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| Public Act 094-0628 |
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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 6-4 as follows:
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(70 ILCS 1205/6-4) (from Ch. 105, par. 6-4)
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Sec. 6-4. The issue of bonds or notes by any park district | ||||
shall be
authorized by ordinance, and a copy of that ordinance | ||||
properly certified
by the secretary shall be filed in the | ||||
office of the clerk in each of
the counties wherein such | ||||
district lies. Except as otherwise provided
in this Section, | ||||
bonds and notes the aggregate outstanding unpaid
principal | ||||
balance of which exceeds 0.575% of the total assessed valuation
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of all taxable property in the district may not be issued by | ||||
any park
district, until the proposition to issue the same has | ||||
been certified by the
secretary to the proper election | ||||
officials who shall submit the proposition
at an election in | ||||
accordance with the general election law. Notice of the
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referendum shall be given and the referendum shall be conducted | ||||
in the
manner provided by the general election law.
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Submission of any proposition of issuing bonds or notes | ||||
shall be
authorized by resolution to be adopted by the board | ||||
which shall designate the
election at which the proposition is | ||||
to be submitted and designate the amount
of bonds and purpose | ||||
for which the bonds are to be issued.
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Any proposition to issue bonds shall be in substantially | ||||
the following form:
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Shall bonds or notes of the
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..... Park District (name it) to YES
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the amount of..... Dollars
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($.....) be issued for the ---------------------------
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purpose of.....? (Here insert
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any one or more of the NO
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purposes authorized in
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Section 6-2 hereof)
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This Section shall not be construed to require a referendum for | ||
bonds
issued under Section 9-2b nor for bonds to refund any | ||
maturing bond
issues as provided in the Park District Refunding | ||
Bond Act, or to refund any judgment indebtedness including
any | ||
unpaid public benefits and amounts assessed against any park | ||
district,
whether due or not due under Division 2 of Article 9 | ||
of the Illinois
Municipal Code, but bonds may be issued for | ||
such purposes without referendum.
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Bonds heretofore or hereafter issued and outstanding that | ||
are approved by
referendum, refunding bonds issued under the | ||
Park District Refunding Bond Act (70 ILCS 1270/) that refund or | ||
continue to refund bonds approved by referendum, bonds issued | ||
under this Section that have been paid in full or for
which
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provisions for payment have been made by an irrevocable deposit | ||
of funds in an
amount
sufficient to pay the principal and | ||
interest on those bonds to their respective
maturity
date, | ||
non-referendum bonds issued under any other provision of this | ||
Act, and
bonded
indebtedness assumed from another park district | ||
do not limit in any way the
right of a
park district to issue | ||
non-referendum bonds in accordance with this Section.
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This Section shall not be construed to permit issuance of | ||
bonds for the
purpose of refunding revenue bonds as provided in | ||
Section 6-2 until the
proposition to issue the same has been | ||
submitted as herein provided at an
election in accordance with | ||
the general election law.
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(Source: P.A. 91-293, eff. 7-29-99.)
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