Illinois General Assembly - Illinois Compiled Statutes

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70 ILCS 810/42

(70 ILCS 810/42) (from Ch. 96 1/2, par. 6445)

Sec. 42.

For the purpose of making capital improvements and major repairs in
connection with a zoological park, the corporate authorities of the forest
preserve district in which such park is maintained may from time to time incur
an indebtedness and issue bonds therefor in
amounts not exceeding in the
aggregate $52,640,000. Such bonds shall bear
interest at not more than the maximum rate provided by law and may mature up to
30 years from the date thereof. A resolution authorizing the issuance of bonds
under this Section may be made effective without the submission thereof to the
voters of the district for approval.

All moneys received from the issuance of bonds as provided in this
Section shall be set apart in a separate fund by the district treasurer
and shall be used only for the purposes set forth in this Section.

The corporate authorities of such district shall provide for the levy
of a direct annual tax upon all the taxable property in such district,
sufficient to pay and discharge the principal of such bonds at maturity
and to pay the interest thereon as it falls due. This tax shall be
levied and collected in like manner with the general taxes of the forest
preserve district and shall be in addition to the maximum of all other
taxes and tax rates which the district is or may be authorized to levy.

(Source: P.A. 93-601, eff. 1-1-04.)