(70 ILCS 1510/0.01) (from Ch. 105, par. 333.23x)
Sec. 0.01.
Short title.
This Act may be cited as the
Chicago Park District Working Cash Fund Act.
(Source: P.A. 86-1324.)
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(70 ILCS 1510/1) (from Ch. 105, par. 333.24)
Sec. 1.
The Chicago Park District is authorized to create, maintain and
administer a fund to be known as a working cash fund in the manner
prescribed by this act for the purpose of enabling said park district to
have in its treasury at all times sufficient money to meet demands for
ordinary and necessary expenditures for general corporate purposes.
(Source: Laws 1935, p. 1024.)
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(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. 93-338, eff. 7-24-03.)
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(70 ILCS 1510/3) (from Ch. 105, par. 333.26)
Sec. 3.
All money received from the proceeds of the sale of such
bonds shall be set apart in said working cash fund by the treasurer and
comptroller of the Chicago Park District and shall be used only for the
purposes and in the manner hereinafter provided. Such fund and the money
therein shall not be regarded as current assets available for
appropriation and shall not be appropriated for by the commissioners or
included in any other appropriation bill, resolution or ordinance. The
commissioners of the Chicago Park District may appropriate moneys to the
working cash fund up to the maximum amount allowable in the fund, and the
working cash fund may receive such appropriations and any other
contributions.
In order to provide moneys with which to meet ordinary and necessary
disbursements for salaries and other corporate purposes, such fund and
the money therein may be
transferred in whole or in part to the general corporate fund of the
Chicago Park District and shall be disbursed therefrom in anticipation
of the collection of any taxes lawfully levied for general corporate
purposes or in the anticipation of such taxes, as now or hereafter
enacted or amended, imposed by the General Assembly of the State of
Illinois to replace revenue lost by units of local government and school
districts as a result of the abolition of ad valorem personal property
taxes, pursuant to Article IX Section 5 (c) of the Constitution of the
State of Illinois.
Moneys transferred to the general corporate fund in anticipation of
the collection of taxes shall be deemed to have been transferred in
anticipation of the collection of that part of the taxes so levied or to
be received which is in excess of the amount thereof required to pay any
warrants and interest thereon theretofore or thereafter issued under the
provisions of "An Act to provide for the manner of issuing warrants upon
the Treasurer of the State or of any county, township, city, village or
other municipal corporation and juror's certificates," approved June 27,
1913, as amended,
the amount estimated to be required to satisfy debt service and pension
or retirement obligations, as set forth in Section 12 of "An Act in relation
to State revenue sharing with local government entities", approved July
31, 1969, as amended,
and such taxes levied for general corporate purposes
when collected shall be applied, first, to the payment of any such
warrants and interest thereon and then to the reimbursement of said
working cash fund as hereinafter provided.
Upon receipt by the treasurer of the Chicago Park District of any
taxes in anticipation of the collection whereof moneys of such working
cash fund have been so transferred for disbursement, such fund shall be
immediately reimbursed therefrom until the full amount so transferred
has been retransferred to such fund.
Unless taxes so received and applied to the reimbursement of the
working cash fund, prior to the first day of the twelfth month following
the month in which the second installment of due and unpaid real
property taxes begin to bear interest, shall be sufficient to effect a
complete reimbursement of such funds for any moneys transferred
therefrom in anticipation of the collection or receipt of such taxes,
such working cash fund shall be reimbursed for the amount of the
deficiency therein from any other revenues accruing to said general
corporate fund and it shall be the duty of such commissioners to make
provision for the immediate reimbursement of the amount of any such
deficiency in its next general appropriation bill, ordinance or
resolution.
(Source: P.A. 85-459.)
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(70 ILCS 1510/4) (from Ch. 105, par. 333.27)
Sec. 4.
