest upon such bonds as the same matures and
becomes due.
A certified copy of the ordinance providing for the
issuance of the bonds and the levying and collecting of the
tax to pay the same shall be filed with the County Clerk of
the county in which the Chicago Park District is located or
with the respective County Clerks of each county in which the
Chicago Park District is located. Such ordinance shall be
irrevocable and upon receipt of the certified copy thereof
the County Clerk or County Clerks, as the case may be, shall
provide for, assess and extend the tax as therein provided
upon all the taxable property located within the corporate
boundaries of the Chicago Park District, in the same manner
as other park taxes by law shall be provided for, assessed
and extended, and such taxes shall be collected and paid out
in the same manner as other park taxes by law shall be
collected and paid.
The interest on any unexpended proceeds of bonds issued
under this Section shall be credited to the Chicago Park
District and shall be paid into the District's general
corporate fund. The Chicago Park District may transfer such
amount of interest from the general corporate fund to the
aquarium and museum bond fund.
The amount of the outstanding bonded indebtedness of the
Chicago Park District issued under this Section shall not be
included in the bonded indebtedness of the District in
determining whether or not the District has exceeded its
limitation of 1/2 of 1% of the assessed valuation of all
taxable property in the District as last equalized and
determined by the Department of Revenue for the issuance of
any bonds authorized under the provisions of Section 20 of
this Act without submitting the question to the legal voters
for approval.
(Source: P.A. 88-503.)
(70 ILCS 1505/21) (from Ch. 105, par. 333.21)
Sec. 21. The commissioners of the Chicago Park District,
without submitting the question to the legal voters for
approval, are authorized to issue negotiable coupon bonds to
refund and/or fund outstanding indebtedness hereinafter
described of the several park districts which were superseded
by it, together with accrued interest and interest on bonds
after their maturity, on such indebtedness as is evidenced by
bonds.
Refunding and/or funding bonds of a superseded park
district shall be issued by the Chicago Park District for and
on behalf of such superseded park district and shall be
payable from taxes levied upon the taxable property within
the territory of such superseded park district.
Such indebtedness as is evidenced by bonds of superseded
park districts issued for proper corporate purposes is
described as follows:
Total of bonds
Name of Park District outstanding
Albany...................................... $ 568,000.00
Calumet..................................... 82,000.00
Edison...................................... 88,666.67
Fernwood.................................... 95,000.00
Forest Glen................................. 7,000.00
Hollywood................................... 99,000.00
Irving...................................... 1,598,000.00
Jefferson................................... 876,000.00
Lincoln..................................... 18,534,000.00
North Shore................................. 692,000.00
Northwest................................... 4,518,000.00
Norwood..................................... 171,000.00
Old Portage................................. 1,392,000.00
Ravenswood.................................. 22,000.00
Ridge Avenue................................ 373,000.00
Ridge....................................... 892,500.00
River....................................... 1,387,500.00
Sauganash................................... 83,000.00
South....................................... 48,267,000.00
West Chicago................................ 14,273,338.87
West Pullman................................ 46,000.00
..............
Total $94,065,005.54
Indebtedness in the amount of $3,137,045 evidenced by
bonds and interest coupons of Lincoln Park District that were
paid at maturity from bond and/or corporate funds to avoid
default thereof which bonds and interest coupons have not
been cancelled and such funds have not been reimbursed.
Indebtedness as of May 1, 1934 represented by unfunded
and floating obligations of superseded park districts
incurred for proper corporate purposes is described as
follows:
Total of unfunded
Name of Park District indebtedness
Albany.................................. $ 21,130.81
Calumet................................. 3,255.86
Forest Glen............................. 643.55
Hollywood............................... 17,815.98
Jefferson............................... 861.23
Lincoln................................. 46,983.02
North Shore............................. 52,014.06
Northwest............................... 370,561.10
Norwood................................. 1,148.47
Old Portage............................. 839.65
Ridge Avenue............................ 1,032.97
Ridge................................... 5,000.00
River................................... 5,113.68
Sauganash............................... 974.32
South................................... 113,132.57
West.................................... 1,518,393.78
West Pullman............................ 249.80
..............
