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Public Act 096-0321
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| HB4151 Enrolled |
LRB096 10064 RLJ 20229 b |
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AN ACT concerning local government.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Park District Code is amended by changing |
Section 6-5 as follows:
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(70 ILCS 1205/6-5) (from Ch. 105, par. 6-5)
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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,
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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.
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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 |