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70 ILCS 1520/1
(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
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: P.A. 93-338, eff. 7-24-03.)
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