Total $2,159,150.85
Indebtedness existing by reason of unauthorized
expenditure of money from special funds of West Chicago Park
District and which funds have not been reimbursed described
as follows:
Employees Annuity and Benefit Fund................$593,135.25
Park Policemen's Annuity and Benefit Fund..........$11,084.38
Public Benefit Fund...............................$371,769.47
Additional Land Fund..............................$107,182.79
Special Assessment Fund...........................$492,867.28
Indebtedness of the Northwest Park District in the amount
of $1,283,876.09 existing by reason of unauthorized
expenditure for corporate purposes of money received from the
proceeds of the sale of its bonds issued and sold for park
improvements.
Refunding bonds may be issued to refund any of said bonds
prior to their maturity; to refund any of said bonds that
have matured; to refund any matured coupons evidencing
interest on any of said bonds; to refund any of said bonds
which by their terms are subject to redemption before
maturity; to refund any of said bonds and interest coupons
that were paid at maturity from bond and/or corporate funds
to avoid default thereof where such bonds and interest
coupons shall not have been cancelled and such funds shall
not have been reimbursed; and to refund interest at the
coupon rate upon any of said matured bonds that has accrued
since the maturity date thereof.
The refunding of bonds, of interest coupons and/or of
interest not represented by coupons may be authorized by one
ordinance or by several ordinances.
Refunding bonds may be exchanged on the basis of par for
par for the bonds, interest not represented by coupons and/or
interest coupons refunded, or refunding bonds may be sold at
not less than their par value and the proceeds received shall
be used to pay the bonds, interest not represented by coupons
and/or interest coupons refunded; such payment may be made
without any prior appropriation thereof under any budget law.
Bonds and interest coupons refunded shall be cancelled
and interest not represented by coupons shall be cancelled
and payment thereof evidenced by written acknowledgment.
Funding bonds may be issued to fund the floating and
unfunded indebtedness of the superseded park districts and to
reimburse the special funds of the West Chicago Park District
and the bond proceeds fund of the Northwest Park District
hereinabove described.
Funding bonds may be exchanged on the basis of par for
par for the indebtedness funded or reimbursed or the funding
bonds may be sold at not less than their par value and the
proceeds received shall be used to pay such floating
indebtedness and/or to reimburse such special funds; such
payment may be made without any prior appropriation thereof
under any budget law.
Floating indebtedness funded shall be cancelled and
payment thereof and reimbursement of special funds shall be
evidenced by written acknowledgment.
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 twenty years from
their date or, for bonds issued after the effective date of
this amendatory Act of the 93rd General Assembly, within not
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 of any superseded park district shall prescribe all
details thereof and shall provide for the levy and collection
of an annual tax upon all the taxable property within the
superseded 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
constitution.
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.
Prior to the maturity of the refunding and/or funding
bonds, after setting aside a sum of money equal to the amount
of interest that will accrue thereon within the next six
months period from the time it is proposed to purchase and/or
redeem any such refunding and/or funding bonds, or the
commissioners may require that said sum of money be equal to
the amount of interest that will so accrue within the next
twelve months period, the treasurer of the Chicago Park
District shall use the money available from the proceeds of
taxes levied for the payment of the refunding and/or funding
bonds, first, in the purchase of such refunding and/or
funding bonds at the lowest price obtainable, but not to
exceed their par value and accrued interest, after sealed
tenders for such purchase shall have been advertised for as
may be directed by the commissioners thereof and thereafter
such money shall be used by said official in calling said
bonds for payment, if, by their terms, they are subject to
redemption.
Refunding and funding bonds called for payment and paid
or purchased shall be marked paid and cancelled.
