Public Act 100-1125
 
SB2589 EnrolledLRB100 18091 AWJ 33284 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 6-2 as follows:
 



    (70 ILCS 1205/6-2)  (from Ch. 105, par. 6-2)



    Sec. 6-2. 
For the payment of land condemned or purchased 
for parks
or boulevards, for the building, maintaining, 
improving and protecting
of the same and for the payment of the 
expenses incident thereto, or for
the acquisition of real 
estate and lands to be used as a site for an
armory, or for the 
refunding of its bonds which are payable solely from
the 
revenues derived from the operation of any of its facilities, 
any
park district is authorized to issue the bonds or notes of

such park district and pledge its property and credit therefor 
to an
amount including existing principal indebtedness of such 
district so that the
aggregate principal indebtedness of such 
district does not exceed 2.875% of the
value of the taxable 
property therein, to be ascertained by the last
assessment for 
state and county taxes previous to the issue from time to
time 
of such bonds or notes, unless a petition, signed by voters in 
number
equal to not less than 2% of the voters of the district, 
who voted at the
last general election in the district, asking 
that the authorized aggregate
principal indebtedness of the 
district be increased to not more than 5.75%
of the value of 
the taxable property therein, is presented to the board and

such increase is approved by the voters of the district at a 
referendum
held on the question, in which case such aggregate 
principal indebtedness
may not exceed 5.75% of the value of the 
taxable property in the district.
Notice of the referendum 
shall be given and the referendum conducted in the
manner 
provided by the general election law.  Bonds for airport 
purposes
issued by a park district under Section 9-2b, and up 
to $15,000,000 in bonds issued by the Carol Stream Park 
District approved by referendum at the February 2, 2010 general 
primary election, and up to $13,000,000 in bonds issued by the 
Midlothian Park District approved by referendum at the March 
20, 2018 general primary election are not subject to the

percentage limitations imposed by, and shall not be considered

as part of the existing principal indebtedness of that district 
for the
purposes of, this Section or any other applicable 
statutory debt limitation.

(Source: P.A. 97-1103, eff. 8-27-12.)

 

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


Effective Date:  11/28/2018