Illinois General Assembly - Illinois Compiled Statutes

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70 ILCS 1205/6-4

(70 ILCS 1205/6-4) (from Ch. 105, par. 6-4)

Sec. 6-4.

The issue of bonds or notes by any park district shall be
authorized by ordinance, and a copy of that ordinance properly certified
by the secretary shall be filed in the office of the clerk in each of
the counties wherein such district lies.  Except as otherwise provided
in this Section, bonds and notes the aggregate outstanding unpaid
principal balance of which exceeds 0.575% of the total assessed valuation
of all taxable property in the district may not be issued by any park
district, until the proposition to issue the same has been certified by the
secretary to the proper election officials who shall submit the proposition
at an election in accordance with the general election law. Notice of the
referendum shall be given and the referendum shall be conducted in the
manner provided by the general election law.

Submission of any proposition of issuing bonds or notes shall be
authorized by resolution to be adopted by the board which shall designate the
election at which the proposition is to be submitted and designate the amount
of bonds and purpose for which the bonds are to be issued.

Any proposition to issue bonds shall be in substantially the following form:

--------------------------------------------------------------
    Shall bonds or notes of the
..... Park District (name it) to     YES
the amount of..... Dollars
($.....) be issued for the        ----------------------------
purpose of.....?  (Here insert
any one or more of the               NO
purposes authorized in
Section 6-2 hereof)
--------------------------------------------------------------

This Section shall not be construed to require a referendum for bonds
issued under Section 9-2b nor for bonds to refund any maturing bond
issues as provided in the Park District Refunding Bond Act, or to refund any judgment indebtedness including
any unpaid public benefits and amounts assessed against any park district,
whether due or not due under Division 2 of Article 9 of the Illinois
Municipal Code, but bonds may be issued for such purposes without referendum.

Bonds heretofore or hereafter issued and outstanding that are approved by
referendum, refunding bonds issued under the Park District Refunding Bond Act (70 ILCS 1270/) that refund or continue to refund bonds approved by referendum, bonds issued under this Section that have been paid in full or for
which
provisions for payment have been made by an irrevocable deposit of funds in an
amount
sufficient to pay the principal and interest on those bonds to their respective
maturity
date, non-referendum bonds  issued under any other provision of this Act, promissory notes or similar debt instruments issued under Section 6-7, and
bonded
indebtedness assumed from another park district do not limit in any way the
right of a
park district to issue non-referendum bonds in accordance with this Section.

This Section shall not be construed to permit issuance of bonds for the
purpose of refunding revenue bonds as provided in Section 6-2 until the
proposition to issue the same has been submitted as herein provided at an
election in accordance with the general election law.

(Source: P.A. 98-906, eff. 8-15-14.)