70 ILCS 1530/ Chicago Park District Corporate Note Act.

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70 ILCS 1530/0.01

(70 ILCS 1530/0.01) (from Ch. 105, par. 333.43d9)

Sec. 0.01.

Short title.

This Act may be cited as the

Chicago Park District Corporate Note Act.

(Source: P.A. 86-1324.)

70 ILCS 1530/1

(70 ILCS 1530/1) (from Ch. 105, par. 333.43e)

Sec. 1.

The Chicago Park District organized under "An Act in relation to the
creation, maintenance, operation and improvement of the Chicago Park
District", approved July 10, 1933, as amended, is authorized to issue
from time to time general obligation corporate notes in an amount not to
exceed 75% of the corporate taxes levied for the year during which said
notes are issued, provided no such notes shall be issued at any time
there are tax anticipation warrants outstanding against the corporate
tax levied for the year during which such notes are issued. Such notes
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, and shall
mature within 2 years from date.

In order to authorize and issue such notes the Chicago Park District
shall adopt an ordinance fixing the amount of notes, the date thereof,
the maturity thereof, rate of interest thereof, place of payment and
denomination, which shall be in equal multiples of $1,000, and provide
for the levy and collection of a direct annual tax upon all the taxable
property within the jurisdiction of the Chicago Park District sufficient
to pay the principal of and interest on such notes to maturity. 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 such ordinance
it shall be the duty of the County Clerk to extend the tax therefor in
addition to and in excess of all other taxes heretofore or hereafter
authorized to be levied by the Chicago Park District.

From and after such notes have been issued as provided for by this
Act, while such notes are outstanding, it shall be the duty of the
County Clerk in computing the tax rate for corporate purposes of any
such district to reduce the rate for corporate purposes by the amount
levied to pay the principal of and interest on the notes authorized by
this Act; provided the tax rate shall not be reduced beyond the amount
necessary to reimburse any money borrowed from the working cash fund,
and it shall be the duty of the Secretary of the Chicago Park District
annually, not less than 30 days prior to the tax extension date, to
certify to the County Clerk the amount of money borrowed from the
working cash fund to be reimbursed from the corporate tax levy.

No reimbursement shall be made to the working cash fund until there
has been accumulated from the tax levy provided for the notes, an amount
sufficient to pay the principal of and interest on such notes to
maturity.

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.)

70 ILCS 1530/2

(70 ILCS 1530/2) (from Ch. 105, par. 333.43f)

Sec. 2.

This Act shall be cumulative and it shall constitute complete authority
for the issuance of notes as provided for hereunder notwithstanding any
other statute or law to the contrary.

(Source: P.A. 77-1632.)