(70 ILCS 1515/1) (from Ch. 105, par. 333.29)
Sec. 1.
The Chicago Park District by its commissioners, as its corporate
authorities, is authorized to assume and become liable for the payment of
the outstanding indebtedness hereinafter described of the several park
districts which were superseded by it, together with accrued interest and
interest on bonds after their maturity on such indebtedness as is
represented by bonds and to issue its bonds to refund and/or to fund such
indebtedness in the manner herein provided; such bonds shall constitute the
general obligations of the Chicago Park District and shall be payable from
taxes to be levied upon all the taxable property within the boundaries of
the Chicago Park District and may be authorized without submitting the
question to the legal voters for approval.
Whenever the commissioners choose to exercise the powers conferred by
this act they shall adopt an ordinance so declaring and describing the
indebtedness proposed to be assumed and reference in such ordinance to this
act by its title shall be sufficient to evidence the acceptance of all its
provisions as to such described indebtedness.
Indebtedness evidenced by bonds of superseded park districts issued for
proper corporate purposes is described as follows:
Total of Bonds Name of Park District Outstanding
Albany..........................................$ 568,000.00Calumet..............................................82,000.00Edison...............................................88,666.67Fernwood.............................................95,000.00Forest Glen...........................................7,000.00Hollywood............................................99,000.00Irving............................................1,598,000.00Jefferson...........................................876,000.00Lincoln..........................................18,534,000.00North Shore.........................................692,000.00Northwest.........................................4,518,000.00Norwood.............................................171,000.00Old Portage.......................................1,392,000.00Ravenswood...........................................22,000.00Ridge Avenue........................................373,000.00Ridge...............................................892,500.00River.............................................1,387,500.00Sauganash............................................83,000.00South............................................48,267,000.00West Chicago.....................................14,273,338.87West Pullman.........................................46,000.00 Total.......................................$94,065,005.54
Indebtedness in the amount of $3,137,045 evidenced by bonds and interest
coupons of Lincoln Park District that were paid at maturity from bond
and/or corporate funds to avoid default thereof which bonds and interest
coupons have not been cancelled and such funds have not been reimbursed.
Indebtedness as of May 1, 1934, represented by unfunded and floating
obligations of superseded park districts incurred for proper corporate
purposes is described as follows:
Total of Floating
Name of Park District IndebtednessAlbany...........................................$ 21,130.81Calumet...............................................3,255.86Forest Glen.............................................643.55Hollywood............................................17,815.98Jefferson...............................................861.23Lincoln..............................................46,983.02North Shore..........................................52,014.06Northwest...........................................370,561.10Norwood...............................................1,148.47Old Portage.............................................839.65Ridge Avenue..........................................1,032.97Ridge.................................................5,000.00River.................................................5,113.68Sauganash...............................................974.32South...............................................113,132.57West..............................................1,518,393.78West Pullman............................................249.80 Total........................................$2,159,150.85
Indebtedness existing by reason of unauthorized expenditure of money
from special funds of West Chicago Park District and which funds have not
been reimbursed described as follows:
Employees Annuity and Benefit Fund...............$ 593,135.25Park Policemen's Annuity and Benefit Fund............11,084.38Public Benefit Fund.................................371,769.47Special Assessment Fund.............................429,867.28Additional Land Fund................................107,182.79 Total........................................$1,513,039.17
Indebtedness of the Northwest Park District in the amount of
$1,283,876.09 existing by reason of unauthorized expenditure for corporate
purposes of money received from the proceeds of the sale of its bonds
issued and sold for park improvements.
(Source: Laws 1935, p. 1012.)
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