Bill Text: IL HB4151 | 2009-2010 | 96th General Assembly | Engrossed
NOTE: There are more recent revisions of this legislation. Read Latest Draft
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.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2009-08-11 - Public Act . . . . . . . . . 96-0321 [HB4151 Detail]
Download: Illinois-2009-HB4151-Engrossed.html
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.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2009-08-11 - Public Act . . . . . . . . . 96-0321 [HB4151 Detail]
Download: Illinois-2009-HB4151-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 6-5 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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