2023 Illinois Compiled Statutes › Chapter 70 - SPECIAL DISTRICTS › 70 ILCS 1525/ - Chicago Park District Bond (1965) Act.

(70 ILCS 1525/0.01) (from Ch. 105, par. 333.43a9)
Sec. 0.01. 
		Short title. 
		This Act may be cited as the
Chicago Park District Bond (1965) Act.
(Source: P.A. 86-1324.)
(70 ILCS 1525/1) (from Ch. 105, par. 333.43b)
Sec. 1. 
		
		The commissioners of the Chicago Park District without submission
of the question to the voters for approval may incur indebtedness and issue
bonds therefor in the amount of not to exceed $10,000,000 for the payment
of any and all real estate, riparian estates or rights, condemned or
purchased for parks or boulevards, and all other property required or
needed for any park or for parkways, driveways, or boulevards, or for
extending, adorning, or maintaining the same, for the purpose of
establishing, acquiring, completing, enlarging, ornamenting, building,
rebuilding and improving public parks, boulevards, bridges, subways,
viaducts and approaches thereto, wharfs, piers, jetties, air landing fields
and basins, shore protection works, pleasure grounds and ways, walks,
pathways, driveways, roadways, highways and all public works, grounds or
improvements under the control of and within the jurisdiction of such park
commissioners and including the filling in of submerged land for park
purposes and constructing all buildings, field houses, stadiums, shelters,
conservatories, museums, service shops, power plants, structures,
playground devices, boulevard and building lighting systems and building
all other types of permanent improvement and construction necessary to
render the property under the control of said park commissioners usable for
the enjoyment thereof as public parks, parkways, boulevards and
pleasureways.
Such bonds shall be authorized by ordinance and shall be in 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 be made registerable as to principal and shall bear
interest at the rate of not to exceed six per cent per annum, such interest
to be payable at such time and place and in such manner as may be provided
in the bond ordinance. Bonds may be signed by the facsimile signature of
the president with like effect as if signed by his genuine signature and
shall be signed by such other officers of the park district as may be
designated in the bond ordinance.
The validity of any 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.
The bonds shall be sold for not less than par and accrued interest upon
such terms as shall be approved and directed by the commissioners.
(Source: P.A. 93-338, eff. 7-24-03.)
(70 ILCS 1525/2) (from Ch. 105, par. 333.43c)
Sec. 2. 
		
		The ordinance authorizing said bonds shall prescribe all details
thereof and shall provide for the levy and collection of a direct annual
tax upon all the taxable property within the Chicago Park District
sufficient to pay the principal thereof and interest thereon as the same
become due, which tax shall be in addition to and exclusive of the maximum
of all other taxes authorized to be levied by said park district. A copy of
the bond ordinance duly certified 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.
(Source: Laws 1965, p. 1821.)
(70 ILCS 1525/3) (from Ch. 105, par. 333.43d)
Sec. 3. 
		
		Money received from the proceeds of taxes levied for payment of
principal of and interest upon such bonds shall be deposited in a special
fund of such park district suitably designated for identification and such
fund shall be faithfully applied to the payment of bonds and interest
thereon for which such taxes were levied.
If such money is not immediately necessary for the payment of said bonds
or if such bonds cannot be purchased before maturity then said money may be
invested under the direction of the commissioners in direct obligations of
the United States of America, which shall mature or which shall be subject
to redemption by the holder thereof at the option of such holder prior to
the date such funds shall be required for the purpose for which they are
held. Interest accruing on and profit or loss realized from the investment
of such funds shall be credited or charged to such special account.
(Source: Laws 1965, p. 1821.)