(70 ILCS 1205/9.3-2) (from Ch. 105, par. 9.3-2)
Sec. 9.3-2.
Whenever any park district determines to acquire, construct,
extend or improve indoor or outdoor recreation facilities and to issue
bonds under Section 9.3-1 of this Article to pay the costs thereof, its
board shall adopt an ordinance describing in a general way the contemplated
project and refer to plans and specifications therefor. These plans and
specifications shall be filed in the office of the secretary of the
district and shall be opened for inspection by the public.
This ordinance shall set out the estimated cost of the project,
determine the period of usefulness thereof, the interest rate, which
shall not exceed the maximum rate authorized by the Bond Authorization Act,
as amended at the time of the making of the contract, payable annually or
semi-annually, and all details in connection with the bonds. The bonds
shall mature within the period of usefulness of the project as determined
by the board. The ordinance may also contain such covenants and
restrictions upon the issuance of additional revenue bonds thereafter as
may be deemed necessary or advisable for the assurance of the payment of
the bonds thereby authorized. The ordinance shall also pledge the revenue
derived from the operation of the indoor or outdoor recreational facility
for the purpose of paying maintenance and operation costs, providing an
adequate depreciation fund, and paying the principal and interest on the
bonds issued hereunder. The ordinance may also pledge the revenue derived
from the operation of an existing indoor or outdoor facility of the same
character, for such purpose.
After this ordinance has been adopted it shall, within 10 days after
its passage, be published once in a newspaper published and having a
general circulation in the park district, or if there is no such
newspaper then in some newspaper having a general circulation in the
county wherein such district, or the greater or greatest portion in
area, of such district lies. The publication or posting of the ordinance
shall include a notice of (1) the specific number of voters required to
sign a petition requesting that the question of the adoption of the
ordinance be submitted to the electors of the district; (2) the time in
which the petition must be filed; and (3) the date of the prospective
referendum.
The Secretary of the governing board of the park district shall provide
a petition form to any individual requesting one.
If no valid petition is filed with the secretary of the district within 30
days after the publication or posting of the ordinance, the ordinance
shall be in effect. But if within this 30day period a petition is so
filed, signed by electors of the district equal to
10% or more of the registered voters of the district asking that
the question of acquiring and operating or constructing and operating
such an indoor and outdoor recreational facility and the issuance of
such bonds be submitted to the electors of the district, the board shall
certify such question to the proper election officials, who shall submit
the question at an election held in the district. The board shall furnish
copies of such a petition form to all persons making a request therefor.
The proposition shall be in substantially the
following form:
--------------------------------------------------------------------------------------------------------------------- Shall the.... Park District issuerevenue bonds for acquiring (or constructing, YESextending or improving) an indoor or outdoor --------------------------------------------------------------recreational facility to include.... (specify NOspecific facility or facilities)---------------------------------------------------------------------------------------------------------------------
Notice of such referendum shall be given and such referendum conducted in
the manner provided by the general election law.
If a majority of the electors voting upon that question voted in favor of
acquiring and operating, or constructing and operating the indoor or
outdoor recreational facility or facilities or extending or improving
such indoor or outdoor recreational facility or facilities and the
issuance of the bonds, the ordinance shall be in effect, otherwise the
ordinance shall not go into effect.
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; 87-767.)
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