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| Public Act 098-0906 | ||||
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AN ACT concerning local government.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Park District Code is amended by changing | ||||
Section 6-4 and by adding Section 6-7 as follows:
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(70 ILCS 1205/6-4) (from Ch. 105, par. 6-4)
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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
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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
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referendum shall be given and the referendum shall be conducted | ||||
in the
manner provided by the general election law.
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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.
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Any proposition to issue bonds shall be in substantially | ||
the following form:
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Shall bonds or notes of the
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..... Park District (name it) to YES
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the amount of..... Dollars
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($.....) be issued for the ---------------------------
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purpose of.....? (Here insert
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any one or more of the NO
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purposes authorized in
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Section 6-2 hereof)
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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.
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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
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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.
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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.
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(Source: P.A. 94-628, eff. 1-1-06.)
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(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.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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