093_HB2618ham001

 










                                     LRB093 08292 MKM 11692 a

 1                    AMENDMENT TO HOUSE BILL 2618

 2        AMENDMENT NO.     .  Amend House Bill 2618  by  replacing
 3    everything after the enacting clause with the following:

 4        "Section  5.  The Chicago Park District Act is amended by
 5    changing Sections 20, 20a, and 21 as follows:

 6        (70 ILCS 1505/20) (from Ch. 105, par. 333.20)
 7        Sec. 20.  The Chicago  Park  District  is  authorized  to
 8    issue  the  bonds  of  such  district for the payment of land
 9    condemned or  purchased  for  park  or  boulevards,  for  the
10    building,  maintaining,  improving and protecting of such for
11    the   purpose   of   establishing,   acquiring,   completing,
12    enlarging, ornamenting, building,  rebuilding  and  improving
13    public  parks,  boulevards,  bridges,  subways,  viaducts and
14    approaches  thereto,  wharfs,  piers,  jetties,  air  landing
15    fields and basins, shore protection works,  pleasure  grounds
16    and  ways, walks, pathways, driveways, roadways, highways and
17    all public works, grounds, or improvements under the  control
18    of and within the jurisdiction of such park commissioners and
19    including the filling in of submerged lands for park purposes
20    and  constructing  all  buildings,  field  houses,  stadiums,
21    shelters,   conservatories,  museums,  service  shops,  power
22    plants,  structures,  playground   devices,   boulevard   and
 
                            -2-      LRB093 08292 MKM 11692 a
 1    building  lighting  systems  and  building all other types of
 2    permanent improvement and construction  necessary  to  render
 3    the  property  under  the  control of such park commissioners
 4    usable for the enjoyment thereof as public  parks,  parkways,
 5    boulevards  and  pleasure  ways  and  for  the payment of the
 6    expenses incident thereto, and may pledge  its  property  and
 7    credit therefor.
 8        Such  district  shall  not incur any bonded indebtedness,
 9    exclusive of outstanding indebtedness to  an  amount  in  the
10    aggregate  exceeding  2.3%  of  the assessed valuation of all
11    taxable property therein as last equalized and determined for
12    state  and  local  taxes  preceding  the  incurring  of  such
13    indebtedness. Bonds may be issued from time  to  time  to  an
14    amount   which   together   with   the   outstanding   bonded
15    indebtedness  of  such district, exclusive of bonds issued to
16    create a working  cash  fund,  will  not  exceed  1%  of  the
17    assessed  valuation  of  all taxable property therein as last
18    equalized and determined for state and local taxes  preceding
19    the issuance of such bonds without submitting the question to
20    the legal voters for approval.
21        Except  as  otherwise provided in this Section and except
22    for working cash fund bonds  issued and to  be  issued  under
23    Section 2 of "An Act authorizing the Chicago Park District to
24    provide for the creation, maintenance and administration of a
25    working cash fund", approved July 11, 1935, as amended, bonds
26    shall  not  be issued until the proposition to issue such has
27    been submitted to and approved by a  majority  of  the  legal
28    voters  of such park district voting upon the proposition, at
29    an election, after notice of such submission has  been  given
30    in the manner provided by the general election law.
31        Submission  of  any proposition of issuing bonds shall be
32    authorized by resolution to be adopted by  the  Chicago  Park
33    District commissioners, which shall designate the election at
34    which the question is to be submitted the amount of bonds and
 
                            -3-      LRB093 08292 MKM 11692 a
 1    purpose for which such bonds are to be issued.
 2        Any  proposition to issue bonds shall be certified by the
 3    Chicago Park District commissioners to  the  proper  election
 4    officials,  who  shall  submit that proposition in accordance
 5    with the general election law. The proposition  shall  be  in
 6    substantially the following form:
 7    -------------------------------------------------------------
 8        Shall bonds of the Chicago
 9    Park District to the amount of         YES
10    ........Dollars ($........) be     --------------------------
11    issued for the purpose of......        NO
12    ...............................?
13    -------------------------------------------------------------
14        Bonds  shall  be  issued  in the name of the Chicago Park
15    District in such form and denomination and shall  be  payable
16    at  such  place  and  time,  not exceeding 20 years from date
17    thereof or, for bonds issued  after  the  effective  of  this
18    Amendatory Act of the 93rd General Assembly, not exceeding 30
19    years  from  the date thereof, and may be redeemable prior to
20    maturity with  or  without  premium  at  the  option  of  the
21    commissioners,   as   such  commissioners  may  determine  by
22    ordinance duly adopted and the bonds shall be signed  by  the
23    president  and  attested by the secretary under the corporate
24    seal. After such advertising as the commissioners shall  deem
25    necessary,  the  bonds  shall  be sold at such price and upon
26    such terms as determined by the commissioners and which  will
27    not  cause  the net effective interest rate to be paid by the
28    Chicago Park District to exceed that permitted in "An Act  to
29    authorize public corporations to issue bonds, other evidences
30    of  indebtedness  and  tax  anticipation  warrants subject to
31    interest rate limitations set forth  therein",  approved  May
32    26,  1970,  as now or hereafter amended.  The validity of any
33    bond so executed shall remain  unimpaired,  although  one  or
34    more  of  the officers executing such shall have ceased to be
 
                            -4-      LRB093 08292 MKM 11692 a
 1    such officer or  officers  before  delivery  thereof  to  the
 2    purchaser.
 3        For  the  purpose of paying the principal of and interest
 4    upon such bonds, the Chicago Park District is  authorized  to
 5    levy  and have collected a direct annual tax upon all taxable
 6    property within its jurisdiction, in addition  to  all  other
 7    taxes  authorized  by law to be levied and collected for park
 8    purposes, sufficient to pay the interest on such bonds as  it
 9    falls due and to pay the principal thereof as it matures, and
10    the county clerk of the county in which such park district is
11    located  upon  receiving a certificate from the commissioners
12    that the amount set out in such certificate is  necessary  to
13    pay the interest on and principal of such bonds, shall assess
14    and  extend such amount upon the taxable property embraced in
15    such park district, the same as other park taxes are  by  law
16    assessed  and extended, and such taxes shall be collected and
17    paid over in like manner as other park taxes are required  by
18    law to be collected and paid.
19    (Source: P.A. 84-676.)

