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| 1 | AN ACT concerning local government.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Park District Code is amended by changing | ||||||
| 5 | Section 6-4 as follows:
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| 6 | (70 ILCS 1205/6-4) (from Ch. 105, par. 6-4)
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| 7 | Sec. 6-4. The issue of bonds or notes by any park district | ||||||
| 8 | shall be
authorized by ordinance, and a copy of that ordinance | ||||||
| 9 | properly certified
by the secretary shall be filed in the | ||||||
| 10 | office of the clerk in each of
the counties wherein such | ||||||
| 11 | district lies. Except as otherwise provided
in this Section, | ||||||
| 12 | bonds and notes the aggregate outstanding unpaid
principal | ||||||
| 13 | balance of which exceeds 0.575% of the total assessed valuation
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| 14 | of all taxable property in the district may not be issued by | ||||||
| 15 | any park
district, until the proposition to issue the same has | ||||||
| 16 | been certified by the
secretary to the proper election | ||||||
| 17 | officials who shall submit the proposition
at an election in | ||||||
| 18 | accordance with the general election law. Notice of the
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| 19 | referendum shall be given and the referendum shall be conducted | ||||||
| 20 | in the
manner provided by the general election law.
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| 21 | Submission of any proposition of issuing bonds or notes | ||||||
| 22 | shall be
authorized by resolution to be adopted by the board | ||||||
| 23 | which shall designate the
election at which the proposition is | ||||||
| 24 | to be submitted and designate the amount
of bonds and purpose | ||||||
| 25 | for which the bonds are to be issued.
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| 26 | Any proposition to issue bonds shall be in substantially | ||||||
| 27 | the following form:
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| 28 | -------------------------------------------------------------
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| 29 | Shall bonds or notes of the
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| 30 | ..... Park District (name it) to YES
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| 31 | the amount of..... Dollars
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| 32 | ($.....) be issued for the ---------------------------
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| 1 | purpose of.....? (Here insert
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| 2 | any one or more of the NO
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| 3 | purposes authorized in
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| 4 | Section 6-2 hereof)
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| 5 | -------------------------------------------------------------
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| 6 | This Section shall not be construed to require a referendum for | ||||||
| 7 | bonds
issued under Section 9-2b nor for bonds to refund any | ||||||
| 8 | maturing bond
issues as provided in the Park District Refunding | ||||||
| 9 | Bond Act, or to refund any judgment indebtedness including
any | ||||||
| 10 | unpaid public benefits and amounts assessed against any park | ||||||
| 11 | district,
whether due or not due under Division 2 of Article 9 | ||||||
| 12 | of the Illinois
Municipal Code, but bonds may be issued for | ||||||
| 13 | such purposes without referendum.
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| 14 | Bonds heretofore or hereafter issued and outstanding that | ||||||
| 15 | are approved by
referendum, refunding bonds issued under the | ||||||
| 16 | Park District Refunding Bond Act (70 ILCS 1270/) that refund or | ||||||
| 17 | continue to refund bonds approved by referendum, bonds issued | ||||||
| 18 | under this Section that have been paid in full or for
which
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| 19 | provisions for payment have been made by an irrevocable deposit | ||||||
| 20 | of funds in an
amount
sufficient to pay the principal and | ||||||
| 21 | interest on those bonds to their respective
maturity
date, | ||||||
| 22 | non-referendum bonds issued under any other provision of this | ||||||
| 23 | Act, and
bonded
indebtedness assumed from another park district | ||||||
| 24 | do not limit in any way the
right of a
park district to issue | ||||||
| 25 | non-referendum bonds in accordance with this Section.
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| 26 | This Section shall not be construed to permit issuance of | ||||||
| 27 | bonds for the
purpose of refunding revenue bonds as provided in | ||||||
| 28 | Section 6-2 until the
proposition to issue the same has been | ||||||
| 29 | submitted as herein provided at an
election in accordance with | ||||||
| 30 | the general election law.
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| 31 | (Source: P.A. 91-293, eff. 7-29-99.)
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