(70 ILCS 1505/25.8) (from Ch. 105, par. 333.23i)
Sec. 25.8.
The Commissioners of the Chicago Park District are hereby given
the authority to lease all or any part of any such parking facilities, and
to fix and collect the rentals therefor, and to fix, charge and collect
rentals, fees and charges to be paid for the use of the whole or any part
of any such parking facilities, and to make contracts for the operation and
management of the same, and to provide for the use, management and
operation of such parking facilities through lease or by its own employees,
or otherwise; provided, however, that no lease for the operation or
management of any such parking facilities shall be made for more than one
year, except to the highest and best bidder after notice requesting bids
shall have been given by at least one publication in some newspaper of
general circulation published in the Chicago Park District, such
publication to be made once each week for at least two weeks before the
date of receiving bids therefor. All income and revenue derived from any
such lease or contract shall be deposited in a separate account and used
solely and only for the purpose of maintaining and operating the project,
and paying the principal of and interest on any bonds issued pursuant to
ordinance under the provisions of sections 25.1 to 25.9, both inclusive, of
this Act as now enacted and as may hereafter be amended. Further any
contract or obligation involving the borrowing of money for such purposes,
incurred by the Chicago Park District in the maintenance and operation of
any such parking facilities shall be payable solely and only from the
revenues derived from the operation of the project.
(Source: Laws 1951, p. 398.)
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