20        (70 ILCS 1505/20a) (from Ch. 105, par. 333.20a)
21        Sec.  20a.   Bonds;  issuance; interest.  Notwithstanding
22    anything to the contrary in  Section  20  of  this  Act,  the
23    Chicago  Park  District  is  authorized to issue from time to
24    time bonds of  such  district  in  the  principal  amount  of
25    $84,000,000  for  the purpose of paying the cost of erecting,
26    enlarging, ornamenting, building, rebuilding,  rehabilitating
27    and  improving  any aquarium or any museum or museums of art,
28    industry, science or natural or other history located  within
29    any  public  park  or  parks under the control of the Chicago
30    Park District, without submitting  the  question  of  issuing
31    such bonds to the voters of the District.
32        Notwithstanding anything to the contrary in Section 20 of
33    this  Act,  and  in  addition  to  any  other amount of bonds
 
                            -5-      LRB093 08292 MKM 11692 a
 1    authorized to be issued under  this  Act,  the  Chicago  Park
 2    District  is  authorized  to  issue from time to time, before
 3    January 1, 2004, bonds  of  the  district  in  the  principal
 4    amount  of $128,000,000 for the purpose of paying the cost of
 5    erecting,  enlarging,  ornamenting,   building,   rebuilding,
 6    rehabilitating,  and  improving any aquarium or any museum or
 7    museums of  art,  industry,  science,  or  natural  or  other
 8    history  located  within  any  public park or parks under the
 9    control of the Chicago Park District, without submitting  the
10    question of issuing the bonds to the voters of the District.
11        The  bonds authorized under this Section shall be of such
12    denomination or denominations,  may  be  registerable  as  to
13    principal  only, and shall mature serially within a period of
14    not to exceed  20  years  or,  for  bonds  issued  after  the
15    effective  date  of  this  amendatory Act of the 93rd General
16    Assembly, within a period of not to exceed 30 years,  may  be
17    redeemable  prior  to maturity with or without premium at the
18    option of the commissioners on such terms and  conditions  as
19    the  commissioners  of the Chicago Park District shall fix by
20    the ordinance authorizing the issuance  of  such  bonds.  The
21    bonds  shall  bear interest at the rate of not to exceed that
22    permitted in "An Act  to  authorize  public  corporations  to
23    issue   bonds,   other  evidences  of  indebtedness  and  tax
24    anticipation warrants subject to  interest  rate  limitations
25    set  forth  therein",  approved  May  26,  1970,  as  now  or
26    hereafter amended.
27        Such  bonds  shall  be  executed for and on behalf of the
28    Park District by such officers as shall be specified  in  the
29    bond ordinance, and one of such officers may be authorized to
30    execute  the  bonds by his facsimile signature, which officer
31    shall adopt as and for  his  official  manual  signature  the
32    facsimile signature as it appears upon the bonds.
33        The ordinance authorizing the issuance of the bonds shall
34    provide for the levy and collection, in each of the years any
 
                            -6-      LRB093 08292 MKM 11692 a
 1    of  such bonds shall be outstanding, a tax without limitation
 2    as to rate or amount and in addition to all other taxes  upon
 3    all  the  taxable property within the corporate boundaries of
 4    the Chicago Park District, sufficient to pay the principal of
 5    and the interest upon such bonds  as  the  same  matures  and
 6    becomes due.
 7        A  certified  copy  of  the  ordinance  providing for the
 8    issuance of the bonds and the levying and collecting  of  the
 9    tax  to  pay the same shall be filed with the County Clerk of
10    the county in which the Chicago Park District is  located  or
11    with the respective County Clerks of each county in which the
12    Chicago  Park  District  is  located. Such ordinance shall be
13    irrevocable and upon receipt of the  certified  copy  thereof
14    the  County Clerk or County Clerks, as the case may be, shall
15    provide for, assess and extend the tax  as  therein  provided
16    upon  all  the  taxable property located within the corporate
17    boundaries of the Chicago Park District, in the  same  manner
18    as  other  park  taxes by law shall be provided for, assessed
19    and extended, and such taxes shall be collected and paid  out
20    in  the  same  manner  as  other  park  taxes by law shall be
21    collected and paid.
22        The interest on any unexpended proceeds of  bonds  issued
23    under  this  Section  shall  be  credited to the Chicago Park
24    District and  shall  be  paid  into  the  District's  general
25    corporate  fund.  The Chicago Park District may transfer such
26    amount of interest from the general  corporate  fund  to  the
27    aquarium and museum bond fund.
28        The  amount of the outstanding bonded indebtedness of the
29    Chicago Park District issued under this Section shall not  be
30    included  in  the  bonded  indebtedness  of  the  District in
31    determining whether or not  the  District  has  exceeded  its
32    limitation  of  1/2  of  1%  of the assessed valuation of all
33    taxable property  in  the  District  as  last  equalized  and
34    determined  by  the Department of Revenue for the issuance of
 
                            -7-      LRB093 08292 MKM 11692 a
 1    any bonds authorized under the provisions of  Section  20  of
 2    this  Act without submitting the question to the legal voters
 3    for approval.
 4    (Source: P.A. 88-503.)

