SB3184 EngrossedLRB097 19368 KMW 64621 b


  
1    AN ACT concerning local government.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  

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



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



7    Sec. 6-2. 
For the payment of land condemned or purchased 
8for parks
or boulevards, for the building, maintaining, 
9improving and protecting
of the same and for the payment of the 
10expenses incident thereto, or for
the acquisition of real 
11estate and lands to be used as a site for an
armory, or for the 
12refunding of its bonds which are payable solely from
the 
13revenues derived from the operation of any of its facilities, 
14any
park district is authorized to issue the bonds or notes of

15such park district and pledge its property and credit therefor 
16to an
amount including existing principal indebtedness of such 
17district so that the
aggregate principal indebtedness of such 
18district does not exceed 2.875% of the
value of the taxable 
19property therein, to be ascertained by the last
assessment for 
20state and county taxes previous to the issue from time to
time 
21of such bonds or notes, unless a petition, signed by voters in 
22number
equal to not less than 2% of the voters of the district, 
23who voted at the
last general election in the district, asking 
 
 
SB3184 Engrossed- 2 -LRB097 19368 KMW 64621 b

1that the authorized aggregate
principal indebtedness of the 
2district be increased to not more than 5.75%
of the value of 
3the taxable property therein, is presented to the board and

4such increase is approved by the voters of the district at a 
5referendum
held on the question, in which case such aggregate 
6principal indebtedness
may not exceed 5.75% of the value of the 
7taxable property in the district.
Notice of the referendum 
8shall be given and the referendum conducted in the
manner 
9provided by the general election law.  Bonds for airport 
10purposes
issued by a park district under Section 9-2b and bonds 
11issued by the Carol Stream Park District approved by referendum 
12at the February 2, 2010 general primary election are not 
13subject to the
percentage limitations imposed by this Section, 
14and shall not be considered
as part of the existing principal 
15indebtedness of that district for the
purposes of, this Section 
16or any other applicable statutory debt limitation.

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

  
 

18    Section 99. Effective date. This Act takes effect upon 
19becoming law.