Money shall be transferred from said working cash fund to the
general corporate fund only upon the authority of the commissioners who
shall from time to time by separate resolution direct the treasurer to
make transfers of such sums as may be required for the purposes herein
authorized. Every resolution shall set forth:
(a) The taxes in anticipation of the collection of which such
transfer is to be made and from which such working cash fund is to be
reimbursed;
(b) The entire amount of taxes extended or which such commissioners
estimate will be extended or received for any year, in anticipation of
the collection of all or part of which, such transfer is to be made;
(c) The aggregate amount of warrants theretofore issued in
anticipation of the collection of such taxes under the provisions of "An
Act to provide for the manner of issuing warrants upon the treasurer of
the state or of any county, township, city, village or other municipal
corporation and jurors' certificates," approved June 27, 1913, as
amended, together with the amount of interest accrued and/or which such
commissioners estimate will accrue thereon.
(d) The aggregate amount of moneys theretofore transferred from the
working cash fund to the general corporate fund in anticipation of the
collection of such taxes.
(e) The aggregate amount of receipts from taxes imposed to replace revenue
lost by units of local government and school districts as a result of the
abolition of ad valorem personal property taxes, pursuant to Article IX,
Section 5(c) of the Constitution of the State of Illinois, which the corporate
authorities estimate will be set aside for the payment of the proportionate
amount of debt service and pension or retirement obligations, as required by
Section 12 of "An Act in relation to State Revenue Sharing with local
government
entities", approved July 31, 1969, as amended.
The amount which any such resolution shall direct the treasurer so to
transfer, in anticipation of the collection of taxes levied or to be
received for any year, together with the aggregate amount of such tax
anticipation warrants theretofore issued against such taxes and the
amount of the interest accrued and/or estimated to accrue on such
warrants,
the amount estimated to be required to satisfy debt service and pension
or retirement obligations, as set forth in Section 12 of "An Act in relation
to State revenue sharing with local government entities", approved July
31, 1969, as amended,
and the aggregate amount of such transfers theretofore made in
anticipation of the collection of such taxes, shall not exceed ninety
per cent of the actual estimated amount of said taxes extended and to be
extended or to be received as set forth in said resolution.
To the extent that at any time moneys are available in the working
cash fund they shall be transferred to the general corporate fund and
disbursed for the payment of salaries and other corporate expenses so as
to avoid whenever possible, the issuance of tax anticipation warrants.
(Source: P.A. 81-1506.)
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(70 ILCS 1510/4.1) Sec. 4.1. Abolishment of working cash fund. (a) The commissioners of the Chicago Park District may abolish its working cash fund by resolution and may transfer any balance remaining in the fund, including any interest that may have accrued, to the general corporate fund of the Chicago Park District at the end of the then current fiscal year. Any outstanding loans to other District funds shall be paid or become payable to the general corporate fund of the Chicago Park District at the close of the then current fiscal year. (b) Any obligation incurred by the Chicago Park District pursuant to Section 2 shall be discharged as therein provided.
(Source: P.A. 94-840, eff. 6-6-06.) |
(70 ILCS 1510/5) (from Ch. 105, par. 333.28)
Sec. 5.
Any member of the board of commissioners of the Chicago Park
District or any other person holding any other office, trust or employment
under such commissioners who shall be guilty of the wilful violation of any
of the provisions of this Act, shall be guilty of a business offense and
shall be fined not to exceed $10,000 and shall forfeit the right to his
office, trust or employment and shall be removed therefrom. Any such member
or other person shall be liable for any sum that may be unlawfully diverted
from such working cash fund or otherwise used, to be recovered by such
commissioners, or by any taxpayer in the name and for the benefit of such
commissioners, in an appropriate civil action: provided that such taxpayer
shall file a bond for the costs and be liable for all costs taxed against
such commissioners in such suit and judgment shall be rendered accordingly.
Provided, also, that nothing herein shall bar any other remedies.
(Source: P.A. 79-1366.)
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(70 ILCS 1510/7) (from Ch. 105, par. 333.28b)
Sec. 7.
