SB3184 97TH GENERAL ASSEMBLY

LRB097 19368 KMW 64621 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB3184

Introduced 2/1/2012, by Sen. John J. Millner

SYNOPSIS AS INTRODUCED:

70 ILCS 1205/6-2

from Ch. 105, par. 6-2

Amends the Park District Code. Provides that bonds issued by the Carol Stream Park District approved by referendum at the February 2, 2010 general primary election are not subject to the certain percentage limitations imposed, and shall not be considered as part of the existing principal indebtedness of that district.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning local government.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Park District Code is amended by changing Section 6-2 as follows:

(70 ILCS 1205/6-2) (from Ch. 105, par. 6-2)

Sec. 6-2. For the payment of land condemned or purchased for parks or boulevards, for the building, maintaining, improving and protecting of the same and for the payment of the expenses incident thereto, or for the acquisition of real estate and lands to be used as a site for an armory, or for the refunding of its bonds which are payable solely from the revenues derived from the operation of any of its facilities, any park district is authorized to issue the bonds or notes of such park district and pledge its property and credit therefor to an amount including existing principal indebtedness of such district so that the aggregate principal indebtedness of such district does not exceed 2.875% of the value of the taxable property therein, to be ascertained by the last assessment for state and county taxes previous to the issue from time to time of such bonds or notes, unless a petition, signed by voters in number equal to not less than 2% of the voters of the district, who voted at the last general election in the district, asking that the authorized aggregate principal indebtedness of the district be increased to not more than 5.75% of the value of the taxable property therein, is presented to the board and such increase is approved by the voters of the district at a referendum held on the question, in which case such aggregate principal indebtedness may not exceed 5.75% of the value of the taxable property in the district. Notice of the referendum shall be given and the referendum conducted in the manner provided by the general election law. Bonds for airport purposes issued by a park district under Section 9-2b and bonds issued by the Carol Stream Park District approved by referendum at the February 2, 2010 general primary election are not subject to the percentage limitations imposed by this Section, and shall not be considered as part of the existing principal indebtedness of that district for the purposes of this Section.

(Source: P.A. 86-494.)