 5        (70 ILCS 1505/21) (from Ch. 105, par. 333.21)
 6        Sec. 21. The commissioners of the Chicago Park  District,
 7    without  submitting  the  question  to  the  legal voters for
 8    approval, are authorized to issue negotiable coupon bonds  to
 9    refund   and/or  fund  outstanding  indebtedness  hereinafter
10    described of the several park districts which were superseded
11    by it, together with accrued interest and interest  on  bonds
12    after their maturity, on such indebtedness as is evidenced by
13    bonds.
14        Refunding  and/or  funding  bonds  of  a  superseded park
15    district shall be issued by the Chicago Park District for and
16    on behalf of such  superseded  park  district  and  shall  be
17    payable  from  taxes  levied upon the taxable property within
18    the territory of such superseded park district.
19        Such indebtedness as is evidenced by bonds of  superseded
20    park  districts  issued  for  proper  corporate  purposes  is
21    described as follows:
22                                                   Total of bonds
23    Name of Park District                             outstanding
24    Albany......................................   $   568,000.00
25    Calumet.....................................        82,000.00
26    Edison......................................        88,666.67
27    Fernwood....................................        95,000.00
28    Forest Glen.................................         7,000.00
29    Hollywood...................................        99,000.00
30    Irving......................................     1,598,000.00
31    Jefferson...................................       876,000.00
32    Lincoln.....................................    18,534,000.00
33    North Shore.................................       692,000.00
 
                            -8-      LRB093 08292 MKM 11692 a
 1    Northwest...................................     4,518,000.00
 2    Norwood.....................................       171,000.00
 3    Old Portage.................................     1,392,000.00
 4    Ravenswood..................................        22,000.00
 5    Ridge Avenue................................       373,000.00
 6    Ridge.......................................       892,500.00
 7    River.......................................     1,387,500.00
 8    Sauganash...................................        83,000.00
 9    South.......................................    48,267,000.00
10    West Chicago................................    14,273,338.87
11    West Pullman................................        46,000.00
12                                                   ..............
13        Total                                      $94,065,005.54
14        Indebtedness  in  the  amount  of $3,137,045 evidenced by
15    bonds and interest coupons of Lincoln Park District that were
16    paid at maturity from bond and/or corporate  funds  to  avoid
17    default  thereof  which  bonds  and interest coupons have not
18    been cancelled and such funds have not been reimbursed.
19        Indebtedness as of May 1, 1934  represented  by  unfunded
20    and   floating   obligations  of  superseded  park  districts
21    incurred  for  proper  corporate  purposes  is  described  as
22    follows:
23                                                Total of unfunded
24    Name of Park District                            indebtedness
25    Albany..................................        $   21,130.81
26    Calumet.................................             3,255.86
27    Forest Glen.............................               643.55
28    Hollywood...............................            17,815.98
29    Jefferson...............................               861.23
30    Lincoln.................................            46,983.02
31    North Shore.............................            52,014.06
32    Northwest...............................           370,561.10
33    Norwood.................................             1,148.47
34    Old Portage.............................               839.65
 
                            -9-      LRB093 08292 MKM 11692 a
 1    Ridge Avenue............................             1,032.97
 2    Ridge...................................             5,000.00
 3    River...................................             5,113.68
 4    Sauganash...............................               974.32
 5    South...................................           113,132.57
 6    West....................................         1,518,393.78
 7    West Pullman............................               249.80
 8                                                   ..............
 9        Total                                       $2,159,150.85
10        Indebtedness   existing   by   reason   of   unauthorized
11    expenditure of money from special funds of West Chicago  Park
12    District  and  which funds have not been reimbursed described
13    as follows:
14    Employees Annuity and Benefit Fund................$593,135.25
15    Park Policemen's Annuity and Benefit Fund..........$11,084.38
16    Public Benefit Fund...............................$371,769.47
17    Additional Land Fund..............................$107,182.79
18    Special Assessment Fund...........................$492,867.28
19        Indebtedness of the Northwest Park District in the amount
20    of  $1,283,876.09  existing   by   reason   of   unauthorized
21    expenditure for corporate purposes of money received from the
22    proceeds  of  the  sale of its bonds issued and sold for park
23    improvements.
24        Refunding bonds may be issued to refund any of said bonds
25    prior to their maturity; to refund any  of  said  bonds  that
26    have  matured;  to  refund  any  matured  coupons  evidencing
27    interest  on  any  of said bonds; to refund any of said bonds
28    which  by  their  terms  are  subject  to  redemption  before
29    maturity; to refund any of said bonds  and  interest  coupons
30    that  were  paid at maturity from bond and/or corporate funds
31    to avoid  default  thereof  where  such  bonds  and  interest
32    coupons  shall  not  have been cancelled and such funds shall
33    not have been reimbursed;  and  to  refund  interest  at  the
34    coupon  rate  upon any of said matured bonds that has accrued
 
                            -10-     LRB093 08292 MKM 11692 a
 1    since the maturity date thereof.
 2        The refunding of bonds, of  interest  coupons  and/or  of
 3    interest  not represented by coupons may be authorized by one
 4    ordinance or by several ordinances.
 5        Refunding bonds may be exchanged on the basis of par  for
 6    par for the bonds, interest not represented by coupons and/or
 7    interest  coupons refunded, or refunding bonds may be sold at
 8    not less than their par value and the proceeds received shall
 9    be used to pay the bonds, interest not represented by coupons
10    and/or interest coupons refunded; such payment  may  be  made
11    without any prior appropriation thereof under any budget law.
12        Bonds  and  interest  coupons refunded shall be cancelled
13    and interest not represented by coupons  shall  be  cancelled
14    and payment thereof evidenced by written acknowledgment.
15        Funding  bonds  may  be  issued  to fund the floating and
16    unfunded indebtedness of the superseded park districts and to
17    reimburse the special funds of the West Chicago Park District
18    and the bond proceeds fund of  the  Northwest  Park  District
19    hereinabove described.
20        Funding  bonds  may  be exchanged on the basis of par for
21    par for the indebtedness funded or reimbursed or the  funding
22    bonds  may  be  sold at not less than their par value and the
23    proceeds  received  shall  be  used  to  pay  such   floating
24    indebtedness  and/or  to  reimburse  such special funds; such
25    payment may be made without any prior  appropriation  thereof
26    under any budget law.
27        Floating  indebtedness  funded  shall  be  cancelled  and
28    payment  thereof  and reimbursement of special funds shall be
29    evidenced by written acknowledgment.
30        Refunding and/or funding bonds  shall  be  authorized  by
31    ordinance  and  may  be made registerable as to principal and
32    shall be of the form and denomination, payable at  the  place
33    and  bear such date as may be determined by the commissioners
34    and shall mature within not to exceed 20  twenty  years  from
 
