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