(70 ILCS 1205/8-15) (from Ch. 105, par. 8-15)
Sec. 8-15.
In addition to the other powers and authority now possessed by
it, every park district shall have the power and authority to purchase or
improve or repair any real estate, equipment, machinery and other personal
property for public purposes under contracts providing for payment in
installments. Any such contract heretofore or hereafter
entered into may be refinanced at any time by means of a refunding loan
agreement. Each such contract or refunding loan agreement may provide for
installment payments of principal and interest to be made at stated intervals
during a certain period not to exceed 20 years. Interest paid on the principal
balance outstanding may be at any rate or rates permitted on park district
bonds and may be adjusted on such date or dates as are specified in the
contract or refunding loan agreement, provided that the rate of interest
resulting from the adjustment on such date or dates shall not exceed the
greater of (i) the maximum rate of interest permitted on park district bonds
on the date such contract or refunding loan agreement was made by such park
district; or (ii) the maximum rate of interest permitted on park district
bonds on the interest adjustment date specified in the contract or refunding
loan agreement. No contract or refunding loan agreement for the same real
estate or personal property may exceed an aggregate of 20 years.
Every park district may, in such contract or refunding loan agreement,
irrevocably contract to issue general obligation bonds or notes from time
to time as permitted by law and to apply the proceeds thereof to the payment
of principal and interest on the contract or refunding loan agreement.
Notwithstanding any change in law subsequent to the making of such irrevocable
contract to issue bonds or notes, every park district making such irrevocable
contract shall be authorized to issue such bonds or notes as though the
laws relating to park district bonds and notes in effect at the time of
the making of such irrevocable contract were in full force and effect until
all of the installments on the contract or refunding loan agreement have
been paid in full. The State of Illinois pledges and agrees that it will
not limit or alter the rights and powers vested in park districts in this
paragraph of this Section so as to impair the terms of any such irrevocable
contract until each contract and refunding loan agreement is paid in full.
The provisions of this Section shall not, however, be construed in any
manner whatsoever to permit the issuance of bonds or notes without referendum
except as provided in Article 6 of "The Park District Code" at the time
such irrevocable contract is made.
In connection with any contract or refunding loan agreement authorized
by this Section, every park district may issue certificates evidencing the
indebtedness incurred pursuant to such contract or refunding loan agreement
in such number, denomination and form as the park district shall determine.
The indebtedness incurred under this Section when aggregated with existing
principal indebtedness may not exceed the debt limits provided in Section
6-2 of "The Park District Code"; provided, however, that the interest to be
paid on obligations incurred pursuant to this Section shall not be included
in any computation of indebtedness.
(Source: P.A. 86-494.)
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