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70 ILCS 1505/21
(70 ILCS 1505/21) (from Ch. 105, par. 333.21)
Sec. 21.
The commissioners of the Chicago Park District, without
submitting the question to the legal voters for approval, are authorized
to issue negotiable coupon bonds to refund and/or fund outstanding
indebtedness hereinafter described of the several park districts which
were superseded by it, together with accrued interest and interest on
bonds after their maturity, on such indebtedness as is evidenced by
bonds.
Refunding and/or funding bonds of a superseded park district shall be
issued by the Chicago Park District for and on behalf of such superseded
park district and shall be payable from taxes levied upon the taxable
property within the territory of such superseded park district.
Such indebtedness as is evidenced by bonds of superseded park
districts issued for proper corporate purposes is described as follows:
Total of bonds
|
Name of Park District
|
outstanding |
Albany . . . . . . . . . . . . . . . . . . . . . . . . . .
|
$ 568,000.00 |
Calumet . . . . . . . . . . . . . . . . . . . . . . . . .
|
82,000.00 |
Edison . . . . . . . . . . . . . . . . . . . . . . . . . .
|
88,666.67 |
Fernwood . . . . . . . . . . . . . . . . . . . . . . . . .
|
95,000.00 |
Forest Glen . . . . . . . . . . . . . . . . . . . . . . .
|
7,000.00 |
Hollywood . . . . . . . . . . . . . . . . . . . . . . . .
|
99,000.00 |
Irving . . . . . . . . . . . . . . . . . . . . . . . . . .
|
1,598,000.00 |
Jefferson . . . . . . . . . . . . . . . . . . . . . . . .
|
876,000.00 |
Lincoln . . . . . . . . . . . . . . . . . . . . . . . . .
|
18,534,000.00 |
North Shore . . . . . . . . . . . . . . . . . . . . . . .
|
692,000.00 |
Northwest . . . . . . . . . . . . . . . . . . . . . . . .
|
4,518,000.00 |
Norwood . . . . . . . . . . . . . . . . . . . . . . . . .
|
171,000.00 |
Old Portage . . . . . . . . . . . . . . . . . . . . . . .
|
1,392,000.00 |
Ravenswood . . . . . . . . . . . . . . . . . . . . . . .
|
22,000.00 |
Ridge Avenue . . . . . . . . . . . . . . . . . . . . . .
|
373,000.00 |
Ridge . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
892,500.00 |
River . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
1,387,500.00 |
Sauganash . . . . . . . . . . . . . . . . . . . . . . . .
|
83,000.00 |
South . . . . . . . . . . . . . . . . . . . . . . . . . . .
|
48,267,000.00 |
West Chicago . . . . . . . . . . . . . . . . . . . . . .
|
14,273,338.87 |
West Pullman . . . . . . . . . . . . . . . . . . . . . .
|
46,000.00 |
|
.............. |
Total
|
$94,065,005.54 |
|
Indebtedness in the amount of $3,137,045 evidenced by bonds and
interest coupons of Lincoln Park District that were paid at maturity
from bond and/or corporate funds to avoid default thereof which bonds
and interest coupons have not been cancelled and such funds have not
been reimbursed.
Indebtedness as of May 1, 1934 represented by unfunded and floating
obligations of superseded park districts incurred for proper corporate
purposes is described as follows:
Total of unfunded
|
Name of Park District
|
indebtedness |
Albany . . . . . . . . . . . . . . . . . . . . . . .
|
$ 21,130.81 |
Calumet . . . . . . . . . . . . . . . . . . . . . .
|
3,255.86 |
Forest Glen . . . . . . . . . . . . . . . . . . . .
|
643.55 |
Hollywood . . . . . . . . . . . . . . . . . . . . .
|
17,815.98 |
Jefferson . . . . . . . . . . . . . . . . . . . . .
|
861.23 |
Lincoln . . . . . . . . . . . . . . . . . . . . . .
|
46,983.02 |
North Shore . . . . . . . . . . . . . . . . . . . .
|
52,014.06 |
Northwest . . . . . . . . . . . . . . . . . . . . .
|
370,561.10 |
Norwood . . . . . . . . . . . . . . . . . . . . . .
|
1,148.47 |
Old Portage . . . . . . . . . . . . . . . . . . . .
|
839.65 |
Ridge Avenue . . . . . . . . . . . . . . . . . . .
|
1,032.97 |
Ridge . . . . . . . . . . . . . . . . . . . . . . .
