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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB4151
Introduced 2/27/2009, by Rep. Bob Biggins SYNOPSIS AS INTRODUCED:
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70 ILCS 1205/6-5 |
from Ch. 105, par. 6-5 |
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Amends the Park District Code. Provides that the principal on bonds issued by a park district shall be payable no later than 30 years from their respective date of issue (now, 20 years). Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB4151 |
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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 |
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| 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 |
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| issued when
authorized under
Sections 6-2, 6-3 or 6-4, hereof |
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| in the name of the district, signed by the
president and |
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| secretary, and countersigned by the treasurer, with the seal
of |
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| said district affixed. They shall bear interest at a rate not |
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| to exceed
the maximum rate authorized by the Bond Authorization |
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| 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 |
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| time and place as may be determined by the board, not
exceeding |
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| 30 20 years from their date. The board of such district may |
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| sell
such bonds in any manner it deems for the best interests |
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| of the district,
at not less than par, and the proceeds thereof |
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| shall be used exclusively
for the purpose in this code |
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| authorized.
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| With respect to instruments for the payment of money issued |
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| under this
Section either before, on, or after the effective |
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| date of this amendatory
Act of 1989, it is and always has been |