(70 ILCS 1505/18) (from Ch. 105, par. 333.18)
Sec. 18.
The original districts superseded by, or consolidated with, the
Chicago Park District shall remain liable for the payment of all bonded
indebtedness of each such districts as if not superseded by the Chicago
Park District. The commissioners of the Chicago Park District shall
constitute a board for the purpose of determining and certifying and they
shall determine and certify, to the county clerk the amount of tax required
yearly for the purpose of paying the interest and principal of such bonded
debt, which tax shall be extended by the county clerk against all property
embraced within the original district, as if it had not been superseded by
or consolidated with the Chicago Park District. The commissioners of the
Chicago Park District shall have the power to dispose of authorized and
unsold bonds of superseded park district; to provide for the application of
the proceeds thereof and to levy a tax for the payment thereof in the same
manner as the commissioners of such superseded districts were empowered so
to do. The proceeds of the sale of such bonds shall be expended only for
the purposes for which such bonds were originally authorized.
Provided, however, the liability of any superseded park district upon
its bonds shall not continue to such bonds that may be refunded by the
commissioners of the Chicago Park District under "An Act authorizing the
Chicago Park District to assume and become liable for the payment of
certain indebtedness of superseded park districts and to issue its bonds to
refund and/or fund same, legalizing such indebtedness and providing for the
levy and collection of taxes for the payment of such bonds," enacted at the
regular session of the 59th General Assembly.
(Source: Laws 1935, p. 1043.)
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