(70 ILCS 1505/20b) (from Ch. 105, par. 333.20b)
Sec. 20b.
After the issuance of bonds for any park district purpose under
Section 20 or 20a has been authorized by ordinance, the Chicago Park District
shall have power to borrow money from time to time for the purposes for
which such bonds are to be issued in anticipation of the receipt of the
proceeds of the sale of such bonds and in an amount which does not exceed
the authorized amount of such bond issue, and without submitting the question
of such borrowing to the legal voters of such park district for approval.
Any such borrowing shall be evidenced by the issuance of bond anticipation
notes, which notes shall mature not more than one year after the date of
issuance of such notes, may be callable prior to their maturity, and may
be offered for sale in such manner as determined by the Chicago Park District
Commissioners.
The notes shall be authorized by ordinance, shall be in such denomination
or denominations, bear interest at such rate or rates not exceeding the
maximum rate permitted by law and fixed by the provisions of the ordinance
authorizing the bonds, shall be in such form and shall be executed in such
manner as the Chicago Park District Commissioners shall prescribe.
The notes may be made payable, both principal and interest to date of
payment, from the funds derived from the sale of bonds for the permanent
financing, or from other available funds, or a combination thereof. The
Chicago Park District Commissioners, at their discretion, may provide for
the levy and collection of a direct annual tax upon all the taxable property
in the park district, sufficient to pay the interest on such notes to maturity,
or any portion of such interest. Upon the filing in the office of the County
Clerk of the county in which the Chicago Park District is located of a
certified copy of the ordinance authorizing the issuance of such notes and
levying a tax to pay the interest thereon, it shall be the duty of such
County Clerk to extend the tax therefor in addition to and in excess of all
other taxes heretofore or hereafter authorized to be levied. Any portion
of the tax so levied and collected, which is not needed to pay interest on
the notes, shall be used to pay interest on the bonds. The notes shall be
surrendered for payment and cancellation when the bonds are issued, or when
other funds are made available for the payment of such notes and the
interest thereon. The notes may also be refunded by the issuance of
refunding notes or may be renewed upon mutual agreement with the holder
of the notes.
(Source: P.A. 79-1447.)
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