70 ILCS 1205/8-15
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 1205/ - Park District Code.|Article 8 - General Powers Of Park Districts

 (from Ch. 105, par. 8-15)Sec. 8-15.         In addition to the other powers and authority now possessed by  it, every park district shall have the power and authority to purchase or  improve or repair any real estate, equipment, machinery and other personal  property for public purposes under contracts providing for payment in  installments.  Any such contract heretofore or hereafter  entered into may be refinanced at any time by means of a refunding loan  agreement.  Each such contract or refunding loan agreement may provide for  installment payments of principal and interest to be made at stated intervals  during a certain period not to exceed 20 years.  Interest paid on the principal  balance outstanding may be at any rate or rates permitted on park district  bonds and may be adjusted on such date or dates as are specified in the  contract or refunding loan agreement, provided that the rate of interest  resulting from the adjustment on such date or dates shall not exceed the  greater of (i) the maximum rate of interest permitted on park district bonds  on the date such contract or refunding loan agreement was made by such park  district; or (ii) the maximum rate of interest permitted on park district  bonds on the interest adjustment date specified in the contract or refunding  loan agreement.  No contract or refunding loan agreement for the same real  estate or personal property may exceed an aggregate of 20 years.Every park district may, in such contract or refunding loan agreement,  irrevocably contract to issue general obligation bonds or notes from time  to time as permitted by law and to apply the proceeds thereof to the payment  of principal and interest on the contract or refunding loan agreement.  Notwithstanding any change in law subsequent to the making of such irrevocable  contract to issue bonds or notes, every park district making such irrevocable  contract shall be authorized to issue such bonds or notes as though the  laws relating to park district bonds and notes in effect at the time of  the making of such irrevocable contract were in full force and effect until  all of the installments on the contract or refunding loan agreement have  been paid in full.  The State of Illinois pledges and agrees that it will  not limit or alter the rights and powers vested in park districts in this  paragraph of this Section so as to impair the terms of any such irrevocable  contract until each contract and refunding loan agreement is paid in full.The provisions of this Section shall not, however, be construed in any  manner whatsoever to permit the issuance of bonds or notes without referendum  except as provided in Article 6 of "The Park District Code" at the time  such irrevocable contract is made.In connection with any contract or refunding loan agreement authorized  by this Section, every park district may issue certificates evidencing the  indebtedness incurred pursuant to such contract or refunding loan agreement  in such number, denomination and form as the park district shall determine.  The indebtedness incurred under this Section when aggregated with existing  principal indebtedness may not exceed the debt limits provided in Section  6-2 of "The Park District Code"; provided, however, that the interest to be  paid on obligations incurred pursuant to this Section shall not be included  in any computation of indebtedness.    (Source: P.A. 86-494.)