                            -11-     LRB093 08292 MKM 11692 a
 1    their  date  or, for bonds issued after the effective date of
 2    this amendatory Act of the 93rd General Assembly, within  not
 3    to  exceed 30 years from their date, but may be made callable
 4    on any interest payment date at the price of par and  accrued
 5    interest  after  notice  shall  be  given  by  publication or
 6    otherwise and at the time or times and in the manner  as  may
 7    be  provided  in  the  bond  ordinance.  Such  bonds may bear
 8    interest at the rate of not to exceed six per cent per  annum
 9    payable at the time and place provided in the bond ordinance.
10        The  ordinance  authorizing such refunding and/or funding
11    bonds of any superseded park  district  shall  prescribe  all
12    details thereof and shall provide for the levy and collection
13    of  an  annual  tax  upon all the taxable property within the
14    superseded park district  sufficient  to  pay  the  principal
15    thereof and interest thereon as it matures which tax shall be
16    in  addition  to  and  exclusive  of the maximum of all other
17    taxes authorized to be levied by said commissioners.
18        A duly certified copy of  the  bond  ordinance  shall  be
19    filed  in  the  office of the County Clerk of Cook County and
20    shall constitute authority for the extension  and  collection
21    of   such   bond  and  interest  taxes  as  required  by  the
22    constitution.
23        Refunding and  funding  bonds  shall  be  signed  by  the
24    facsimile  signature  of the president with like effect as if
25    signed with his genuine signature and shall be signed by such
26    other officers  of  the  Chicago  Park  District  as  may  be
27    designated in the bond ordinance.
28        The  validity  of  any  refunding and funding bonds shall
29    remain unimpaired  although  one  or  more  of  the  officers
30    executing  same  shall  have  ceased  to  be  such officer or
31    officers before delivery thereof.
32        Prior to the maturity of  the  refunding  and/or  funding
33    bonds, after setting aside a sum of money equal to the amount
34    of  interest  that  will  accrue  thereon within the next six
 
                            -12-     LRB093 08292 MKM 11692 a
 1    months period from the time it is proposed to purchase and/or
 2    redeem any  such  refunding  and/or  funding  bonds,  or  the
 3    commissioners  may require that said sum of money be equal to
 4    the amount of interest that will so accrue  within  the  next
 5    twelve  months  period,  the  treasurer  of  the Chicago Park
 6    District shall use the money available from the  proceeds  of
 7    taxes  levied for the payment of the refunding and/or funding
 8    bonds, first,  in  the  purchase  of  such  refunding  and/or
 9    funding  bonds  at  the  lowest  price obtainable, but not to
10    exceed their par value and  accrued  interest,  after  sealed
11    tenders  for  such purchase shall have been advertised for as
12    may be directed by the commissioners thereof  and  thereafter
13    such  money  shall  be  used by said official in calling said
14    bonds for payment, if, by their terms, they  are  subject  to
15    redemption.
16        Refunding  and  funding bonds called for payment and paid
17    or purchased shall be marked paid and cancelled.
18        Whenever refunding or funding bonds are purchased  and/or
19    redeemed  and  cancelled, the taxes thereafter to be extended
20    for payment of interest shall be reduced in an  amount  equal
21    to  the interest that thereafter would have accrued upon such
22    refunding and funding bonds so  cancelled  and  a  resolution
23    shall  be adopted by the commissioners finding such facts and
24    a certified copy thereof shall be filed in the office of  the
25    county clerk of Cook County whereupon it shall be the duty of
26    such  official  to  reduce  and  extend  such  tax  levies in
27    accordance therewith.
28        After  bonds  are  refunded  proper  reduction  of  taxes
29    theretofore levied for the payment of the bonds refunded  and
30    next  to  be  extended  for  collection  shall be made by the
31    County Clerk upon receipt of  a  certificate  signed  by  the
32    secretary  of  the Chicago Park District describing the bonds
33    refunded and amount thereof and the tax to be abated.
34        Money available from uncollected taxes levied  for  prior
 
                            -13-     LRB093 08292 MKM 11692 a
 1    years  for payment of bonds and/or interest coupons that have
 2    been paid or refunded, after payment of all warrants that may
 3    have been issued in  anticipation  of  such  taxes  shall  be
 4    placed in the Sinking Fund Account hereinafter designated and
 5    used to purchase, call for payment or to pay at maturity such
 6    refunding bonds and interest thereon as herein provided.
 7        Money  received from the proceeds of taxes levied for the
 8    payment of principal of and interest upon such refunding  and
 9    funding  bonds  shall  be deposited in the depositary bank or
10    savings and loan association of the Chicago Park District  in
11    a  special  account  designated as "Chicago Park District and
12    Superseded Park Districts  Bond  and  Interest  Sinking  Fund
13    Account."  Said  money  shall  be  faithfully  applied to the
14    payment of the refunding and/or funding  bonds  and  interest
15    thereon for which such taxes were levied.
16        If  such  money  is  not  immediately  necessary  for the
17    payment or redemption of refunding and/or funding bonds or if
18    such bonds cannot be purchased  before  maturity,  then  said
19    money   may   be   invested   under   the  direction  of  the
20    commissioners in bonds or other interest bearing  obligations
21    of the United States and bonds of the State of Illinois.
22        The  maturity  date  of  the invested securities shall be
23    prior to the due date of the refunding and/or  funding  bonds
24    for  the  payment  of  which  said  money was collected. Such
25    securities may be sold when ordered by the  commissioners  if
26    necessary to obtain cash to meet bond and interest payments.
27        The  commissioners  of  the  Chicago  Park  District  are
28    authorized to take any action that may be necessary to inform
29    the   owners   of   such   outstanding   bonds  and  floating
30    indebtedness of the financial  condition  of  the  superseded
31    park   districts   and   the   necessity  of  refunding  said
32    outstanding  bonds  and  readjusting  their  maturities   and
33    funding  such  floating indebtedness in order that sufficient
34    taxes  may  be  collected  to  take  care  of  all  financial
 
