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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(70 ILCS 1205/9.3-5) (from Ch. 105, par. 9.3-5)
Sec. 9.3-5.
Each park district which issues bonds and acquires or constructs,
extends or improves indoor or outdoor recreational facilities under the
provisions of this Article shall charge for the use thereof at a rate which
at all times is sufficient to pay maintenance and operation costs,
depreciation, and the principal and interest on the bonds. Such district
may make, enact and enforce all needful rules and regulations for the
construction, acquisition, improvements, extension, management,
maintenance, care and protection of the facility and for the use thereof.
Charges or rates for the use of the facility shall be such as the board may
from time to time determine.
While any bond issued under Section 9.3-1 is outstanding such district
is required to maintain and operate the facility as long as it can do so,
out of the revenue derived from the operation thereof. It shall not sell,
lease, loan, mortgage or in any other manner dispose of the facility or
facilities until all of the bonds so issued have been paid in full, both
principal and interest, or until provision has been made for the payment of
all of the bonds and interest thereon in full.
Such park district shall install and maintain a proper system of
accounts, showing the amount of revenue received from the operation of the
facility. At least once each year, the district shall have the accounts
properly audited. A report of this audit shall be open for public
inspection at all times.
(Source: P.A. 78-1256.)
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