Full Text of SB2589 100th General Assembly
SB2589enr 100TH GENERAL ASSEMBLY |
| | SB2589 Enrolled | | LRB100 18091 AWJ 33284 b |
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| 1 | | AN ACT concerning local government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Park District Code is amended by changing | 5 | | Section 6-2 as follows:
| 6 | | (70 ILCS 1205/6-2) (from Ch. 105, par. 6-2)
| 7 | | Sec. 6-2.
For the payment of land condemned or purchased | 8 | | for parks
or boulevards, for the building, maintaining, | 9 | | improving and protecting
of the same and for the payment of the | 10 | | expenses incident thereto, or for
the acquisition of real | 11 | | estate and lands to be used as a site for an
armory, or for the | 12 | | refunding of its bonds which are payable solely from
the | 13 | | revenues derived from the operation of any of its facilities, | 14 | | any
park district is authorized to issue the bonds or notes of
| 15 | | such park district and pledge its property and credit therefor | 16 | | to an
amount including existing principal indebtedness of such | 17 | | district so that the
aggregate principal indebtedness of such | 18 | | district does not exceed 2.875% of the
value of the taxable | 19 | | property therein, to be ascertained by the last
assessment for | 20 | | state and county taxes previous to the issue from time to
time | 21 | | of such bonds or notes, unless a petition, signed by voters in | 22 | | number
equal to not less than 2% of the voters of the district, | 23 | | who voted at the
last general election in the district, asking |
| | | SB2589 Enrolled | - 2 - | LRB100 18091 AWJ 33284 b |
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| 1 | | that the authorized aggregate
principal indebtedness of the | 2 | | district be increased to not more than 5.75%
of the value of | 3 | | the taxable property therein, is presented to the board and
| 4 | | such increase is approved by the voters of the district at a | 5 | | referendum
held on the question, in which case such aggregate | 6 | | principal indebtedness
may not exceed 5.75% of the value of the | 7 | | taxable property in the district.
Notice of the referendum | 8 | | shall be given and the referendum conducted in the
manner | 9 | | provided by the general election law. Bonds for airport | 10 | | purposes
issued by a park district under Section 9-2b , and up | 11 | | to $15,000,000 in bonds issued by the Carol Stream Park | 12 | | District approved by referendum at the February 2, 2010 general | 13 | | primary election , and up to $13,000,000 in bonds issued by the | 14 | | Midlothian Park District approved by referendum at the March | 15 | | 20, 2018 general primary election are not subject to the
| 16 | | percentage limitations imposed by, and shall not be considered
| 17 | | as part of the existing principal indebtedness of that district | 18 | | for the
purposes of, this Section or any other applicable | 19 | | statutory debt limitation.
| 20 | | (Source: P.A. 97-1103, eff. 8-27-12.)
| 21 | | Section 99. Effective date. This Act takes effect upon | 22 | | becoming law.
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