|
5,000.00 |
River . . . . . . . . . . . . . . . . . . . . . . .
|
5,113.68 |
Sauganash . . . . . . . . . . . . . . . . . . . . .
|
974.32 |
South . . . . . . . . . . . . . . . . . . . . . . .
|
113,132.57 |
West . . . . . . . . . . . . . . . . . . . . . . . .
|
1,518,393.78 |
West Pullman . . . . . . . . . . . . . . . . . . .
|
249.80 |
|
.............. |
Total
|
$2,159,150.85 |
|
Indebtedness existing by reason of unauthorized expenditure of money
from special funds of West Chicago Park District and which funds have
not been reimbursed described as follows:
Employees Annuity and Benefit Fund . . . . . . . . . . . . . . . . .
$593,135.25
Park Policemen's Annuity and Benefit Fund . . . . . . . . . . .
$11,084.38
Public Benefit Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$371,769.47
Additional Land Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$107,182.79
Special Assessment Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$492,867.28
Indebtedness of the Northwest Park District in the amount of
$1,283,876.09 existing by reason of unauthorized expenditure for
corporate purposes of money received from the proceeds of the sale of
its bonds issued and sold for park improvements.
Refunding bonds may be issued to refund any of said bonds prior to
their maturity; to refund any of said bonds that have matured; to refund
any matured coupons evidencing interest on any of said bonds; to refund
any of said bonds which by their terms are subject to redemption before
maturity; to refund any of said bonds and interest coupons that were
paid at maturity from bond and/or corporate funds to avoid default
thereof where such bonds and interest coupons shall not have been
cancelled and such funds shall not have been reimbursed; and to refund
interest at the coupon rate upon any of said matured bonds that has
accrued since the maturity date thereof.
The refunding of bonds, of interest coupons and/or of interest not
represented by coupons may be authorized by one ordinance or by several
ordinances.
Refunding bonds may be exchanged on the basis of par for par for the
bonds, interest not represented by coupons and/or interest coupons
refunded, or refunding bonds may be sold at not less than their par
value and the proceeds received shall be used to pay the bonds, interest
not represented by coupons and/or interest coupons refunded; such
payment may be made without any prior appropriation thereof under any
budget law.
Bonds and interest coupons refunded shall be cancelled and interest
not represented by coupons shall be cancelled and payment thereof
evidenced by written acknowledgment.
Funding bonds may be issued to fund the floating and unfunded
indebtedness of the superseded park districts and to reimburse the
special funds of the West Chicago Park District and the bond proceeds
fund of the Northwest Park District hereinabove described.
Funding bonds may be exchanged on the basis of par for par for the
indebtedness funded or reimbursed or the funding bonds may be sold at
not less than their par value and the proceeds received shall be used to
pay such floating indebtedness and/or to reimburse such special funds;
such payment may be made without any prior appropriation thereof under
any budget law.
Floating indebtedness funded shall be cancelled and payment thereof
and reimbursement of special funds shall be evidenced by written
acknowledgment.
Refunding and/or funding bonds shall be authorized by ordinance and
may be made registerable as to principal and shall be of the form and
denomination, payable at the place and bear such date as may be
determined by the commissioners and shall mature within not to exceed
20 years from their date or, for bonds issued after the effective date of
this amendatory Act of the 93rd General Assembly, within not to exceed 30
years from their date, but may be made callable on any interest payment
date at the price of par and accrued interest after notice shall
be given by publication or otherwise and at the time or times and in the
manner as may be provided in the bond ordinance. Such bonds may bear
interest at the rate of not to exceed six per cent per annum payable at
the time and place provided in the bond ordinance.
The ordinance authorizing such refunding and/or funding bonds of any
superseded park district shall prescribe all details thereof and shall
provide for the levy and collection of an annual tax upon all the
taxable property within the superseded park district sufficient to pay
the principal thereof and interest thereon as it matures which tax shall
be in addition to and exclusive of the maximum of all other taxes
authorized to be levied by said commissioners.
A duly certified copy of the bond ordinance shall be filed in the
office of the County Clerk of Cook County and shall constitute authority
for the extension and collection of such bond and interest taxes as
required by the constitution.
Refunding and funding bonds shall be signed by the facsimile
signature of the president with like effect as if signed with his
genuine signature and shall be signed by such other officers of the
Chicago Park District as may be designated in the bond ordinance.
The validity of any refunding and funding bonds shall remain
unimpaired although one or more of the officers executing same shall
have ceased to be such officer or officers before delivery thereof.
