State Codes and Statutes
Statutes > Illinois > Chapter70 > 892 > 007012050HArt_6 (70 ILCS 1205/6‑1) (from Ch. 105, par. 6‑1) Sec. 6‑1. Neither this code nor anything contained herein shall be deemed to preclude any park district from exercising the powers available to park districts for issuance of refunding bonds as set forth in an act entitled "An Act authorizing any park district to issue refunding bonds and to provide for the levy of taxes for the payment thereof", approved August 15, 1941. The power to issue such bonds and the method of procedure therefor described in said Act is hereby specifically reserved to and granted all park districts. (Source: Laws 1951, p. 113.) |
(70 ILCS 1205/6‑2) (from Ch. 105, par. 6‑2) Sec. 6‑2. For the payment of land condemned or purchased for parks or boulevards, for the building, maintaining, improving and protecting of the same and for the payment of the expenses incident thereto, or for the acquisition of real estate and lands to be used as a site for an armory, or for the refunding of its bonds which are payable solely from the revenues derived from the operation of any of its facilities, any park district is authorized to issue the bonds or notes of such park district and pledge its property and credit therefor to an amount including existing principal indebtedness of such district so that the aggregate principal indebtedness of such district does not exceed 2.875% of the value of the taxable property therein, to be ascertained by the last assessment for state and county taxes previous to the issue from time to time of such bonds or notes, unless a petition, signed by voters in number equal to not less than 2% of the voters of the district, who voted at the last general election in the district, asking that the authorized aggregate principal indebtedness of the district be increased to not more than 5.75% of the value of the taxable property therein, is presented to the board and such increase is approved by the voters of the district at a referendum held on the question, in which case such aggregate principal indebtedness may not exceed 5.75% of the value of the taxable property in the district. Notice of the referendum shall be given and the referendum conducted in the manner provided by the general election law. Bonds for airport purposes issued by a park district under Section 9‑2b are not subject to the percentage limitations imposed by this Section, and shall not be considered as part of the existing principal indebtedness of that district for the purposes of this Section. (Source: P.A. 86‑494.) |
(70 ILCS 1205/6‑3) (from Ch. 105, par. 6‑3) Sec. 6‑3. The question as to the increase of the authorized aggregate principal indebtedness of a park district under Section 6‑2 hereof shall be submitted to the voters of the district at the next regular election in accordance with the general election law. The proposition as to the increase of the authorized aggregate principal indebtedness shall be in substantially the following form:
Shall the authorized aggregate principal indebtedness of the.... YES Park District (naming it) be increased
to not more than.... per centum of the NO value of the taxable property therein?
If a majority of the votes cast upon the proposition are in the affirmative, the increase of the authorized aggregate principal indebtedness shall be deemed approved. (Source: P.A. 86‑494.) |
(70 ILCS 1205/6‑6) (from Ch. 105, par. 6‑6) Sec. 6‑6. All park districts, at or before the time of issuance of bonds or notes, shall provide for the levy of taxes, in addition to all other taxes, sufficient to pay the principal of and interest upon said bonds or notes as the same becomes due, and shall file a certified copy of the ordinance or ordinances providing for the levy of said taxes with the county clerk of the county in which the district is located. Where said district lies in more than one county, said tax shall be certified, apportioned and levied as provided in Section 5‑‑4 hereof. (Source: P.A. 79‑434.) |