As used in Sections 8 through 16 of this Act (the "Project Sections")
the term "project" means: (a) any project, including one or more buildings
and other structures, improvements and equipment whether or not on the same
site or sites, now existing or hereafter acquired, suitable for use by the
Chicago Park District and limited to the purposes of furnishing
or providing (1) food and drink, or (2) stadium improvements, or both,
in furtherance of the purposes, powers, duties or responsibilities
of the Chicago Park District, including the sites thereof and other rights
in land therefor whether improved or unimproved, site
preparation and landscaping, and all appurtenances and facilities incidental
thereto, and other improvements necessary or convenient thereto for the
purposes of furnishing or providing (1) food and
drink, or (2) stadium improvements, or both; or (b) any
land, buildings or equipment comprising an addition to, or renovation,
rehabilitation or improvement of any existing project undertaken for the
purposes of furnishing or providing (1) food and
drink, or (2) stadium improvements, or both.
(Source: P.A. 83-1362.)
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(70 ILCS 1510/8) (from Ch. 105, par. 333.28c)
Sec. 8.
In addition to the powers and authority now possessed by it,
the Chicago Park District shall have the power:
(a) To acquire by gift, lease or purchase, construct, reconstruct, improve,
better or extend, or to finance the acquisition, construction, reconstruction,
improvement, betterment, or extension of any project within its boundaries,
and to acquire by gift, lease or purchase lands or rights in land in connection
therewith.
(b) To issue its bonds to finance in whole or in part the cost of the
acquisition, purchase, construction, reconstruction, improvement, betterment
or extension of any project. The commissioners of the Chicago Park District
in determining such cost may include all cost and estimated cost of the
issuance of such bonds, all engineering, inspection, fiscal and legal expenses,
and interest which it is estimated will accrue during the construction period
and for 6 months thereafter on money borrowed or which it is estimated will
be borrowed pursuant to the Project Sections.
(c) To operate such project or to rent or lease such project or to loan the
proceeds of its bonds to commercial enterprises (which may include corporations,
partnerships or individuals engaged in business or commerce) in such manner
that rents, charges, fees or other payments to be derived with respect to
the project shall be fixed and revised from time to time so as to produce
income and revenues sufficient to provide for the prompt payment of principal
of and interest upon all bonds issued under the Project Sections when due,
and to provide for the operation and maintenance of such project and other
expenses incident thereto and to create and maintain reasonable reserves therefor.
(d) To pledge to the punctual payment of bonds authorized under the Project
Sections and interest thereon the income and revenues to be received with
respect to such project (including improvements, betterments or extensions
thereto thereafter constructed or acquired) sufficient to pay such bonds
and interest as they become due and to create and maintain reasonable reserves
therefor.
(e) To issue its bonds to refund in whole or in part, bonds theretofore
issued under authority of the Project Sections.
(Source: P.A. 82-493.)
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(70 ILCS 1510/9) (from Ch. 105, par. 333.28d)
Sec. 9.
The financing of the acquisition, construction, reconstruction,
improvement, betterment or extension of any project may be authorized to
be issued under the Project Sections to provide funds for such purpose or
purposes or for the refunding of bonds theretofore issued under the Project
Sections, by ordinance of the commissioners which may be adopted at the
same meeting at which it is introduced by a majority of all commissioners
then in office and shall take effect immediately upon adoption. The bonds
shall bear interest at such rate or rates without regard to any limitation
in any other law, may be payable at such times, may be in one or more series,
may bear such date or dates, may mature at such time or times not exceeding
40 years from their respective dates, may be payable in such medium of payment
at such place or places, may carry such registration privileges, may be subject
to such terms of redemption, may be executed in such manner, may contain
such terms, covenants, and conditions, and may be in such form, either coupon
or registered, as such ordinance or subsequent ordinances may provide.
The bonds may be sold in such manner and upon such terms as may be deemed
advisable by the commissioners. Pending the preparation of the definitive
bonds, interim receipts or certificates in such form and with such provisions
as the commissioners may determine may be issued to the purchaser or purchasers
of bonds sold pursuant to the Project Sections. The bonds and interim receipts
or certificates are fully negotiable within the meaning and for all purposes
of the Uniform Commercial Code.
(Source: P.A. 82-493.)
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(70 ILCS 1510/10) (from Ch. 105, par. 333.28e)
Sec. 10.
Any ordinance authorizing the issuance of bonds under the Project
Sections may contain covenants as to: (a) the use and disposition of the
income and revenues from or with respect to the project for which the bonds
are to be issued, including the creation and maintenance of reserves; (b)
the issuance of other or additional bonds payable from the income and revenues
from or with respect to such project; (c) the maintenance and repair of
such project; and (d) the insurance to be carried thereon and the use and
disposition of insurance moneys.
