2023 Illinois Compiled Statutes › Chapter 70 - SPECIAL DISTRICTS › 70 ILCS 1515/ - Chicago Park District Debt Assumption Act.

(70 ILCS 1515/0.01) (from Ch. 105, par. 333.28s)
Sec. 0.01. 
		Short title. 
		This Act may be cited as the
Chicago Park District Debt Assumption Act.
(Source: P.A. 86-1324.)
(70 ILCS 1515/1) (from Ch. 105, par. 333.29)
Sec. 1. 
		
		The Chicago Park District by its commissioners, as its corporate
authorities, is authorized to assume and become liable for the payment of
the outstanding indebtedness hereinafter described of the several park
districts which were superseded by it, together with accrued interest and
interest on bonds after their maturity on such indebtedness as is
represented by bonds and to issue its bonds to refund and/or to fund such
indebtedness in the manner herein provided; such bonds shall constitute the
general obligations of the Chicago Park District and shall be payable from
taxes to be levied upon all the taxable property within the boundaries of
the Chicago Park District and may be authorized without submitting the
question to the legal voters for approval.
Whenever the commissioners choose to exercise the powers conferred by
this act they shall adopt an ordinance so declaring and describing the
indebtedness proposed to be assumed and reference in such ordinance to this
act by its title shall be sufficient to evidence the acceptance of all its
provisions as to such described indebtedness.
Indebtedness evidenced by bonds of superseded park districts issued for
proper corporate purposes is described as follows:
Total of Bonds Name of Park District               Outstanding
Albany..........................................$   568,000.00
Calumet..............................................82,000.00
Edison...............................................88,666.67
Fernwood.............................................95,000.00
Forest Glen...........................................7,000.00
Hollywood............................................99,000.00
Irving............................................1,598,000.00
Jefferson...........................................876,000.00
Lincoln..........................................18,534,000.00
North Shore.........................................692,000.00
Northwest.........................................4,518,000.00
Norwood.............................................171,000.00
Old Portage.......................................1,392,000.00
Ravenswood...........................................22,000.00
Ridge Avenue........................................373,000.00
Ridge...............................................892,500.00
River.............................................1,387,500.00
Sauganash............................................83,000.00
South............................................48,267,000.00
West Chicago.....................................14,273,338.87
West Pullman.........................................46,000.00
Total.......................................$94,065,005.54
Indebtedness in the amount of $3,137,045 evidenced by bonds and interest
coupons of Lincoln Park District that were paid at maturity from bond
and/or corporate funds to avoid default thereof which bonds and interest
coupons have not been cancelled and such funds have not been reimbursed.
Indebtedness as of May 1, 1934, represented by unfunded and floating
obligations of superseded park districts incurred for proper corporate
purposes is described as follows:
Total of Floating
Name of Park District
Indebtedness
Albany...........................................$   21,130.81
Calumet...............................................3,255.86
Forest Glen.............................................643.55
Hollywood............................................17,815.98
Jefferson...............................................861.23
Lincoln..............................................46,983.02
North Shore..........................................52,014.06
Northwest...........................................370,561.10
Norwood...............................................1,148.47
Old Portage.............................................839.65
Ridge Avenue..........................................1,032.97
Ridge.................................................5,000.00
River.................................................5,113.68
Sauganash...............................................974.32
South...............................................113,132.57
West..............................................1,518,393.78
West Pullman............................................249.80
Total........................................$2,159,150.85
Indebtedness existing by reason of unauthorized expenditure of money
from special funds of West Chicago Park District and which funds have not
been reimbursed described as follows:
Employees Annuity and Benefit Fund...............$  593,135.25
Park Policemen's Annuity and Benefit Fund............11,084.38
Public Benefit Fund.................................371,769.47
Special Assessment Fund.............................429,867.28
Additional Land Fund................................107,182.79
Total........................................$1,513,039.17
Indebtedness of the Northwest Park District in the amount of
$1,283,876.09 existing by reason of unauthorized expenditure for corporate
purposes of money received from the proceeds of the sale of its bonds
issued and sold for park improvements.
(Source: Laws 1935, p. 1012.)
(70 ILCS 1515/2) (from Ch. 105, par. 333.30)
Sec. 2. 
		
