(70 ILCS 1310/7) (from Ch. 105, par. 327j)
Sec. 7.
For the purpose of carrying out the powers conferred by this Act,
the board of park commissioners is hereby authorized to incur indebtedness
(in addition to any indebtedness heretofore authorized) in an amount not
exceeding in the aggregate the sum of Twenty Million Dollars
($20,000,000.00) and in evidence of such indebtedness to issue and sell
from time to time its negotiable bonds to an amount not exceeding in the
aggregate the principal sum of Twenty Million Dollars. However, nothing
herein contained shall be construed to authorize the incurring of
indebtedness and issuing bonds in evidence thereof which, when added to
existing indebtedness, will make the total indebtedness of said park
district exceed five per cent (5%) of the value of taxable property within
said park district as ascertained and determined from the last assessment
from state and county taxes previous to the incurring of such indebtedness
and the issuance of such bonds.
(Source: Laws 1929, p. 562.)
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