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91_HB0841
LRB9102029MWgc
1 AN ACT to amend the Park District Code by changing
2 Section 6-4.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Park District Code is amended by changing
6 Section 6-4 as follows:
7 (70 ILCS 1205/6-4) (from Ch. 105, par. 6-4)
8 Sec. 6-4. The issue of bonds or notes by any park
9 district shall be authorized by ordinance, and a copy of that
10 ordinance properly certified by the secretary shall be filed
11 in the office of the clerk in each of the counties wherein
12 such district lies. Except as otherwise provided in this
13 Section, bonds and notes the aggregate outstanding unpaid
14 principal balance of which exceeds 0.575% of the total
15 assessed valuation of all taxable property in the district
16 may not be issued by any park district, until the proposition
17 to issue the same has been certified by the secretary to the
18 proper election officials who shall submit the proposition at
19 an election in accordance with the general election law.
20 Notice of the referendum shall be given and the referendum
21 shall be conducted in the manner provided by the general
22 election law.
23 Submission of any proposition of issuing bonds or notes
24 shall be authorized by resolution to be adopted by the board
25 which shall designate the election at which the proposition
26 is to be submitted and designate the amount of bonds and
27 purpose for which the bonds are to be issued.
28 Any proposition to issue bonds shall be in substantially
29 the following form:
30 -------------------------------------------------------------
31 Shall bonds or notes of the
-2- LRB9102029MWgc
1 ..... Park District (name it) to YES
2 the amount of..... Dollars
3 ($.....) be issued for the ---------------------------
4 purpose of.....? (Here insert
5 any one or more of the NO
6 purposes authorized in
7 Section 6-2 hereof)
8 -------------------------------------------------------------
9 This Section shall not be construed to require a referendum
10 for bonds issued under Section 9-2b nor for bonds to refund
11 any maturing bond issues as provided in the Park District
12 Refunding Bond Act "An Act authorizing any park district to
13 issue refunding bonds and to provide for the levy of taxes
14 for the payment thereof", approved August 15, 1941, or to
15 refund any judgment indebtedness including any unpaid public
16 benefits and amounts assessed against any park district,
17 whether due or not due under Division 2 of Article 9 of the
18 Illinois Municipal Code, but bonds may be issued for such
19 purposes without referendum.
20 Bonds heretofore or hereafter issued and outstanding that
21 are approved by referendum, bonds issued under this Section
22 that have been paid in full or for which provisions for
23 payment have been made by an irrevocable deposit of funds in
24 an amount sufficient to pay the principal and interest on
25 those bonds to their respective maturity date, non-referendum
26 bonds issued under any other provision of this Act, and
27 bonded indebtedness assumed from another park district do not
28 limit in any way the right of a park district to issue
29 non-referendum bonds in accordance with this Section.
30 This Section shall not be construed to permit issuance of
31 bonds for the purpose of refunding revenue bonds as provided
32 in Section 6-2 until the proposition to issue the same has
33 been submitted as herein provided at an election in
34 accordance with the general election law.
-3- LRB9102029MWgc
1 (Source: P.A. 86-494.)
2 Section 99. Effective date. This Act takes effect upon
3 becoming law.