		The commissioners of the Chicago Park District are authorized to
issue negotiable coupon bonds of the Chicago Park District to be
denominated refunding bonds to refund any of said bonds prior to their
maturity; to refund any of said bonds that have matured; to refund any
matured coupons evidencing interest on any of said bonds; to refund any of
said bonds which by their terms are subject to redemption before maturity;
to refund any of said bonds and interest coupons that were paid at maturity
from bond and/or corporate funds to avoid default thereof where such bonds
and interest coupons shall not have been cancelled and such funds shall not
have been reimbursed; and to refund interest at the coupon rate upon any of
said matured bonds that has accrued since the maturity date thereof.
The refunding of bonds, of interest coupons and/or of interest not
represented by coupons may be authorized by one ordinance or by several
ordinances.
Such refunding bonds may be exchanged on the basis of par for par for
the bonds, interest not represented by coupons and/or interest coupons
refunded, or such refunding bonds may be sold at not less than their par
value and the proceeds received shall be used to pay the bonds, interest
not represented by coupons and/or interest coupons refunded; such payment
may be made without any prior appropriation thereof under any budget law.
Bonds and interest coupons refunded shall be cancelled and interest not
represented by coupons shall be cancelled and payment thereof evidenced by
written acknowledgment.
(Source: Laws 1935, p. 1012.)
(70 ILCS 1515/3) (from Ch. 105, par. 333.31)
Sec. 3. 
		
		The commissioners of the Chicago Park District are authorized to
issue negotiable coupon bonds of the Chicago Park District to be
denominated funding bonds to fund the floating and unfunded indebtedness of
the superseded park districts and to reimburse the special funds of the
West Chicago Park District and the bond proceeds fund of the Northwest Park
District described in section one of this act.
Such funding bonds may be exchanged on the basis of par for par for the
indebtedness funded or reimbursed or the funding bonds may be sold at not
less than their par value and the proceeds received shall be used to pay
such floating indebtedness and/or to reimburse such special funds; such
payment may be made without any prior appropriation thereof under any
budget law.
Floating indebtedness funded shall be cancelled and payment thereof and
reimbursement of special funds shall be evidenced by written
acknowledgment.
(Source: Laws 1935, p. 1012.)
(70 ILCS 1515/4) (from Ch. 105, par. 333.32)
Sec. 4. 
		
		Refunding and/or funding bonds shall be authorized by ordinance and
may be made registerable as to principal and shall be of the form and
denomination, payable at the place and bear such date as may be determined
by the commissioners and shall mature within not to exceed 20
years
from their date
or, for bonds issued after the effective date of this amendatory Act of the
93rd General Assembly, within
not
to exceed 30 years from their date, but may be made callable on any interest
payment date at
the price of par and accrued interest after notice shall be given by
publication or otherwise and at the time or times and in the manner as may
be provided in the bond ordinance. Such bonds may bear interest at the rate
of not to exceed six per cent per annum payable at the time and place
provided in the bond ordinance.
The ordinance authorizing such refunding and/or funding bonds shall
prescribe all details thereof and shall provide for the levy and collection
of an annual tax upon all the taxable property within the Chicago Park
District sufficient to pay the principal thereof and interest thereon as it
matures which tax shall be in addition to and exclusive of the maximum of
all other taxes authorized to be levied by said commissioners.
A duly certified copy of the bond ordinance shall be filed in the office
of the County Clerk of Cook County and shall constitute authority for the
extension and collection of such bond and interest taxes as required by the
constitution.
Refunding and funding bonds shall be signed by the facsimile signature
of the president with like effect as if signed with his genuine signature
and shall be signed by such other officers of the Chicago Park District as
may be designated in the bond ordinance.
The validity of any refunding and funding bonds shall remain unimpaired
although one or more of the officers executing same shall have ceased to be
such officer or officers before delivery thereof.
(Source: P.A. 93-338, eff. 7-24-03.)
(70 ILCS 1515/5) (from Ch. 105, par. 333.33)
Sec. 5. 
		