Whenever refunding or funding bonds are purchased and/or
redeemed and cancelled, the taxes thereafter to be extended
for payment of interest shall be reduced in an amount equal
to the interest that thereafter would have accrued upon such
refunding and funding bonds so cancelled and a resolution
shall be adopted by the commissioners finding such facts and
a certified copy thereof shall be filed in the office of the
county clerk of Cook County whereupon it shall be the duty of
such official to reduce and extend such tax levies in
accordance therewith.
After bonds are refunded proper reduction of taxes
theretofore levied for the payment of the bonds refunded and
next to be extended for collection shall be made by the
County Clerk upon receipt of a certificate signed by the
secretary of the Chicago Park District describing the bonds
refunded and amount thereof and the tax to be abated.
Money available from uncollected taxes levied for prior
years for payment of bonds and/or interest coupons that have
been paid or refunded, after payment of all warrants that may
have been issued in anticipation of such taxes shall be
placed in the Sinking Fund Account hereinafter designated and
used to purchase, call for payment or to pay at maturity such
refunding bonds and interest thereon as herein provided.
Money received from the proceeds of taxes levied for the
payment of principal of and interest upon such refunding and
funding bonds shall be deposited in the depositary bank or
savings and loan association of the Chicago Park District in
a special account designated as "Chicago Park District and
Superseded Park Districts Bond and Interest Sinking Fund
Account." Said money shall be faithfully applied to the
payment of the refunding and/or funding bonds and interest
thereon for which such taxes were levied.
If such money is not immediately necessary for the
payment or redemption of refunding and/or funding bonds or if
such bonds cannot be purchased before maturity, then said
money may be invested under the direction of the
commissioners in bonds or other interest bearing obligations
of the United States and bonds of the State of Illinois.
The maturity date of the invested securities shall be
prior to the due date of the refunding and/or funding bonds
for the payment of which said money was collected. Such
securities may be sold when ordered by the commissioners if
necessary to obtain cash to meet bond and interest payments.
The commissioners of the Chicago Park District are
authorized to take any action that may be necessary to inform
the owners of such outstanding bonds and floating
indebtedness of the financial condition of the superseded
park districts and the necessity of refunding said
outstanding bonds and readjusting their maturities and
funding such floating indebtedness in order that sufficient
taxes may be collected to take care of all financial
obligations. Said commissioners may enter into such
agreements as may be deemed essential to prepare and complete
any refunding and funding plan and are authorized, without
previous appropriation therefor under any budget law, to
incur and pay from any available revenues all expenditures
necessary to complete the refunding of such bonds and the
funding of such floating indebtedness of the superseded park
districts and reestablish the credit of the Chicago Park
District.
The outstanding indebtedness of the several superseded
park districts as evidenced by their official records and
described in this section is declared to be the legal and
binding obligation of said several superseded park districts
in the amounts therein described, respectively, and when
refunding and/or funding bonds shall have been issued in lieu
thereof, such bonds will constitute the legal and binding
obligation of the superseded park districts, respectively,
for the payment of which all taxable property therein will be
liable.
Nothing herein contained shall prevent the commissioners
of the Chicago Park District from accepting the provisions of
and issuing funding and refunding bonds under "An Act
authorizing the Chicago Park District to assume and become
liable for the payment of certain indebtedness of superseded
park districts and to issue its bonds to refund and/or fund
same, legalizing such indebtedness and providing for the levy
and collection of taxes for the payment of such bonds,"
enacted at the regular session of the 59th General Assembly.
(Source: P.A. 83-541.)
Section 10. The Chicago Park District Working Cash Fund
Act is amended by changing Section 2 as follows:
(70 ILCS 1510/2) (from Ch. 105, par. 333.25)
Sec. 2. For the purpose of creating such working cash
fund the commissioners of the Chicago Park District, without
the submission thereof to the voters for approval, may incur
an indebtedness and issue bonds therefor in an amount not to
exceed $40,000,000 in addition to bonds in the amount of
$25,000,000 heretofore authorized, and in addition to bonds
in the amounts of $5,000,000 and $7,000,000 heretofore
authorized, and issued for that purpose. Bonds in the amount
of not to exceed $40,000,000 may be sold in any one year and
if such maximum amount shall not be so sold in the first year
the balance thereof may be sold in any year thereafter at the
discretion of the commissioners.
