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| 1 | AN ACT concerning local government.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Cook County Forest Preserve District Act is | ||||||
| 5 | amended by changing Section 21 as follows:
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| 6 | (70 ILCS 810/21) (from Ch. 96 1/2, par. 6424)
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| 7 | Sec. 21.
The board may, for any of the purposes enumerated | ||||||
| 8 | in this Act,
borrow money upon the faith and credit of such | ||||||
| 9 | district, and may issue bonds
therefor. However, a district may | ||||||
| 10 | not become indebted in any manner or for any
purpose to an | ||||||
| 11 | amount including existing indebtedness in the aggregate | ||||||
| 12 | exceeding
.345% of the assessed value of the taxable property | ||||||
| 13 | therein, as ascertained by
the last equalized assessment for | ||||||
| 14 | State and county purposes. Except for
indebtedness incurred | ||||||
| 15 | under Section 21.1 of this Act and except for
indebtedness | ||||||
| 16 | incurred to construct, acquire, equip, repair, and renovate
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| 17 | buildings or other improvements to land of the district or to | ||||||
| 18 | acquire equipment
for the district, no district may incur | ||||||
| 19 | indebtedness for any purpose other than
the acquisition of land | ||||||
| 20 | including acquiring lands in fee simple along or
enclosing | ||||||
| 21 | water courses, drainage ways, lakes, ponds, planned | ||||||
| 22 | impoundments or
elsewhere which are required to store flood | ||||||
| 23 | waters or control other drainage
and water conditions necessary | ||||||
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| 1 | for the preservation and management of the water
resources of | ||||||
| 2 | the district, unless the proposition to issue bonds or | ||||||
| 3 | otherwise
incur indebtedness is first certified by the district | ||||||
| 4 | to the proper election
officials, who shall submit the | ||||||
| 5 | proposition to the legal voters of the district
at an election | ||||||
| 6 | in accordance with the general election law and approved by a
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| 7 | majority of those voting upon the proposition. No district may | ||||||
| 8 | incur
indebtedness for the acquisition of land or lands for any | ||||||
| 9 | purpose in excess of 90,000
75,000 acres, including all lands | ||||||
| 10 | theretofore acquired, unless the proposition
to issue bonds or | ||||||
| 11 | otherwise incur indebtedness is first certified by the
district | ||||||
| 12 | to the proper election officials, who shall submit the | ||||||
| 13 | proposition to
the voters of the district at an election in | ||||||
| 14 | accordance with the general
election law and approved by a | ||||||
| 15 | majority of those voting upon the proposition.
Before or at the | ||||||
| 16 | time of issuing bonds, the board shall provide by ordinance
for | ||||||
| 17 | the collection of an annual tax sufficient to pay the interest | ||||||
| 18 | on the bonds
as it falls due, and to pay the bonds as they | ||||||
| 19 | mature. All bonds issued by any
forest preserve district must | ||||||
| 20 | be divided into series, the first of which
matures not later | ||||||
| 21 | than 5 years after the date of issue and the last of
which | ||||||
| 22 | matures not later than 30 years after the date of issue.
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| 23 | (Source: P.A. 88-503.)
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| 24 | Section 99. Effective date. This Act takes effect upon | ||||||
| 25 | becoming law.
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