                            -14-     LRB093 08292 MKM 11692 a
 1    obligations.  Said  commissioners   may   enter   into   such
 2    agreements as may be deemed essential to prepare and complete
 3    any  refunding  and  funding plan and are authorized, without
 4    previous appropriation therefor  under  any  budget  law,  to
 5    incur  and  pay  from any available revenues all expenditures
 6    necessary to complete the refunding of  such  bonds  and  the
 7    funding  of such floating indebtedness of the superseded park
 8    districts and reestablish the  credit  of  the  Chicago  Park
 9    District.
10        The  outstanding  indebtedness  of the several superseded
11    park districts as evidenced by  their  official  records  and
12    described  in  this  section  is declared to be the legal and
13    binding obligation of said several superseded park  districts
14    in  the  amounts  therein  described,  respectively, and when
15    refunding and/or funding bonds shall have been issued in lieu
16    thereof, such bonds will constitute  the  legal  and  binding
17    obligation  of  the  superseded park districts, respectively,
18    for the payment of which all taxable property therein will be
19    liable.
20        Nothing herein contained shall prevent the  commissioners
21    of the Chicago Park District from accepting the provisions of
22    and  issuing  funding  and  refunding  bonds  under  "An  Act
23    authorizing  the  Chicago  Park District to assume and become
24    liable for the payment of certain indebtedness of  superseded
25    park  districts  and to issue its bonds to refund and/or fund
26    same, legalizing such indebtedness and providing for the levy
27    and collection of taxes  for  the  payment  of  such  bonds,"
28    enacted at the regular session of the 59th General Assembly.
29    (Source: P.A. 83-541.)

30        Section  10.  The Chicago Park District Working Cash Fund
31    Act is amended by changing Section 2 as follows:

32        (70 ILCS 1510/2) (from Ch. 105, par. 333.25)
 
                            -15-     LRB093 08292 MKM 11692 a
 1        Sec. 2.  For the purpose of creating  such  working  cash
 2    fund  the commissioners of the Chicago Park District, without
 3    the submission thereof to the voters for approval, may  incur
 4    an  indebtedness and issue bonds therefor in an amount not to
 5    exceed $40,000,000 in addition to  bonds  in  the  amount  of
 6    $25,000,000  heretofore  authorized, and in addition to bonds
 7    in  the  amounts  of  $5,000,000  and  $7,000,000  heretofore
 8    authorized, and issued for that purpose. Bonds in the  amount
 9    of  not to exceed $40,000,000 may be sold in any one year and
10    if such maximum amount shall not be so sold in the first year
11    the balance thereof may be sold in any year thereafter at the
12    discretion of the commissioners.
13        Such bonds shall be authorized by ordinance and shall  be
14    of  the  form and denomination, payable at the place and bear
15    such date as may be determined by the commissioners and shall
16    mature within not to exceed 20 years from their date or,  for
17    bonds  issued after the effective date of this amendatory Act
18    of the 93rd General Assembly, within not to exceed  30  years
19    from  their  date,  but  may be made callable on any interest
20    payment date at the price of par and accrued  interest  after
21    notice  shall be given by publication or otherwise and at the
22    time or times and in the manner as may  be  provided  in  the
23    bond ordinance.
24        Such  bonds  may  be registered as to principal and shall
25    bear interest at the rate of not more than that permitted  in
26    "An  Act  to  authorize  public  corporations to issue bonds,
27    other evidences of indebtedness and tax anticipation warrants
28    subject to interest  rate  limitations  set  forth  therein",
29    approved  May  26,  1970,  as  now or hereafter amended, such
30    interest to be payable at such time and  place  and  in  such
31    manner as may be provided in the bond ordinance.
32        The bonds may be signed by the facsimile signature of the
33    President  with  like  effect  as  if signed with his genuine
34    signature and shall be signed by such other officers  of  the
 
                            -16-     LRB093 08292 MKM 11692 a
 1    Chicago  Park  District  as  may  be  designated  in the bond
 2    ordinance.
 3        The validity of any bond shall remain unimpaired although
 4    one or more of the officers executing same shall have  ceased
 5    to be such officer or officers before delivery thereof.
 6        Such  bonds  may  be  sold  for such price and after such
 7    advertising  as  shall  be  approved  and  directed  by   the
 8    commissioners.
 9        Money  received  from  the  proceeds  of taxes levied for
10    payment of principal of and interest upon such bonds shall be
11    deposited  in  a  special  fund  of  such  municipality   and
12    designated  as "Bond and Interest Sinking Fund Account of the
13    Chicago Park District." Said fund shall be faithfully applied
14    to the payment of the bonds and interest  thereon  for  which
15    such taxes were levied.
16        If  such  money  is  not  immediately  necessary  for the
17    payment of said bonds or if the  bonds  cannot  be  purchased
18    before  maturity  then  said  money may be invested under the
19    direction of the commissioners in  bonds  or  other  interest
20    bearing  obligations  of  the  United  States or bonds of the
21    State of Illinois.
22        The maturity date of the  invested  securities  shall  be
23    prior  to  the due date of the bonds for the payment of which
24    said money was collected. Such securities may  be  sold  when
25    ordered  by the commissioners if necessary to obtain money to
26    meet bond and interest payments.
27        Prior to the maturity of the bonds, after setting aside a
28    sum of money equal to the amount of interest that will accrue
29    thereon within the next 6 months period from the time  it  is
30    proposed  to  purchase  and/or  redeem any such bonds, or the
31    commissioners may require that said sum of money be equal  to
32    the amount of interest that will so accrue within the next 12
33    months  period,  the treasurer of the park district shall use
34    the money available from the proceeds of taxes levied for the
 