Such bonds shall be authorized by ordinance 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 years from their date or, for
bonds issued after the effective date of this amendatory Act
of the 93rd General Assembly, within not 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 be registered as to principal and shall
bear interest at the rate of not more than that permitted in
"An Act to authorize public corporations to issue bonds,
other evidences of indebtedness and tax anticipation warrants
subject to interest rate limitations set forth therein",
approved May 26, 1970, as now or hereafter amended, such
interest to be payable at such time and place and in such
manner as may be provided in the bond ordinance.
The bonds may 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 bond shall remain unimpaired although
one or more of the officers executing same shall have ceased
to be such officer or officers before delivery thereof.
Such bonds may be sold for such price and after such
advertising as shall be approved and directed by the
commissioners.
Money received from the proceeds of taxes levied for
payment of principal of and interest upon such bonds shall be
deposited in a special fund of such municipality and
designated as "Bond and Interest Sinking Fund Account of the
Chicago Park District." Said fund shall be faithfully applied
to the payment of the bonds and interest thereon for which
such taxes were levied.
If such money is not immediately necessary for the
payment of said bonds or if the bonds cannot be purchased
before maturity then said money may be invested under the
direction of the commissioners in bonds or other interest
bearing obligations of the United States or bonds of the
State of Illinois.
The maturity date of the invested securities shall be
prior to the due date of the bonds for the payment of which
said money was collected. Such securities may be sold when
ordered by the commissioners if necessary to obtain money to
meet bond and interest payments.
Prior to the maturity of the bonds, after setting aside a
sum of money equal to the amount of interest that will accrue
thereon within the next 6 months period from the time it is
proposed to purchase and/or redeem any such bonds, or the
commissioners may require that said sum of money be equal to
the amount of interest that will so accrue within the next 12
months period, the treasurer of the park district shall use
the money available from the proceeds of taxes levied for the
payment of the bonds first, in the purchase of such bonds at
the lowest price obtainable, but not to exceed their par
value and accrued interest, after sealed tenders for such
purchase shall have been advertised for as may be directed by
the commissioners and thereafter such money shall be used by
said official in calling said bonds for payment according to
their terms of redemption.
Bonds called for payment and paid or purchased shall be
marked paid and cancelled.
Whenever any bonds are so purchased and/or redeemed and
cancelled, the taxes thereafter to be extended for payment of
interest shall be reduced in the amount of interest that
would have thereafter accrued upon such bonds so cancelled,
and a resolution shall be adopted by the commissioners
finding such facts and a certified copy thereof shall be
filed in the office of the county clerk whereupon it shall be
the duty of such official to reduce and extend such taxes in
accordance therewith.
The ordinance authorizing said bonds shall prescribe all
details thereof and shall provide for the levy and collection
of a direct annual tax upon all the taxable property within
said Chicago Park District sufficient to pay the interest
upon and the principal of said bonds as the same become due,
which tax shall be in addition to and exclusive of the
maximum of all other taxes authorized to be levied by said
park district.
A copy of the bond ordinance duly certified 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
constitution.
(Source: P.A. 83-972.)
Section 15. The Chicago Park District Debt Assumption
Act is amended by changing Section 4 as follows:
(70 ILCS 1515/4) (from Ch. 105, par. 333.32)
Sec. 4. 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 twenty
years from their date or, for bonds issued after the
effective date of this amendatory Act of the 93rd General
Assembly, within not 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
constitution.
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: Laws 1935, p. 1012.)
