(70 ILCS 1505/20) (from Ch. 105, par. 333.20)
Sec. 20.
The Chicago Park District is authorized to issue the bonds
of such district for the payment of land condemned or purchased for park
or boulevards, for the building, maintaining, improving and protecting
of such for the purpose of establishing, acquiring, completing,
enlarging, ornamenting, building, rebuilding and improving public parks,
boulevards, bridges, subways, viaducts and approaches thereto, wharfs,
piers, jetties, air landing fields and basins, shore protection works,
pleasure grounds and ways, walks, pathways, driveways, roadways,
highways and all public works, grounds, or improvements under the
control of and within the jurisdiction of such park commissioners and
including the filling in of submerged lands for park purposes and
constructing all buildings, field houses, stadiums, shelters,
conservatories, museums, service shops, power plants, structures,
playground devices, boulevard and building lighting systems and building
all other types of permanent improvement and construction necessary to
render the property under the control of such park commissioners usable
for the enjoyment thereof as public parks, parkways, boulevards and
pleasure ways and for the payment of the expenses incident thereto, and
may pledge its property and credit therefor.
Such district shall not incur any bonded indebtedness, exclusive of
outstanding indebtedness to an amount in the aggregate exceeding 2.3% of
the assessed valuation of all taxable property therein as last equalized
and determined for state and local taxes preceding the incurring of such
indebtedness. Bonds
may be issued from time to time to an amount which together with the
outstanding bonded indebtedness of such district, exclusive of bonds
issued to create a working cash fund, will not exceed 1% of the assessed
valuation of all taxable property therein as last equalized and
determined for state and local taxes preceding the issuance of such
bonds without submitting the question to the legal voters for approval.
Except as otherwise provided in this Section and except for working
cash fund bonds issued and to be issued under Section 2 of "An Act
authorizing the Chicago Park District to provide for the creation,
maintenance and administration of a working cash fund", approved July
11, 1935, as amended, bonds shall not be issued until the proposition to
issue such has been submitted to and approved by a majority of the legal
voters of such park district voting upon the proposition, at an election,
after notice of such submission has been
given in the manner provided by the general election law.
Submission of any proposition of issuing bonds shall be authorized by
resolution to be adopted by the Chicago Park District commissioners, which
shall designate the election at which the question
is to be submitted the amount of bonds and purpose for which
such bonds are to be issued.
Any proposition to issue bonds shall be certified by the Chicago Park
District commissioners to the proper election officials,
who shall submit that
proposition in accordance with the general election law. The proposition
shall be in
substantially the following form:
--------------------------------------------------------------------------------------------------------------------- Shall bonds of the ChicagoPark District to the amount of YES........ Dollars ($........) be --------------------------------------------------------------------------issued for the purpose of...... NO...............................?---------------------------------------------------------------------------------------------------------------------
Bonds shall be issued in the name of the Chicago Park District in
such form and denomination and shall be payable at such place and time,
not exceeding 20 years from date thereof or, for bonds issued after the
effective date of this amendatory Act of the 93rd General Assembly, not
exceeding 30
years from the date thereof, and may
be redeemable prior to
maturity with or without premium at the option of the commissioners, as
such commissioners may
determine by ordinance duly adopted and the bonds shall be signed by the
president and attested by the secretary under the corporate seal.
After such advertising as the commissioners shall deem
necessary, the bonds
shall be sold at such price and upon such terms as determined by the
commissioners and which will not cause the net effective interest rate to
be paid by the Chicago Park District to exceed 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. The
validity of any bond so executed shall remain unimpaired, although one
or more of the officers executing such shall have ceased to be such
officer or officers before delivery thereof to the purchaser.
For the purpose of paying the principal of and interest upon such
bonds, the Chicago Park District is authorized to levy and have
collected a direct annual tax upon all taxable property within its
jurisdiction, in addition to all other taxes authorized by law to be
levied and collected for park purposes, sufficient to pay the interest
on such bonds as it falls due and to pay the principal thereof as it
matures, and the county clerk of the county in which such park district
is located upon receiving a certificate from the commissioners that the
amount set out in such certificate is necessary to pay the interest on
and principal of such bonds, shall assess and extend such amount upon
the taxable property embraced in such park district, the same as other
park taxes are by law assessed and extended, and such taxes shall be
collected and paid over in like manner as other park taxes are required
by law to be collected and paid.
(Source: P.A. 93-338, eff. 7-24-03.)
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