Illinois General Assembly - Illinois Compiled Statutes

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70 ILCS 1505/20a

(70 ILCS 1505/20a) (from Ch. 105, par. 333.20a)

Sec. 20a. Bonds; issuance; interest.

Notwithstanding anything to the
contrary in Section 20 of this Act, the Chicago Park District is authorized to
issue from time to time bonds of such district in the principal amount of
$84,000,000 for the purpose of paying the cost of erecting, enlarging,
ornamenting, building, rebuilding, rehabilitating and improving any aquarium or
any museum or museums of art, industry, science or natural or other history
located within any public park or parks under the control of the Chicago Park
District, without submitting the question of issuing such bonds to the voters
of the District.

Notwithstanding anything to the contrary in Section 20 of this Act, and in
addition to any other amount of bonds authorized to be issued under this Act,
the Chicago Park District is authorized to issue from time to time, before
January 1, 2004, bonds of the district in the principal amount of $128,000,000
for the purpose of paying the cost of erecting, enlarging, ornamenting,
building, rebuilding, rehabilitating, and improving any aquarium or any museum
or museums of art, industry, science, or natural or other history located
within any public park or parks under the control of the Chicago Park District,
without submitting the question of issuing the bonds to the voters of the
District.

Notwithstanding anything to the contrary in Section 20 of this Act, and in
addition to any other amount of bonds authorized to be issued under this Act,
the Chicago Park District is authorized to issue from time to time bonds of the district in the principal amount of $250,000,000
for the purpose of making contributions to the pension fund established under Article 12 of the Illinois Pension Code
without submitting the question of issuing the bonds to the voters of the
District; except that in any one year, the Chicago Park District may not issue bonds in excess of $75,000,000. Any bond issuances under this subsection are intended to decrease the unfunded liability of the pension fund and shall not decrease the amount of the employer contributions required in any given year under Section 12-149 of the Illinois Pension Code.

The bonds authorized under this Section shall be of such denomination
or denominations, may be registerable as to principal only, and shall
mature serially within a period of not to exceed 20 years
or, for bonds issued after the effective date of this amendatory Act of the
93rd General Assembly, within a period
of not
to exceed 30 years, may be
redeemable prior to maturity with or without premium at the option of the
commissioners on such terms and conditions as the commissioners of the Chicago
Park District shall fix by the ordinance authorizing the issuance of such
bonds. The bonds shall bear interest at the rate of not to exceed that
permitted in "An Act to authorize public corporations to issue bonds, other
evidences of indebtedness and tax anticipation warrants subject to interest
rate limitations set forth therein", approved May 26, 1970, as now or hereafter
amended.

Such bonds shall be executed for and on behalf of the Park District
by such officers as shall be specified in the bond ordinance, and one of
such officers may be authorized to execute the bonds by his facsimile
signature, which officer shall adopt as and for his official manual
signature the facsimile signature as it appears upon the bonds.

The ordinance authorizing the issuance of the bonds shall provide for
the levy and collection, in each of the years any of such bonds shall be
outstanding, a tax without limitation as to rate or amount and in
addition to all other taxes upon all the taxable property within the
corporate boundaries of the Chicago Park District, sufficient to pay the
principal of and the interest upon such bonds as the same matures and
becomes due.

A certified copy of the ordinance providing for the issuance of the
bonds and the levying and collecting of the tax to pay the same shall be
filed with the County Clerk of the county in which the Chicago Park
District is located or with the respective County Clerks of each county
in which the Chicago Park District is located. Such ordinance shall be
irrevocable and upon receipt of the certified copy thereof the County
Clerk or County Clerks, as the case may be, shall provide for, assess
and extend the tax as therein provided upon all the taxable property
located within the corporate boundaries of the Chicago Park District, in
the same manner as other park taxes by law shall be provided for,
assessed and extended, and such taxes shall be collected and paid out in
the same manner as other park taxes by law shall be collected and paid.

The interest on any unexpended proceeds of bonds issued under this Section
shall be credited to the Chicago Park District and shall be paid into the
District's general corporate fund.  The Chicago Park District may transfer
such amount of interest from the general corporate fund to the aquarium
and museum bond fund.

The amount of the outstanding bonded indebtedness of the Chicago Park
District issued under this Section shall not be included in the bonded
indebtedness of the District in determining whether or not the District
has exceeded its limitation of 1/2 of 1% of the assessed valuation of
all taxable property in the District as last equalized and determined by
the Department of Revenue for the issuance of any bonds authorized under the
provisions of Section 20 of this Act without submitting the question to the
legal voters for approval.

(Source: P.A. 102-263, eff. 8-6-21.)