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70 ILCS 1205/6-2
(70 ILCS 1205/6-2) (from Ch. 105, par. 6-2)
Sec. 6-2.
For the payment of land condemned or purchased for parks
or boulevards, for the building, maintaining, improving and protecting
of the same and for the payment of the expenses incident thereto, or for
the acquisition of real estate and lands to be used as a site for an
armory, or for the refunding of its bonds which are payable solely from
the revenues derived from the operation of any of its facilities, any
park district is authorized to issue the bonds or notes of
such park district and pledge its property and credit therefor to an
amount including existing principal indebtedness of such district so that the
aggregate principal indebtedness of such district does not exceed 2.875% of the
value of the taxable property therein, to be ascertained by the last
assessment for state and county taxes previous to the issue from time to
time of such bonds or notes, unless a petition, signed by voters in number
equal to not less than 2% of the voters of the district, who voted at the
last general election in the district, asking that the authorized aggregate
principal indebtedness of the district be increased to not more than 5.75%
of the value of the taxable property therein, is presented to the board and
such increase is approved by the voters of the district at a referendum
held on the question, in which case such aggregate principal indebtedness
may not exceed 5.75% of the value of the taxable property in the district.
Notice of the referendum shall be given and the referendum conducted in the
manner provided by the general election law. Bonds for airport purposes
issued by a park district under Section 9-2b, up to $15,000,000 in bonds issued by the Carol Stream Park District approved by referendum at the February 2, 2010 general primary election, and up to $13,000,000 in bonds issued by the Midlothian Park District approved by referendum at the March 20, 2018 general primary election are not subject to the
percentage limitations imposed by, and shall not be considered
as part of the existing principal indebtedness of that district for the
purposes of, this Section or any other applicable statutory debt limitation.
(Source: P.A. 100-1125, eff. 11-28-18.)
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