19-2874.   Same; bonds; election; limitations; taxlevies.The park district may issue bonds to acquire real estate and may issuebonds to improve the park system or any part thereof. The board may submitthe question of the issuance of bonds toacquire real estate and for theimprovement thereof in one proposition. No bonds shall be issued unlessauthorized by amajority of all the votes cast on the proposition by the qualifiedelectorsof the district at an election called and held for the purpose. Theproposition shall specify the purpose for which thebonds are to be issued and the school district within which any real estateproposed to be acquired is located. Any proposition for bonds forimprovements shall describe the kind of improvements proposed to be made butneed not specify theamounts to be spent for any given improvements. The bonded indebtednessof the park district shall not exceed 1 1/2%of the assessed taxable tangible valuation of the park district at anyone time. Except as otherwise provided, all bonds shall be issued asprovided by the general bond law. All bondsissued under this act shall be general obligations of the park districtand the park board shall levy taxes upon all assessed taxable tangibleproperty within the park district to pay the bonds and interest thereonas the same mature and come due.

      History:   L. 1953, ch. 170, § 16; L. 1955, ch. 167, § 1;L. 2002, ch. 53, § 1; July 1.