                            -17-     LRB093 08292 MKM 11692 a
 1    payment of the bonds first, in the purchase of such bonds  at
 2    the  lowest  price  obtainable,  but  not to exceed their par
 3    value and accrued interest, after  sealed  tenders  for  such
 4    purchase shall have been advertised for as may be directed by
 5    the  commissioners and thereafter such money shall be used by
 6    said official in calling said bonds for payment according  to
 7    their terms of redemption.
 8        Bonds  called  for payment and paid or purchased shall be
 9    marked paid and cancelled.
10        Whenever any bonds are so purchased and/or  redeemed  and
11    cancelled, the taxes thereafter to be extended for payment of
12    interest  shall  be  reduced  in  the amount of interest that
13    would have thereafter accrued upon such bonds  so  cancelled,
14    and  a  resolution  shall  be  adopted  by  the commissioners
15    finding such facts and a  certified  copy  thereof  shall  be
16    filed in the office of the county clerk whereupon it shall be
17    the  duty of such official to reduce and extend such taxes in
18    accordance therewith.
19        The ordinance authorizing said bonds shall prescribe  all
20    details thereof and shall provide for the levy and collection
21    of  a  direct annual tax upon all the taxable property within
22    said Chicago Park District sufficient  to  pay  the  interest
23    upon  and the principal of said bonds as the same become due,
24    which tax shall be  in  addition  to  and  exclusive  of  the
25    maximum  of  all  other taxes authorized to be levied by said
26    park district.
27        A copy of the bond  ordinance  duly  certified  shall  be
28    filed  in  the  office of the County Clerk of Cook County and
29    shall constitute authority for the extension  and  collection
30    of   such   bond  and  interest  taxes  as  required  by  the
31    constitution.
32    (Source: P.A. 83-972.)

33        Section 15.  The Chicago Park  District  Debt  Assumption
 
                            -18-     LRB093 08292 MKM 11692 a
 1    Act is amended by changing Section 4 as follows:

 2        (70 ILCS 1515/4) (from Ch. 105, par. 333.32)
 3        Sec.   4.   Refunding   and/or  funding  bonds  shall  be
 4    authorized by ordinance and may be made  registerable  as  to
 5    principal  and shall be of the form and denomination, payable
 6    at the place and bear such date as may be determined  by  the
 7    commissioners and shall mature within not to exceed 20 twenty
 8    years  from  their  date  or,  for  bonds  issued  after  the
 9    effective  date  of  this  amendatory Act of the 93rd General
10    Assembly, within not to exceed 30 years from their date,  but
11    may  be  made  callable  on  any interest payment date at the
12    price of par and accrued interest after notice shall be given
13    by publication or otherwise and at the time or times  and  in
14    the  manner  as  may  be provided in the bond ordinance. Such
15    bonds may bear interest at the rate of not to exceed six  per
16    cent  per annum payable at the time and place provided in the
17    bond ordinance.
18        The ordinance authorizing such refunding  and/or  funding
19    bonds  shall  prescribe all details thereof and shall provide
20    for the levy and collection of an annual  tax  upon  all  the
21    taxable  property within the Chicago Park District sufficient
22    to pay the principal  thereof  and  interest  thereon  as  it
23    matures  which  tax  shall be in addition to and exclusive of
24    the maximum of all other taxes authorized  to  be  levied  by
25    said commissioners.
26        A  duly  certified  copy  of  the bond ordinance shall be
27    filed in the office of the County Clerk of  Cook  County  and
28    shall  constitute  authority for the extension and collection
29    of  such  bond  and  interest  taxes  as  required   by   the
30    constitution.
31        Refunding  and  funding  bonds  shall  be  signed  by the
32    facsimile signature of the president with like effect  as  if
33    signed with his genuine signature and shall be signed by such
 
                            -19-     LRB093 08292 MKM 11692 a
 1    other  officers  of  the  Chicago  Park  District  as  may be
 2    designated in the bond ordinance.
 3        The validity of any refunding  and  funding  bonds  shall
 4    remain  unimpaired  although  one  or  more  of  the officers
 5    executing same shall  have  ceased  to  be  such  officer  or
 6    officers before delivery thereof.
 7    (Source: Laws 1935, p. 1012.)

