Bill Amendment: IL HB4890 | 2017-2018 | 100th General Assembly

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: TIF-VILLAGE OF POSEN

Status: 2019-01-08 - Session Sine Die [HB4890 Detail]

Download: Illinois-2017-HB4890-House_Amendment_001.html

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Rep. William Davis

Filed: 5/15/2018

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AMENDMENT TO HOUSE BILL 4890
AMENDMENT NO. ______. Amend House Bill 4890 by replacing
everything after the enacting clause with the following:
"Section 5. The Park District Code is amended by changing
Section 6-2 as follows:
(70 ILCS 1205/6-2) (from Ch. 105, par. 6-2)
Sec. 6-2. For the payment of land condemned or purchased
for parks or boulevards, for the building, maintaining,
improving and protecting of the same and for the payment of the
expenses incident thereto, or for the acquisition of real
estate and lands to be used as a site for an armory, or for the
refunding of its bonds which are payable solely from the
revenues derived from the operation of any of its facilities,
any park district is authorized to issue the bonds or notes of
such park district and pledge its property and credit therefor
to an amount including existing principal indebtedness of such

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district so that the aggregate principal indebtedness of such
district does not exceed 2.875% of the value of the taxable
property therein, to be ascertained by the last assessment for
state and county taxes previous to the issue from time to time
of such bonds or notes, unless a petition, signed by voters in
number equal to not less than 2% of the voters of the district,
who voted at the last general election in the district, asking
that the authorized aggregate principal indebtedness of the
district be increased to not more than 5.75% of the value of
the taxable property therein, is presented to the board and
such increase is approved by the voters of the district at a
referendum held on the question, in which case such aggregate
principal indebtedness may not exceed 5.75% of the value of the
taxable property in the district. Notice of the referendum
shall be given and the referendum conducted in the manner
provided by the general election law. Bonds for airport
purposes issued by a park district under Section 9-2b, and up
to $15,000,000 in bonds issued by the Carol Stream Park
District approved by referendum at the February 2, 2010 general
primary election, and up to $13,000,000 in bonds issued by the
Midlothian Park District approved by referendum at the March
20, 2018 general primary election are not subject to the
percentage limitations imposed by, and shall not be considered
as part of the existing principal indebtedness of that district
for the purposes of, this Section or any other applicable
statutory debt limitation.

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(Source: P.A. 97-1103, eff. 8-27-12.)
Section 99. Effective date. This Act takes effect upon
becoming law.".