19-2874. Same; bonds; election; limitations; tax levies.
19-2874
19-2874. Same; bonds; election; limitations; tax
levies.
The park district may issue bonds to acquire real estate and may issue
bonds to improve the park system or any part thereof. The board may submit
the question of the issuance of bonds to
acquire real estate and for the
improvement thereof in one proposition. No bonds shall be issued unless
authorized by a
majority of all the votes cast on the proposition by the qualified
electors
of the district at an election called and held for the purpose. The
proposition shall specify the purpose for which the
bonds are to be issued and the school district within which any real estate
proposed to be acquired is located. Any proposition for bonds for
improvements shall describe the kind of improvements proposed to be made but
need not specify the
amounts to be spent for any given improvements. The bonded indebtedness
of the park district shall not exceed 1 1/2%
of the assessed taxable tangible valuation of the park district at any
one time. Except as otherwise provided, all bonds shall be issued as
provided by the general bond law. All bonds
issued under this act shall be general obligations of the park district
and the park board shall levy taxes upon all assessed taxable tangible
property within the park district to pay the bonds and interest thereon
as the same mature and come due.
History: L. 1953, ch. 170, § 16; L. 1955, ch. 167, § 1;
L. 2002, ch. 53, § 1; July 1.