Bill Amendment: IL SB2589 | 2017-2018 | 100th General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: REGIONAL DEVELOPMENT AUTHORITY
Status: 2018-11-29 - Public Act . . . . . . . . . 100-1125 [SB2589 Detail]
Download: Illinois-2017-SB2589-House_Amendment_002.html
Bill Title: REGIONAL DEVELOPMENT AUTHORITY
Status: 2018-11-29 - Public Act . . . . . . . . . 100-1125 [SB2589 Detail]
Download: Illinois-2017-SB2589-House_Amendment_002.html
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1 | AMENDMENT TO SENATE BILL 2589
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2 | AMENDMENT NO. ______. Amend Senate Bill 2589, AS AMENDED, | ||||||
3 | by replacing everything after the enacting clause with the | ||||||
4 | following:
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5 | "Section 5. The Park District Code is amended by changing | ||||||
6 | Section 6-2 as follows:
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7 | (70 ILCS 1205/6-2) (from Ch. 105, par. 6-2)
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8 | Sec. 6-2.
For the payment of land condemned or purchased | ||||||
9 | for parks
or boulevards, for the building, maintaining, | ||||||
10 | improving and protecting
of the same and for the payment of the | ||||||
11 | expenses incident thereto, or for
the acquisition of real | ||||||
12 | estate and lands to be used as a site for an
armory, or for the | ||||||
13 | refunding of its bonds which are payable solely from
the | ||||||
14 | revenues derived from the operation of any of its facilities, | ||||||
15 | any
park district is authorized to issue the bonds or notes of
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16 | such park district and pledge its property and credit therefor |
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1 | to an
amount including existing principal indebtedness of such | ||||||
2 | district so that the
aggregate principal indebtedness of such | ||||||
3 | district does not exceed 2.875% of the
value of the taxable | ||||||
4 | property therein, to be ascertained by the last
assessment for | ||||||
5 | state and county taxes previous to the issue from time to
time | ||||||
6 | of such bonds or notes, unless a petition, signed by voters in | ||||||
7 | number
equal to not less than 2% of the voters of the district, | ||||||
8 | who voted at the
last general election in the district, asking | ||||||
9 | that the authorized aggregate
principal indebtedness of the | ||||||
10 | district be increased to not more than 5.75%
of the value of | ||||||
11 | the taxable property therein, is presented to the board and
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12 | such increase is approved by the voters of the district at a | ||||||
13 | referendum
held on the question, in which case such aggregate | ||||||
14 | principal indebtedness
may not exceed 5.75% of the value of the | ||||||
15 | taxable property in the district.
Notice of the referendum | ||||||
16 | shall be given and the referendum conducted in the
manner | ||||||
17 | provided by the general election law. Bonds for airport | ||||||
18 | purposes
issued by a park district under Section 9-2b , and up | ||||||
19 | to $15,000,000 in bonds issued by the Carol Stream Park | ||||||
20 | District approved by referendum at the February 2, 2010 general | ||||||
21 | primary election , and up to $13,000,000 in bonds issued by the | ||||||
22 | Midlothian Park District approved by referendum at the March | ||||||
23 | 20, 2018 general primary election are not subject to the
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24 | percentage limitations imposed by, and shall not be considered
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25 | as part of the existing principal indebtedness of that district | ||||||
26 | for the
purposes of, this Section or any other applicable |
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1 | statutory debt limitation.
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2 | (Source: P.A. 97-1103, eff. 8-27-12.)
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3 | Section 99. Effective date. This Act takes effect upon | ||||||
4 | becoming law.".
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