 8        Section 20.  The Chicago Park District Bond (1935) Act is
 9    amended by changing Section 1 as follows:

10        (70 ILCS 1520/1) (from Ch. 105, par. 333.38)
11        Sec.  1.  The  commissioners of the Chicago Park District
12    without submission of the question to the voters for approval
13    may incur indebtedness and issue bonds therefor in the amount
14    of not to exceed $6,000,000 for the purchase of any  and  all
15    real  estate,  riparian  estates  or  rights,  and  all other
16    property  required  or  needed  for  any  such  park  or  for
17    parkways,  driveways,  or  boulevards,  or   for   extending,
18    adorning,  or  maintaining  the  same,  for  the  purpose  of
19    establishing,  acquiring, completing, enlarging, ornamenting,
20    building, rebuilding and improving public parks,  boulevards,
21    bridges,  subways,  viaducts  and approaches thereto, wharfs,
22    piers,  jetties,  air  landing  fields  and   basins,   shore
23    protection works, pleasure grounds and ways, walks, pathways,
24    driveways,  roadways,  highways and all public works, grounds
25    or  improvements  under  the  control  of  and   within   the
26    jurisdiction  of  such  park  commissioners and including the
27    filling  in  of  submerged  land  for   park   purposes   and
28    constructing all buildings, field houses, stadiums, shelters,
29    conservatories,   museums,   service   shops,  power  plants,
30    structures,  playground  devices,  boulevard   and   building
31    lighting  systems  and  building all other types of permanent
32    improvement and construction necessary to render the property
 
                            -20-     LRB093 08292 MKM 11692 a
 1    under the control of said park commissioners usable  for  the
 2    enjoyment  thereof  as public parks, parkways, boulevards and
 3    pleasureways.
 4        Provided, however, such bonds may be  authorized,  issued
 5    and sold only in case the bonds are purchased by an agency of
 6    the  United States of America in connection with the grant of
 7    money from the Federal government to be used  in  making  any
 8    such park improvements.
 9        Such  bonds shall be authorized by ordinance and shall be
10    in form and denomination, payable at the place and bear  such
11    date  as  may  be  determined  by the commissioners and shall
12    mature within not to exceed 20 twenty years from  their  date
13    or,  for  bonds  issued  after  the  effective  date  of this
14    amendatory Act of the 93rd General Assembly,  within  not  to
15    exceed  30 years from their date, but may be made callable on
16    any interest payment date at the price  of  par  and  accrued
17    interest  after  notice  shall  be  given  by  publication or
18    otherwise and at the time or times and in the manner  as  may
19    be provided in the bond ordinance.
20        Such  bonds  may be made registerable as to principal and
21    shall bear interest at the rate of not to exceed six per cent
22    per annum, such interest to be payable at such time and place
23    and in such manner as may be provided in the bond  ordinance.
24    Bonds  may  be  signed  by  the  facsimile  signature  of the
25    president with like  effect  as  if  signed  by  his  genuine
26    signature  and  shall be signed by such other officers of the
27    park district as may be designated in the bond ordinance.
28        The  validity  of  any  bonds  shall  remain   unimpaired
29    although  one  or  more  of the officers executing same shall
30    have ceased to be such officer or  officers  before  delivery
31    thereof.
32        The  bonds  may  be sold only as in this section provided
33    for such price and upon such terms as shall be  approved  and
34    directed by the commissioners.
 
                            -21-     LRB093 08292 MKM 11692 a
 1    (Source: Laws 1935, p. 1019.)

 2        Section 25.  The Chicago Park District Bond (1965) Act is
 3    amended by changing Section 1 as follows:

 4        (70 ILCS 1525/1) (from Ch. 105, par. 333.43b)
 5        Sec.  1.  The  commissioners of the Chicago Park District
 6    without submission of the question to the voters for approval
 7    may incur indebtedness and issue bonds therefor in the amount
 8    of not to exceed $10,000,000 for the payment of any  and  all
 9    real   estate,  riparian  estates  or  rights,  condemned  or
10    purchased for parks or boulevards,  and  all  other  property
11    required  or  needed for any park or for parkways, driveways,
12    or boulevards, or for extending, adorning, or maintaining the
13    same, for the purpose of establishing, acquiring, completing,
14    enlarging, ornamenting, building,  rebuilding  and  improving
15    public  parks,  boulevards,  bridges,  subways,  viaducts and
16    approaches  thereto,  wharfs,  piers,  jetties,  air  landing
17    fields and basins, shore protection works,  pleasure  grounds
18    and  ways, walks, pathways, driveways, roadways, highways and
19    all public works, grounds or improvements under  the  control
20    of and within the jurisdiction of such park commissioners and
21    including  the filling in of submerged land for park purposes
22    and  constructing  all  buildings,  field  houses,  stadiums,
23    shelters,  conservatories,  museums,  service  shops,   power
24    plants,   structures,   playground   devices,  boulevard  and
25    building lighting systems and building  all  other  types  of
26    permanent  improvement  and  construction necessary to render
27    the property under the control  of  said  park  commissioners
28    usable  for  the enjoyment thereof as public parks, parkways,
29    boulevards and pleasureways.
30        Such bonds shall be authorized by ordinance and shall  be
31    in  form and denomination, payable at the place and bear such
32    date as may be determined  by  the  commissioners  and  shall
 
                            -22-     LRB093 08292 MKM 11692 a
 1    mature  within  not to exceed 20 twenty years from their date
 2    or, for  bonds  issued  after  the  effective  date  of  this
 3    amendatory  Act  of  the 93rd General Assembly, within not to
 4    exceed 30 years from their date, but may be made callable  on
 5    any  interest  payment  date  at the price of par and accrued
 6    interest after  notice  shall  be  given  by  publication  or
 7    otherwise  and  at the time or times and in the manner as may
 8    be provided in the bond ordinance.
 9        Such bonds may be made registerable as to  principal  and
10    shall bear interest at the rate of not to exceed six per cent
11    per annum, such interest to be payable at such time and place
12    and  in such manner as may be provided in the bond ordinance.
13    Bonds may  be  signed  by  the  facsimile  signature  of  the
14    president  with  like  effect  as  if  signed  by his genuine
15    signature and shall be signed by such other officers  of  the
16    park district as may be designated in the bond ordinance.
17        The   validity  of  any  bonds  shall  remain  unimpaired
18    although one or more of the  officers  executing  same  shall
19    have  ceased  to  be such officer or officers before delivery
20    thereof.
21        The bonds shall be sold for not less than par and accrued
22    interest upon such terms as shall be approved and directed by
23    the commissioners.
24    (Source: Laws 1965, p. 1821.)