Section 20. The Chicago Park District Bond (1935) Act is
amended by changing Section 1 as follows:
(70 ILCS 1520/1) (from Ch. 105, par. 333.38)
Sec. 1. The commissioners of the Chicago Park District
without submission of the question to the voters for approval
may incur indebtedness and issue bonds therefor in the amount
of not to exceed $6,000,000 for the purchase of any and all
real estate, riparian estates or rights, and all other
property required or needed for any such park or for
parkways, driveways, or boulevards, or for extending,
adorning, or maintaining the same, for the purpose of
establishing, acquiring, completing, enlarging, ornamenting,
building, rebuilding and improving public parks, boulevards,
bridges, subways, viaducts and approaches thereto, wharfs,
piers, jetties, air landing fields and basins, shore
protection works, pleasure grounds and ways, walks, pathways,
driveways, roadways, highways and all public works, grounds
or improvements under the control of and within the
jurisdiction of such park commissioners and including the
filling in of submerged land for park purposes and
constructing all buildings, field houses, stadiums, shelters,
conservatories, museums, service shops, power plants,
structures, playground devices, boulevard and building
lighting systems and building all other types of permanent
improvement and construction necessary to render the property
under the control of said park commissioners usable for the
enjoyment thereof as public parks, parkways, boulevards and
pleasureways.
Provided, however, such bonds may be authorized, issued
and sold only in case the bonds are purchased by an agency of
the United States of America in connection with the grant of
money from the Federal government to be used in making any
such park improvements.
Such bonds shall be authorized by ordinance and shall be
in 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 twenty years from their date
or, for bonds issued after the effective date of this
amendatory Act of the 93rd General Assembly, within not 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 be made registerable as to principal and
shall bear interest at the rate of not to exceed six per cent
per annum, such interest to be payable at such time and place
and in such manner as may be provided in the bond ordinance.
Bonds may be signed by the facsimile signature of the
president with like effect as if signed by his genuine
signature and shall be signed by such other officers of the
park district as may be designated in the bond ordinance.
The validity of any 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.
The bonds may be sold only as in this section provided
for such price and upon such terms as shall be approved and
directed by the commissioners.
(Source: Laws 1935, p. 1019.)
Section 25. The Chicago Park District Bond (1965) Act is
amended by changing Section 1 as follows:
(70 ILCS 1525/1) (from Ch. 105, par. 333.43b)
Sec. 1. The commissioners of the Chicago Park District
without submission of the question to the voters for approval
may incur indebtedness and issue bonds therefor in the amount
of not to exceed $10,000,000 for the payment of any and all
real estate, riparian estates or rights, condemned or
purchased for parks or boulevards, and all other property
required or needed for any park or for parkways, driveways,
or boulevards, or for extending, adorning, or maintaining the
same, for the purpose of establishing, acquiring, completing,
enlarging, ornamenting, building, rebuilding and improving
public parks, boulevards, bridges, subways, viaducts and
approaches thereto, wharfs, piers, jetties, air landing
fields and basins, shore protection works, pleasure grounds
and ways, walks, pathways, driveways, roadways, highways and
all public works, grounds or improvements under the control
of and within the jurisdiction of such park commissioners and
including the filling in of submerged land for park purposes
and constructing all buildings, field houses, stadiums,
shelters, conservatories, museums, service shops, power
plants, structures, playground devices, boulevard and
building lighting systems and building all other types of
permanent improvement and construction necessary to render
the property under the control of said park commissioners
usable for the enjoyment thereof as public parks, parkways,
boulevards and pleasureways.
Such bonds shall be authorized by ordinance and shall be
in 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 twenty years from their date
or, for bonds issued after the effective date of this
amendatory Act of the 93rd General Assembly, within not 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 be made registerable as to principal and
shall bear interest at the rate of not to exceed six per cent
per annum, such interest to be payable at such time and place
and in such manner as may be provided in the bond ordinance.
Bonds may be signed by the facsimile signature of the
president with like effect as if signed by his genuine
signature and shall be signed by such other officers of the
park district as may be designated in the bond ordinance.
