Bill Text: IL SB3184 | 2011-2012 | 97th General Assembly | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Park District Code. Provides that bonds issued by the Carol Stream Park District approved by referendum at the February 2, 2010 general primary election are not subject to the certain percentage limitations imposed, and shall not be considered as part of the existing principal indebtedness of that district.
Spectrum: Moderate Partisan Bill (Republican 4-1)
Status: (Passed) 2012-08-27 - Public Act . . . . . . . . . 97-1103 [SB3184 Detail]
Download: Illinois-2011-SB3184-Engrossed.html
Bill Title: Amends the Park District Code. Provides that bonds issued by the Carol Stream Park District approved by referendum at the February 2, 2010 general primary election are not subject to the certain percentage limitations imposed, and shall not be considered as part of the existing principal indebtedness of that district.
Spectrum: Moderate Partisan Bill (Republican 4-1)
Status: (Passed) 2012-08-27 - Public Act . . . . . . . . . 97-1103 [SB3184 Detail]
Download: Illinois-2011-SB3184-Engrossed.html
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1 | AN ACT concerning local government.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Park District Code is amended by changing | ||||||
5 | Section 6-2 as follows:
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6 | (70 ILCS 1205/6-2) (from Ch. 105, par. 6-2)
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7 | Sec. 6-2.
For the payment of land condemned or purchased | ||||||
8 | for parks
or boulevards, for the building, maintaining, | ||||||
9 | improving and protecting
of the same and for the payment of the | ||||||
10 | expenses incident thereto, or for
the acquisition of real | ||||||
11 | estate and lands to be used as a site for an
armory, or for the | ||||||
12 | refunding of its bonds which are payable solely from
the | ||||||
13 | revenues derived from the operation of any of its facilities, | ||||||
14 | any
park district is authorized to issue the bonds or notes of
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15 | such park district and pledge its property and credit therefor | ||||||
16 | to an
amount including existing principal indebtedness of such | ||||||
17 | district so that the
aggregate principal indebtedness of such | ||||||
18 | district does not exceed 2.875% of the
value of the taxable | ||||||
19 | property therein, to be ascertained by the last
assessment for | ||||||
20 | state and county taxes previous to the issue from time to
time | ||||||
21 | of such bonds or notes, unless a petition, signed by voters in | ||||||
22 | number
equal to not less than 2% of the voters of the district, | ||||||
23 | who voted at the
last general election in the district, asking |
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1 | that the authorized aggregate
principal indebtedness of the | ||||||
2 | district be increased to not more than 5.75%
of the value of | ||||||
3 | the taxable property therein, is presented to the board and
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4 | such increase is approved by the voters of the district at a | ||||||
5 | referendum
held on the question, in which case such aggregate | ||||||
6 | principal indebtedness
may not exceed 5.75% of the value of the | ||||||
7 | taxable property in the district.
Notice of the referendum | ||||||
8 | shall be given and the referendum conducted in the
manner | ||||||
9 | provided by the general election law. Bonds for airport | ||||||
10 | purposes
issued by a park district under Section 9-2b and bonds | ||||||
11 | issued by the Carol Stream Park District approved by referendum | ||||||
12 | at the February 2, 2010 general primary election are not | ||||||
13 | subject to the
percentage limitations imposed by this Section , | ||||||
14 | and shall not be considered
as part of the existing principal | ||||||
15 | indebtedness of that district for the
purposes of , this Section | ||||||
16 | or any other applicable statutory debt limitation .
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17 | (Source: P.A. 86-494.)
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18 | Section 99. Effective date. This Act takes effect upon | ||||||
19 | becoming law.
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