Prior to the maturity of the refunding and/or funding bonds, after
setting aside a sum of money equal to the amount of interest that will
accrue thereon within the next six months period from the time it is
proposed to purchase and/or redeem any such refunding and/or funding
bonds, or the commissioners may require that said sum of money be equal
to the amount of interest that will so accrue within the next twelve
months period, the treasurer of the Chicago Park District shall use the
money available from the proceeds of taxes levied for the payment of the
refunding and/or funding bonds, first, in the purchase of such refunding
and/or funding bonds at the lowest price obtainable, but not to exceed
their par value and accrued interest, after sealed tenders for such
purchase shall have been advertised for as may be directed by the
commissioners thereof and thereafter such money shall be used by said
official in calling said bonds for payment, if, by their terms, they are
subject to redemption.
Refunding and funding bonds called for payment and paid or purchased
shall be marked paid and cancelled.
Whenever refunding or funding bonds are purchased and/or redeemed and
cancelled, the taxes thereafter to be extended for payment of interest
shall be reduced in an amount equal to the interest that thereafter
would have accrued upon such refunding and funding bonds so cancelled
and a resolution shall be adopted by the commissioners finding such
facts and a certified copy thereof shall be filed in the office of the
county clerk of Cook County whereupon it shall be the duty of such
official to reduce and extend such tax levies in accordance therewith.
After bonds are refunded proper reduction of taxes theretofore levied
for the payment of the bonds refunded and next to be extended for
collection shall be made by the County Clerk upon receipt of a
certificate signed by the secretary of the Chicago Park District
describing the bonds refunded and amount thereof and the tax to be
abated.
Money available from uncollected taxes levied for prior years for
payment of bonds and/or interest coupons that have been paid or
refunded, after payment of all warrants that may have been issued in
anticipation of such taxes shall be placed in the Sinking Fund Account
hereinafter designated and used to purchase, call for payment or to pay
at maturity such refunding bonds and interest thereon as herein
provided.
Money received from the proceeds of taxes levied for the payment of
principal of and interest upon such refunding and funding bonds shall be
deposited in the depositary bank or savings and loan association of
the Chicago Park District in a
special account designated as "Chicago Park District and Superseded Park
Districts Bond and Interest Sinking Fund Account." Said money shall be
faithfully applied to the payment of the refunding and/or funding bonds
and interest thereon for which such taxes were levied.
If such money is not immediately necessary for the payment or
redemption of refunding and/or funding bonds or if such bonds cannot be
purchased before maturity, then said money may be invested under the
direction of the commissioners in bonds or other interest bearing
obligations of the United States and bonds of the State of Illinois.
The maturity date of the invested securities shall be prior to the
due date of the refunding and/or funding bonds for the payment of which
said money was collected. Such securities may be sold when ordered by
the commissioners if necessary to obtain cash to meet bond and interest
payments.
The commissioners of the Chicago Park District are authorized to take
any action that may be necessary to inform the owners of such
outstanding bonds and floating indebtedness of the financial condition
of the superseded park districts and the necessity of refunding said
outstanding bonds and readjusting their maturities and funding such
floating indebtedness in order that sufficient taxes may be collected to
take care of all financial obligations. Said commissioners may enter
into such agreements as may be deemed essential to prepare and complete
any refunding and funding plan and are authorized, without previous
appropriation therefor under any budget law, to incur and pay from any
available revenues all expenditures necessary to complete the refunding
of such bonds and the funding of such floating indebtedness of the
superseded park districts and reestablish the credit of the Chicago Park
District.
The outstanding indebtedness of the several superseded park districts
as evidenced by their official records and described in this section is
declared to be the legal and binding obligation of said several
superseded park districts in the amounts therein described,
respectively, and when refunding and/or funding bonds shall have been
issued in lieu thereof, such bonds will constitute the legal and binding
obligation of the superseded park districts, respectively, for the
payment of which all taxable property therein will be liable.
Nothing herein contained shall prevent the commissioners of the
Chicago Park District from accepting the provisions of and issuing
funding and refunding bonds under "An Act authorizing the Chicago Park
District to assume and become liable for the payment of certain
indebtedness of superseded park districts and to issue its bonds to
refund and/or fund same, legalizing such indebtedness and providing for
the levy and collection of taxes for the payment of such bonds," enacted
at the regular session of the 59th General Assembly.
(Source: P.A. 93-338, eff. 7-24-03 .)
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