The provisions of the Project Sections and any such ordinance or ordinances
shall be a contract with the holder or holders of the bonds and continue
in effect until the principal of and the interest on the bonds so issued
have been fully paid, and the duties of the Chicago Park District and its
commissioners and officers under the Project Sections and any such ordinance
or ordinances are enforceable by any bondholder by mandamus or other appropriate
suit, action or proceedings in any court of competent jurisdiction.
(Source: P.A. 82-493.)
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(70 ILCS 1510/11) (from Ch. 105, par. 333.28f)
Sec. 11.
The bonds bearing the signatures of officers in office on the
date of the signing thereof are valid and bonding obligations, notwithstanding
that before the delivery thereof and payment therefor any or all the persons
whose signatures appear thereon have ceased to be officers of the Chicago
Park District. The validity of the bonds is not dependent on nor affected
by the validity or regularity of any proceedings relating to the acquisition,
purchase, construction, reconstruction, improvement, betterment or extension
of the project for which the bonds are issued. The ordinance authorizing
the bonds may provide that the bonds shall contain a recital that they are
issued pursuant to the Project Sections, which recital is conclusive evidence
of their validity and of the regularity of their issuance.
(Source: P.A. 82-493.)
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(70 ILCS 1510/12) (from Ch. 105, par. 333.28g)
Sec. 12.
All bonds issued under the Project Sections have a lien upon
the income and revenues derived by the Chicago Park District with respect
to the project for which the bonds have been issued, and the ordinance authorizing
such bonds may provide for the issuance of additional bonds to be equally
and ratably secured by a lien upon such income and revenues or may provide
that the lien upon such income and revenues for future bonds is subordinate.
(Source: P.A. 82-493.)
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(70 ILCS 1510/13) (from Ch. 105, par. 333.28h)
Sec. 13.
No holder of any bonds issued under the Project Sections has
the right to compel any exercise of taxing power of the Chicago Park District
to pay the bonds or the interest thereon, and the bonds do not constitute
an indebtedness of the Chicago Park District or a loan of credit thereof
within the meaning of any constitutional or statutory provision. It shall
be plainly stated on the face of each bond that it has been issued under
the provisions of the Project Sections and that it does not constitute an
indebtedness of the Chicago Park District or a loan of credit thereof within
the meaning of any constitutional or statutory provision.
(Source: P.A. 82-493.)
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(70 ILCS 1510/14) (from Ch. 105, par. 333.28i)
Sec. 14.
The commissioners of the Chicago Park District shall prescribe
and collect revenues with respect to a project and shall revise such from
time to time whenever necessary so that such revenues are always sufficient
to pay when due all bonds and interest thereon for the payment of which
such revenues are pledged, including reserves therefor.
(Source: P.A. 82-493.)
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(70 ILCS 1510/15) (from Ch. 105, par. 333.28j)
Sec. 15.
The powers conferred by the Project Sections are in addition
and supplemental to, and the limitations imposed by the Project Sections
shall not affect, the powers conferred by any other law. Projects may be
acquired, purchased, constructed, reconstructed, improved, bettered and
extended, and bonds may be issued under the Project Sections for such purposes,
notwithstanding that any other law may provide for the acquisition, purchase,
construction, reconstruction, betterment and extension of a like project,
or the issuance of bonds for like purposes, and without regard to the requirements,
restrictions, limitations or other provisions contained in any other law.
(Source: P.A. 82-493.)
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(70 ILCS 1510/16) (from Ch. 105, par. 333.28k)
Sec. 16.
Any commissioner of the Chicago Park District shall disclose
any pecuniary interest in any employment or financing agreement or other
contract made under the provisions of the Project Sections before any action
by the commissioners on it, and shall not vote on any such matter. Notwithstanding
the provisions of any other law, any financing agreement or other contract
made or procured in conformity with the provisions of the Project Sections
shall not be void by the pecuniary interest of any commissioner of the Chicago
Park District therein.
(Source: P.A. 82-493.)
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