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.