Illinois General Assembly - Full Text of Public Act 098-0906
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Public Act 098-0906





Public Act 098-0906
HB4597 EnrolledLRB098 16791 JLK 51860 b

    AN ACT concerning local government.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The Park District Code is amended by changing
Section 6-4 and by adding Section 6-7 as follows:
    (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. 94-628, eff. 1-1-06.)
    (70 ILCS 1205/6-7 new)
    Sec. 6-7. Borrowing from financial institutions. The board
may borrow money for any corporate purpose from any bank or
other financial institution provided such money shall be repaid
within 2 years from the time the money is borrowed. The
president and secretary shall execute a promissory note or
similar debt instrument to evidence the indebtedness incurred
by the borrowing. The obligation to make the payments due under
the promissory note or other debt instrument shall be a lawful
direct general obligation of the park district payable from the
general funds of that district and such other sources of
payment as are otherwise lawfully available. The promissory
note or other debt instrument shall be authorized by an
ordinance passed by the board and shall be valid whether or not
an appropriation with respect to that ordinance is included in
any annual or supplemental appropriation adopted by the board.
The indebtedness incurred under this Section, when aggregated
with the existing indebtedness of the park district, may not
exceed any debt limitation otherwise provided for by law.
"Financial institution" means any bank subject to the Illinois
Banking Act, any savings and loan association subject to the
Illinois Savings and Loan Act of 1985, any savings bank subject
to the Savings Bank Act, any credit union subject to the
Illinois Credit Union Act, and any federally chartered
commercial bank, savings and loan association, savings bank, or
credit union organized and operated in this State pursuant to
the laws of the United States.
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/15/2014