The validity of any 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.
The bonds shall be sold for not less than par and accrued
interest upon such terms as shall be approved and directed by
the commissioners.
(Source: Laws 1965, p. 1821.)
Section 30. The Chicago Park District Judgment
Indebtedness Bond Act is amended by changing Section 1 as
follows:
(70 ILCS 1540/1) (from Ch. 105, par. 333.46)
Sec. 1. The Chicago Park District, without the
submission thereof to the voters for approval, is authorized
to issue bonds in an amount not to exceed $1,100,000 to pay
judgment indebtedness based upon the order or judgment of any
court of competent jurisdiction heretofore entered; provided
bonds shall not be issued to pay any judgments rendered for
money due upon unpaid claims for services rendered, for
supplies, or for materials.
Such bonds shall be authorized by ordinance and shall be
of the form and denomination, payable at the place, and bear
such date as may be determined by the Board of Commissioners
of the Chicago Park District, and shall mature within not to
exceed twenty (20) years from their date or, for bonds issued
after the effective date of this amendatory Act of the 93rd
General Assembly, within not 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 be registerable as to principal and shall
bear interest at a rate of not to exceed the maximum rate
authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, such interest to be
payable at such time and place and in such manner as may be
provided in the bond ordinance.
The bonds may 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 bond shall remain unimpaired although
one or more of the officers executing the same shall have
ceased to be such officer or officers before delivery
thereof.
Such bonds may be sold at not less than par and after
such advertising as shall be approved and directed by the
Board of Commissioners.
Money received from the proceeds of taxes levied for the
payment of principal of and interest upon said bonds shall be
deposited in a special fund of such municipality and
designated as "Judgment Bond and Interest Sinking Fund
Account of the Chicago Park District." Said fund shall be
faithfully applied to the payment of the bonds and interest
thereon for which such taxes were levied.
If such money is not immediately necessary for the
payment of said bonds or if the bonds cannot be purchased
before maturity, then said money may be invested under the
direction of the Board of Commissioners in bonds or other
interest bearing obligations of the United States or bonds of
the State of Illinois.
The maturity date of the invested securities shall be
prior to the due date of the bonds for the payment of which
said money was collected. Such securities may be sold when
ordered by the Commissioners if necessary to obtain money to
meet bond and interest payments.
Bonds called for payment and paid and purchased shall be
marked paid and cancelled.
Whenever any bonds are so purchased and/or redeemed and
cancelled the taxes thereafter to be extended for the payment
of interest shall be reduced in the amount of interest that
would have thereafter accrued upon such bonds so cancelled
and a resolution shall be adopted by the Board of
Commissioners finding such facts and a certified copy thereof
shall be filed in the office of the County Clerk, whereupon
it shall be the duty of such official to reduce and extend
such taxes in accordance therewith.
The ordinance authorizing said bonds shall prescribe all
details thereof and designate the judgment to be paid, and
shall provide for the levy and collection of a direct annual
tax upon all taxable property within said Chicago Park
District, in addition to all other taxes authorized by law to
be levied and collected for park purposes, sufficient to pay
interest upon and the principal of said bonds as the same
become due.
A copy of the bond ordinance duly certified 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
Constitution.
With respect to instruments for the payment of money
issued under this Section either before, on, or after the
effective date of this amendatory Act of 1989, it is and
always has been the intention of the General Assembly (i)
that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in
accordance with the Omnibus Bond Acts, regardless of any
provision of this Act that may appear to be or to have been
more restrictive than those Acts, (ii) that the provisions of
this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that
instruments issued under this Section within the
supplementary authority granted by the Omnibus Bond Acts are
not invalid because of any provision of this Act that may
appear to be or to have been more restrictive than those
Acts.
(Source: P.A. 86-4.)
Section 99. Effective date. This Act takes effect upon
becoming law.
Effective Date: 07/24/03
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