Illinois General Assembly - Full Text of Public Act 096-0321
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Public Act 096-0321


 

Public Act 0321 96TH GENERAL ASSEMBLY



 


 
Public Act 096-0321
 
HB4151 Enrolled LRB096 10064 RLJ 20229 b

    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 6-5 as follows:
 
    (70 ILCS 1205/6-5)  (from Ch. 105, par. 6-5)
    Sec. 6-5. Such bonds or notes of a park district shall be
issued when authorized under Sections 6-2, 6-3 or 6-4, hereof
in the name of the district, signed by the president and
secretary, and countersigned by the treasurer, with the seal of
said district affixed. They shall bear interest at a rate not
to exceed the maximum rate authorized by the Bond Authorization
Act, as amended at the time of the making of the contract,
payable semiannually and the principal shall be payable at such
time and place as may be determined by the board, not exceeding
25 20 years from their date. The board of such district may
sell such bonds in any manner it deems for the best interests
of the district, at not less than par, and the proceeds thereof
shall be used exclusively for the purpose in this code
authorized.
    With respect to instruments for the payment of money issued
under this Section either before, on, or after the effective
date of this amendatory Act of 1989, it is and always has been
the intention of the General Assembly (i) that the Omnibus Bond
Acts are and always have been supplementary grants of power to
issue instruments in accordance with the Omnibus Bond Acts,
regardless of any provision of this Act that may appear to be
or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the
supplementary authority granted by the Omnibus Bond Acts, and
(iii) that instruments issued under this Section within the
supplementary authority granted by the Omnibus Bond Acts are
not invalid because of any provision of this Act that may
appear to be or to have been more restrictive than those Acts.
(Source: P.A. 86-4.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/11/2009