25        Section  30.   The   Chicago   Park   District   Judgment
26    Indebtedness  Bond  Act  is  amended by changing Section 1 as
27    follows:

28        (70 ILCS 1540/1) (from Ch. 105, par. 333.46)
29        Sec.  1.   The  Chicago  Park   District,   without   the
30    submission  thereof to the voters for approval, is authorized
31    to issue bonds in an amount not to exceed $1,100,000  to  pay
32    judgment indebtedness based upon the order or judgment of any
 
                            -23-     LRB093 08292 MKM 11692 a
 1    court  of competent jurisdiction heretofore entered; provided
 2    bonds shall not be issued to pay any judgments  rendered  for
 3    money  due  upon  unpaid  claims  for  services rendered, for
 4    supplies, or for materials.
 5        Such bonds shall be authorized by ordinance and shall  be
 6    of  the form and denomination, payable at the place, and bear
 7    such date as may be determined by the Board of  Commissioners
 8    of  the Chicago Park District, and shall mature within not to
 9    exceed twenty (20) years from their date or, for bonds issued
10    after the effective date of this amendatory Act of  the  93rd
11    General  Assembly,  within  not to exceed 30 years from their
12    date, but may be made callable on any interest  payment  date
13    at  the  price of par and accrued interest after notice shall
14    be given by publication or otherwise and at the time or times
15    and in the manner as may be provided in the bond ordinance.
16        Such bonds may be registerable as to principal and  shall
17    bear  interest  at  a  rate of not to exceed the maximum rate
18    authorized by the Bond Authorization Act, as amended  at  the
19    time  of  the  making  of  the  contract, such interest to be
20    payable at such time and place and in such manner as  may  be
21    provided in the bond ordinance.
22        The bonds may be signed by the facsimile signature of the
23    President  with  like  effect  as  if signed with his genuine
24    signature and shall be signed by such other officers  of  the
25    Chicago  Park  District  as  may  be  designated  in the bond
26    ordinance.
27        The validity of any bond shall remain unimpaired although
28    one or more of the officers executing  the  same  shall  have
29    ceased  to  be  such  officer  or  officers  before  delivery
30    thereof.
31        Such  bonds  may  be  sold at not less than par and after
32    such advertising as shall be approved  and  directed  by  the
33    Board of Commissioners.
34        Money  received from the proceeds of taxes levied for the
 
                            -24-     LRB093 08292 MKM 11692 a
 1    payment of principal of and interest upon said bonds shall be
 2    deposited  in  a  special  fund  of  such  municipality   and
 3    designated  as  "Judgment  Bond  and  Interest  Sinking  Fund
 4    Account  of  the  Chicago  Park District." Said fund shall be
 5    faithfully applied to the payment of the bonds  and  interest
 6    thereon for which such taxes were levied.
 7        If  such  money  is  not  immediately  necessary  for the
 8    payment of said bonds or if the  bonds  cannot  be  purchased
 9    before  maturity,  then  said money may be invested under the
10    direction of the Board of Commissioners  in  bonds  or  other
11    interest bearing obligations of the United States or bonds of
12    the State of Illinois.
13        The  maturity  date  of  the invested securities shall be
14    prior to the due date of the bonds for the payment  of  which
15    said  money  was  collected. Such securities may be sold when
16    ordered by the Commissioners if necessary to obtain money  to
17    meet bond and interest payments.
18        Bonds  called for payment and paid and purchased shall be
19    marked paid and cancelled.
20        Whenever any bonds are so purchased and/or  redeemed  and
21    cancelled the taxes thereafter to be extended for the payment
22    of  interest  shall be reduced in the amount of interest that
23    would have thereafter accrued upon such  bonds  so  cancelled
24    and   a   resolution   shall  be  adopted  by  the  Board  of
25    Commissioners finding such facts and a certified copy thereof
26    shall be filed in the office of the County  Clerk,  whereupon
27    it  shall  be  the duty of such official to reduce and extend
28    such taxes in accordance therewith.
29        The ordinance authorizing said bonds shall prescribe  all
30    details  thereof  and  designate the judgment to be paid, and
31    shall provide for the levy and collection of a direct  annual
32    tax  upon  all  taxable  property  within  said  Chicago Park
33    District, in addition to all other taxes authorized by law to
34    be levied and collected for park purposes, sufficient to  pay
 
                            -25-     LRB093 08292 MKM 11692 a
 1    interest  upon  and  the  principal of said bonds as the same
 2    become due.
 3        A copy of the bond  ordinance  duly  certified  shall  be
 4    filed  in  the  office of the County Clerk of Cook County and
 5    shall constitute authority for the extension  and  collection
 6    of   such   bond  and  interest  taxes  as  required  by  the
 7    Constitution.
 8        With respect to instruments  for  the  payment  of  money
 9    issued  under  this  Section  either before, on, or after the
10    effective date of this amendatory Act  of  1989,  it  is  and
11    always  has  been  the  intention of the General Assembly (i)
12    that  the  Omnibus  Bond  Acts  are  and  always  have   been
13    supplementary   grants  of  power  to  issue  instruments  in
14    accordance with the Omnibus  Bond  Acts,  regardless  of  any
15    provision  of  this Act that may appear to be or to have been
16    more restrictive than those Acts, (ii) that the provisions of
17    this Section  are  not  a  limitation  on  the  supplementary
18    authority  granted  by  the Omnibus Bond Acts, and (iii) that
19    instruments   issued   under   this   Section   within    the
20    supplementary  authority granted by the Omnibus Bond Acts are
21    not invalid because of any provision of  this  Act  that  may
22    appear  to  be  or  to  have been more restrictive than those
23    Acts.
24    (Source: P.A. 86-4.)

25        Section 99.  Effective date.  This Act takes effect  upon
26    becoming law.".