Bill Text: IL HB4151 | 2009-2010 | 96th General Assembly | Enrolled
Bill Title: Amends the Park District Code. Provides that the principal on bonds issued by a park district shall be payable no later than 30 years from their respective date of issue (now, 20 years). Effective immediately.
Sponsorship: Partisan Bill (Republican 1)
Status: (Passed) 2009-08-11 - Public Act . . . . . . . . . 96-0321 [HB4151 Detail]
Download: Illinois-2009-HB4151-Enrolled.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 6-5 as follows:
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| 6 | (70 ILCS 1205/6-5) (from Ch. 105, par. 6-5)
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| 7 | Sec. 6-5.
Such bonds or notes of a park district shall be | ||||||
| 8 | issued when
authorized under
Sections 6-2, 6-3 or 6-4, hereof | ||||||
| 9 | in the name of the district, signed by the
president and | ||||||
| 10 | secretary, and countersigned by the treasurer, with the seal
of | ||||||
| 11 | said district affixed. They shall bear interest at a rate not | ||||||
| 12 | to exceed
the maximum rate authorized by the Bond Authorization | ||||||
| 13 | Act, as amended at the
time of the making of the contract,
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| 14 | payable semiannually and the principal shall be
payable at such | ||||||
| 15 | time and place as may be determined by the board, not
exceeding | ||||||
| 16 | 25 20 years from their date. The board of such district may | ||||||
| 17 | sell
such bonds in any manner it deems for the best interests | ||||||
| 18 | of the district,
at not less than par, and the proceeds thereof | ||||||
| 19 | shall be used exclusively
for the purpose in this code | ||||||
| 20 | authorized.
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| 21 | With respect to instruments for the payment of money issued | ||||||
| 22 | under this
Section either before, on, or after the effective | ||||||
| 23 | date of this amendatory
Act of 1989, it is and always has been | ||||||
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| 1 | the intention of the General
Assembly (i) that the Omnibus Bond | ||||||
| 2 | Acts are and always have been
supplementary grants of power to | ||||||
| 3 | issue instruments in accordance with the
Omnibus Bond Acts, | ||||||
| 4 | regardless of any provision of this Act that may appear
to be | ||||||
| 5 | or to have been more restrictive than those Acts, (ii) that the
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| 6 | provisions of this Section are not a limitation on the | ||||||
| 7 | supplementary
authority granted by the Omnibus Bond Acts, and | ||||||
| 8 | (iii) that instruments
issued under this Section within the | ||||||
| 9 | supplementary authority granted
by the Omnibus Bond Acts are | ||||||
| 10 | not invalid because of any provision of
this Act that may | ||||||
| 11 | appear to be or to have been more restrictive than
those Acts.
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| 12 | (Source: P.A. 86-4.)
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| 13 | Section 99. Effective date. This Act takes effect upon | ||||||
| 14 | becoming law.
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