		Prior to the maturity of the refunding and/or funding bonds, after
setting aside a sum of money equal to the amount of interest that will
accrue thereon within the next six months' period from the time it is
proposed to purchase and/or redeem any such refunding and/or funding bonds,
or the commissioners may require that said sum of money be equal to the
amount of interest that will so accrue within the next twelve months'
period, the treasurer of the Chicago Park District shall use the money
available from the proceeds of taxes levied for the payment of the
refunding and/or funding bonds, first, in the purchase of such refunding
and/or funding bonds at the lowest price obtainable, but not to exceed
their par value and accrued interest, after sealed tenders for such
purchase shall have been advertised for as may be directed by the
commissioners thereof and thereafter such money shall be used by said
official in calling said bonds for payment if, by their terms, they are
subject to redemption.
Refunding and funding bonds called for payment and paid or purchased
shall be marked paid and cancelled.
Whenever refunding or funding bonds are purchased and/or redeemed and
cancelled, the taxes thereafter to be extended for payment of interest
shall be reduced in an amount equal to the interest that thereafter would
have accrued upon such refunding and funding bonds so cancelled and a
resolution shall be adopted by the commissioners finding such facts and a
certified copy thereof shall be filed in the office of the county clerk of
Cook County whereupon it shall be the duty of such official to reduce and
extend such tax levies in accordance therewith.
After bonds are refunded proper reduction of taxes theretofore levied
for the payment of the bonds refunded and next to be extended for
collection shall be made by the County Clerk upon receipt of a certificate
signed by the secretary of the Chicago Park District describing the bonds
refunded and amount thereof and the tax to be abated.
Money available from uncollected taxes levied for prior years for
payment of bonds and/or interest coupons that have been paid or refunded,
after payment of all warrants that may have been issued in anticipation of
such taxes shall be placed in the Sinking Fund Account hereinafter
designated and used to purchase, call for payment or to pay at maturity
such refunding bonds and interest thereon as herein provided.
(Source: Laws 1935, p. 1012.)
(70 ILCS 1515/6) (from Ch. 105, par. 333.34)
Sec. 6. 
		
		Money received from the proceeds of taxes levied for the payment of
principal of and interest upon such refunding and funding bonds shall be
deposited in the depositary bank or savings and loan association of
the Chicago Park District in a special
account designated as "Chicago Park District and Superseded Park Districts
Bond and Interest Sinking Fund Account." Said money shall be faithfully
applied to the payment of the refunding and/or funding bonds and interest
thereon for which such taxes were levied.
No bank or savings and loan association shall receive public funds as
permitted by this Section, unless it has complied with the requirements
established pursuant to Section 6 of "An Act relating to certain investments
of public funds by public agencies", approved July 23, 1943, as now or hereafter
amended.
If such money is not immediately necessary for the payment or redemption
of refunding and/or funding bonds or if such bonds cannot be purchased
before maturity, then said money may be invested under the direction of the
commissioners in bonds or other interest bearing obligations of the United
States and bonds of the State of Illinois.
The maturity date of the invested securities shall be prior to the due
date of the refunding and/or funding bonds for the payment of which said
money was collected. Such securities may be sold when ordered by the
commissioners if necessary to obtain cash to meet bond and interest
payments.
(Source: P.A. 83-541.)
(70 ILCS 1515/7) (from Ch. 105, par. 333.35)
Sec. 7. 
		
		The commissioners of the Chicago Park District are authorized to
take any action that may be necessary to inform the owners of such
outstanding bonds and floating indebtedness of the financial condition of
the superseded park districts and the necessity of refunding said
outstanding bonds and readjusting their maturities and funding such
floating indebtedness in order that sufficient taxes may be collected to
take care of all financial obligations. Said commissioners may enter into
such agreements as may be deemed essential to prepare and complete any
refunding and funding plan and are authorized without previous
appropriation therefor under any budget law to incur and pay from any
available revenues all expenditures necessary to complete the refunding of
such bonds and the funding of such floating indebtedness of the superseded
park districts and reestablish the credit of the Chicago Park District.
(Source: Laws 1935, p. 1012.)
(70 ILCS 1515/8) (from Ch. 105, par. 333.36)
Sec. 8. 
		
		The indebtedness of the several superseded park districts as
evidenced by their official records and described in section one of this
act is declared to be the legal and binding obligation of said several
superseded park districts in the amounts therein described, respectively,
and when assumed by the Chicago Park District as herein provided, and
refunding and/or funding bonds shall have been issued in lieu thereof as
authorized by this act, such bonds will constitute the legal and binding
obligation of the Chicago Park District for the payment of which all
taxable property therein will be liable.
(Source: Laws 1935, p. 1012.)
(70 ILCS 1515/9) (from Ch. 105, par. 333.37)
Sec. 9. 
		
		The assumption of such indebtedness and issuance of refunding
and funding bonds under this act shall not be subject to or controlled
by any statutory limitation of indebtedness or any other provision
contained in the act creating the Chicago Park District and this act
shall constitute complete authority for assuming such indebtedness and
issuing refunding and funding bonds as herein provided without reference
to other laws and shall be construed as conferring powers in addition to
but not limiting powers granted under other laws.
(Source: Laws 1935, p. 1012.)