|
|
Sen. James A. DeLeo
Filed: 3/12/2007
|
|
09500SB1656sam001 |
|
LRB095 04941 HLH 33283 a |
|
|
| 1 |
| AMENDMENT TO SENATE BILL 1656
|
| 2 |
| AMENDMENT NO. ______. Amend Senate Bill 1656 by replacing |
| 3 |
| everything after the enacting clause with the following:
|
| 4 |
| "Section 5. The Chicago Park District Act is amended by |
| 5 |
| changing Section 20a as follows:
|
| 6 |
| (70 ILCS 1505/20a) (from Ch. 105, par. 333.20a)
|
| 7 |
| Sec. 20a. Bonds; issuance; interest. Notwithstanding |
| 8 |
| anything to the
contrary in Section 20 of this Act, the Chicago |
| 9 |
| Park District is authorized to
issue from time to time bonds of |
| 10 |
| such district in the principal amount of
$84,000,000 for the |
| 11 |
| purpose of paying the cost of erecting, enlarging,
ornamenting, |
| 12 |
| building, rebuilding, rehabilitating and improving any |
| 13 |
| aquarium or
any museum or museums of art, industry, science or |
| 14 |
| natural or other history
located within any public park or |
| 15 |
| parks under the control of the Chicago Park
District, without |
|
|
|
09500SB1656sam001 |
- 2 - |
LRB095 04941 HLH 33283 a |
|
|
| 1 |
| submitting the question of issuing such bonds to the voters
of |
| 2 |
| the District.
|
| 3 |
| Notwithstanding anything to the contrary in Section 20 of |
| 4 |
| this Act, and in
addition to any other amount of bonds |
| 5 |
| authorized to be issued under this Act,
the Chicago Park |
| 6 |
| District is authorized to issue from time to time, before
|
| 7 |
| January 1, 2004, bonds of the district in the principal amount |
| 8 |
| of $128,000,000
for the purpose of paying the cost of erecting, |
| 9 |
| enlarging, ornamenting,
building, rebuilding, rehabilitating, |
| 10 |
| and improving any aquarium or any museum
or museums of art, |
| 11 |
| industry, science, or natural or other history located
within |
| 12 |
| any public park or parks under the control of the Chicago Park |
| 13 |
| District,
without submitting the question of issuing the bonds |
| 14 |
| to the voters of the
District. |
| 15 |
| On or after the effective date of this amendatory Act of |
| 16 |
| the 95th General Assembly, the Chicago Park District may issue |
| 17 |
| bonds under this Section only for the purpose of refunding or |
| 18 |
| refinancing its existing obligations under this Section.
|
| 19 |
| The bonds authorized under this Section shall be of such |
| 20 |
| denomination
or denominations, may be registerable as to |
| 21 |
| principal only, and shall
mature serially within a period of |
| 22 |
| not to exceed 20 years
or, for bonds issued after the effective |
| 23 |
| date of this amendatory Act of the
93rd General Assembly, |
| 24 |
| within a period
of not
to exceed 30 years, may be
redeemable |
| 25 |
| prior to maturity with or without premium at the option of the
|
| 26 |
| commissioners on such terms and conditions as the commissioners |
|
|
|
09500SB1656sam001 |
- 3 - |
LRB095 04941 HLH 33283 a |
|
|
| 1 |
| of the Chicago
Park District shall fix by the ordinance |
| 2 |
| authorizing the issuance of such
bonds. The bonds shall bear |
| 3 |
| interest at the rate of not to exceed that
permitted in "An Act |
| 4 |
| to authorize public corporations to issue bonds, other
|
| 5 |
| evidences of indebtedness and tax anticipation warrants |
| 6 |
| subject to interest
rate limitations set forth therein", |
| 7 |
| approved May 26, 1970, as now or hereafter
amended.
|
| 8 |
| Such bonds shall be executed for and on behalf of the Park |
| 9 |
| District
by such officers as shall be specified in the bond |
| 10 |
| ordinance, and one of
such officers may be authorized to |
| 11 |
| execute the bonds by his facsimile
signature, which officer |
| 12 |
| shall adopt as and for his official manual
signature the |
| 13 |
| facsimile signature as it appears upon the bonds.
|
| 14 |
| The ordinance authorizing the issuance of the bonds shall |
| 15 |
| provide for
the levy and collection, in each of the years any |
| 16 |
| of such bonds shall be
outstanding, a tax without limitation as |
| 17 |
| to rate or amount and in
addition to all other taxes upon all |
| 18 |
| the taxable property within the
corporate boundaries of the |
| 19 |
| Chicago Park District, sufficient to pay the
principal of and |
| 20 |
| the interest upon such bonds as the same matures and
becomes |
| 21 |
| due.
|
| 22 |
| A certified copy of the ordinance providing for the |
| 23 |
| issuance of the
bonds and the levying and collecting of the tax |
| 24 |
| to pay the same shall be
filed with the County Clerk of the |
| 25 |
| county in which the Chicago Park
District is located or with |
| 26 |
| the respective County Clerks of each county
in which the |
|
|
|
09500SB1656sam001 |
- 4 - |
LRB095 04941 HLH 33283 a |
|
|
| 1 |
| Chicago Park District is located. Such ordinance shall be
|
| 2 |
| irrevocable and upon receipt of the certified copy thereof the |
| 3 |
| County
Clerk or County Clerks, as the case may be, shall |
| 4 |
| provide for, assess
and extend the tax as therein provided upon |
| 5 |
| all the taxable property
located within the corporate |
| 6 |
| boundaries of the Chicago Park District, in
the same manner as |
| 7 |
| other park taxes by law shall be provided for,
assessed and |
| 8 |
| extended, and such taxes shall be collected and paid out in
the |
| 9 |
| same manner as other park taxes by law shall be collected and |
| 10 |
| paid.
|
| 11 |
| The interest on any unexpended proceeds of bonds issued |
| 12 |
| under this Section
shall be credited to the Chicago Park |
| 13 |
| District and shall be paid into the
District's general |
| 14 |
| corporate fund. The Chicago Park District may transfer
such |
| 15 |
| amount of interest from the general corporate fund to the |
| 16 |
| aquarium
and museum bond fund.
|
| 17 |
| The amount of the outstanding bonded indebtedness of the |
| 18 |
| Chicago Park
District issued under this Section shall not be |
| 19 |
| included in the bonded
indebtedness of the District in |
| 20 |
| determining whether or not the District
has exceeded its |
| 21 |
| limitation of 1/2 of 1% of the assessed valuation of
all |
| 22 |
| taxable property in the District as last equalized and |
| 23 |
| determined by
the Department of Revenue for the issuance of any |
| 24 |
| bonds authorized under the
provisions of Section 20 of this Act |
| 25 |
| without submitting the question to the
legal voters for |
| 26 |
| approval.
|