HB4151 Engrossed

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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25 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 
 


 






HB4151 Engrossed
- 2 -
LRB096 10064 RLJ 20229 b




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the intention of the General
Assembly (i) that the Omnibus Bond 
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Acts are and always have been
supplementary grants of power to 
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issue instruments in accordance with the
Omnibus Bond Acts, 
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regardless of any provision of this Act that may appear
to be 
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or to have been more restrictive than those Acts, (ii) that the

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provisions of this Section are not a limitation on the 
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supplementary
authority granted by the Omnibus Bond Acts, and 
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(iii) that instruments
issued under this Section within the 
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supplementary authority granted
by the Omnibus Bond Acts are 
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not invalid because of any provision of
this Act that may 
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appear to be or to have been more restrictive than
those Acts.

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(Source: P.A. 86-4.)

 

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