70 ILCS 1520/ Chicago Park District Bond (1935) Act.

Information maintained by the Legislative Reference Bureau

Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

SPECIAL DISTRICTS
(70 ILCS 1520/) Chicago Park District Bond (1935) Act.

70 ILCS 1520/0.01

(70 ILCS 1520/0.01) (from Ch. 105, par. 333.37h)

Sec. 0.01.

Short title.

This Act may be cited as the

Chicago Park District Bond (1935) Act.

(Source: P.A. 86-1324.)

70 ILCS 1520/1

(70 ILCS 1520/1) (from Ch. 105, par. 333.38)

Sec. 1.

The commissioners of the Chicago Park District without submission
of the question to the voters for approval may incur indebtedness and issue
bonds therefor in the amount of not to exceed $6,000,000 for the purchase
of any and all real estate, riparian estates or rights, and all other
property required or needed for any such park or for parkways, driveways,
or boulevards, or for extending, adorning, or maintaining the same, for the
purpose of establishing, acquiring, completing, enlarging, ornamenting,
building, rebuilding and improving public parks, boulevards, bridges,
subways, viaducts and approaches thereto, wharfs, piers, jetties, air
landing fields and basins, shore protection works, pleasure grounds and
ways, walks, pathways, driveways, roadways, highways and all public works,
grounds or improvements under the control of and within the jurisdiction of
such park commissioners and including the filling in of submerged land for
park purposes and constructing all buildings, field houses, stadiums,
shelters, conservatories, museums, service shops, power plants, structures,
playground devices, boulevard and building lighting systems and building
all other types of permanent improvement and construction necessary to
render the property under the control of said park commissioners usable for
the enjoyment thereof as public parks, parkways, boulevards and
pleasureways.

Provided, however, such bonds may be authorized, issued and sold only in
case the bonds are purchased by an agency of the United States of America
in connection with the grant of money from the Federal government to be
used in making any such park improvements.

Such bonds shall be authorized by ordinance and shall be in form and
denomination, payable at the place and bear such date as may be determined
by the commissioners and shall mature within not to exceed 20
years
from their date
or, for bonds issued after the effective date of this amendatory Act of the
93rd General Assembly, within
not
to exceed 30 years from their date, but may be made callable on any interest
payment date at
the price of par and accrued interest after notice shall be given by
publication or otherwise and at the time or times and in the manner as may
be provided in the bond ordinance.

Such bonds may be made registerable as to principal and shall bear
interest at the rate of not to exceed six per cent per annum, such interest
to be payable at such time and place and in such manner as may be provided
in the bond ordinance. Bonds may be signed by the facsimile signature of
the president with like effect as if signed by his genuine signature and
shall be signed by such other officers of the park district as may be
designated in the bond ordinance.

The validity of any bonds shall remain unimpaired although one or more
of the officers executing same shall have ceased to be such officer or
officers before delivery thereof.

The bonds may be sold only as in this section provided for such price
and upon such terms as shall be approved and directed by the commissioners.

(Source: P.A. 93-338, eff. 7-24-03.)

70 ILCS 1520/2

(70 ILCS 1520/2) (from Ch. 105, par. 333.39)

Sec. 2.

The ordinance authorizing said bonds shall prescribe all details
thereof and shall provide for the levy and collection of a direct annual
tax upon all the taxable property within the Chicago Park District
sufficient to pay the principal thereof and interest thereon as the same
become due, which tax shall be in addition to and exclusive of the maximum
of all other taxes authorized to be levied by said park district. A copy of
the bond ordinance duly certified shall be filed in the office of the
county clerk of Cook County and shall constitute authority for the
extension and collection of such bond and interest taxes as required by the
Constitution.

(Source: Laws 1935, p. 1019.)

70 ILCS 1520/3

(70 ILCS 1520/3) (from Ch. 105, par. 333.40)

Sec. 3.

Money received from the proceeds of taxes levied for payment of
principal of and interest upon such bonds shall be deposited in a special
fund of such park district suitably designated for identification and such
fund shall be faithfully applied to the payment of bonds and interest
thereon for which such taxes were levied.

If such money is not immediately necessary for the payment of said bonds
or if such bonds cannot be purchased before maturity then said money may be
invested under the direction of the commissioners in bonds or other
interest bearing obligations of the United States or bonds of the State of
Illinois.

The maturity date of the invested securities shall be prior to the due
date of the bonds for the payment of which said money was collected. Such
securities may be sold when ordered by the commissioners if necessary to
obtain cash to meet bond and interest payments.

Prior to the maturity of the bonds after setting aside a sum of money
equal to the amount of interest that will accrue thereon within the next
six months period from the time it is proposed to purchase and/or redeem
any such bonds, or the commissioners may require that said sum of money may
be equal to the amount of interest that will so accrue within the next
twelve months' period, the treasurer of the park district shall use the
money available from the proceeds of taxes levied for payment of the bonds,
first in the purchase of such bonds at the lowest price obtainable, but not
to exceed their par value and accrued interest after sealed tenders for
their purchase shall have been advertised for as may be directed by the
commissioners and thereafter such money shall be used by that official in
calling such bonds for payment if, by their terms, they are subject to
redemption.

Bonds called for payment and paid, or purchased, shall be marked paid
and cancelled.

Whenever any bonds are purchased and/or redeemed and cancelled, the
taxes thereafter to be extended for payment of interest shall be reduced in
an amount equal to the interest that thereafter would have accrued upon
such bonds so cancelled, and a resolution shall be adopted by the
commissioners finding such facts and a certified copy thereof shall be
filed in the office of the county clerk of Cook County whereupon it shall
be the duty of such official to reduce and extend such tax levies in
accordance therewith.

(Source: Laws 1935, p. 1019.)

70 ILCS 1520/4

(70 ILCS 1520/4) (from Ch. 105, par. 333.41)

Sec. 4.

The proceeds of the sale of said bonds and any money received by
way of grant from the Federal government in connection with the purchase of
such bonds may be expended by the commissioners without prior appropriation
thereof under any budget law.

(Source: Laws 1935, p. 1019.)