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91_HB0841eng HB0841 Engrossed 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 HB0841 Engrossed -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 to13issue refunding bonds and to provide for the levy of taxes14for 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. HB0841 Engrossed -3- LRB9102029MWgc 1 (Source: P.A. 86-494.) 2 Section 99. Effective date. This Act takes effect upon 3 becoming law.