70 ILCS 1205/10-7d

(70 ILCS 1205/10-7d) (from Ch. 105, par. 10-7d)

Sec. 10-7d.

If a majority of the voters in any park district voting on the
question at a referendum held for that purpose votes in favor
of selling such property under Sections 10-7 to 10-7d hereof,
inclusive, the governing board shall, proceed to sell such property at
public auction after first giving two weeks' notice of the time and
place and terms of said sale by notice published two successive weeks,
once each week, the first publication to be not less than fifteen days
prior to the date fixed for said sale, in a newspaper published and of
general circulation in said district, if there be such a newspaper.  If
there be no such newspaper, then such publication may be had in a
newspaper of general circulation in the district, if any, or if none,
then by posting in not less than ten public places in such district.
Said board shall sell said property to the highest responsible bidder at
said auction and notice of sale shall be in substantially the following
form:

NOTICE OF SALE

Notice is hereby given that on (insert date), the .... Park District will sell at public sale at .... at the hour
of .... o'clock ...M. the following described property:

(Here describe property)

The terms of the sale shall be as follows:

(Here insert terms upon which property shall be sold).  By order of
the Board of .... Park District.

.... (President of .... Park District)

Prior to directing notice for sale the board shall adopt a resolution
fixing the time for the sale, specifying the terms of the sale which
shall not be less than one-third of the purchase price in cash and the
balance in 2 equal payments due not more than 6 months and 12 months
from date of sale.

In the event no bids are received at such sale, said property may,
without another referendum on such question, again be advertised for
sale at any time within 12 months from date of the first sale, in the
manner hereinabove provided.  The Board may reserve the right to reject
any or all bids and advertise for resale.  In the event said property is
not sold within 12 months from date of the first public sale, said
property shall not be sold until a new resolution is adopted with new
opportunity for referendum on such question by the voters.

Any deed, subject to the provisions of Sections 10-7a to this Section
10-7d, inclusive, shall be executed by the president and secretary of
the district and shall be deposited in escrow with the treasurer of said
district, and shall not be released to the purchaser of said property or
recorded until the purchase price therefor has been deposited in full
with said treasurer.  Any proceeds derived from the sale of such property
shall become a part of the general corporate funds of said district.

(Source: P.A. 91-357, eff. 7-29-99.)