Illinois Compiled Statutes
Chapter 70 - SPECIAL DISTRICTS
70 ILCS 1270/ - Park District Refunding Bond Act.

(70 ILCS 1270/0.01) (from Ch. 105, par. 255.18a)
Sec. 0.01.
Short title.
This Act may be cited as the
Park District Refunding Bond Act.

(Source: P.A. 86-1324.)
 
(70 ILCS 1270/1) (from Ch. 105, par. 255.19)
Sec. 1.

The corporate authorities of any park district, without submitting
the question to the electors thereof for approval, may authorize by
ordinance the issuance of refunding bonds (1) to refund its bonds prior to
their maturity; (2) to refund its unpaid matured bonds; (3) to refund
matured coupons evidencing interest upon its unpaid bonds; (4) to refund
interest at the coupon rate upon its unpaid matured bonds that has accrued
since the maturity of those bonds; and (5) to refund its bonds which by
their terms are subject to redemption before maturity.
The refunding bonds may be made registerable as to principal and may
bear interest at a rate not to exceed six per cent annually, payable at
such time and place as may be provided in the bond ordinance.
The refunding bonds shall remain valid even though one or more of the
officers executing the bonds ceases to hold his or their offices before the
bonds are delivered.

(Source: Laws 1941, vol. 2, p. 458.)
 
(70 ILCS 1270/2) (from Ch. 105, par. 255.20)
Sec. 2.

The ordinance authorizing the refunding bonds shall prescribe all
details thereof and shall provide for the levy and collection of a direct
annual tax upon all the taxable property within the park district
sufficient to pay the principal thereof and interest thereon as it matures.
This tax shall be in addition to and exclusive of the maximum of all other
taxes authorized to be levied by the park district. Tax limitations
applicable to the park district provided by other statutes of this State
shall not apply to taxes levied for payment of these refunding bonds.
A certified copy of the bond ordinance shall be filed with the county
clerk of the county in which the park district or any portion thereof is
situated, and shall constitute the authority for the extension and
collection of refunding bond and interest taxes as required by the
constitution.

(Source: Laws 1941, vol. 2, p. 458.)
 
(70 ILCS 1270/3) (from Ch. 105, par. 255.21)
Sec. 3.

The refunding bonds may be exchanged for the bonds to be refunded
on the basis of dollar for dollar for the par value of the bonds, interest
coupons, and interest not represented by coupons, if any. Instead of this
exchange, the refunding bonds may be sold at not less than their par value
and accrued interest. The proceeds received from their sale shall be used
to pay the bonds, interest coupons, and interest not represented by
coupons, if any. This payment may be made without any prior appropriation
therefor under any budget law.
Bonds and interest coupons which have been received in exchange or paid
shall be cancelled and the obligation for interest, not represented by
coupons, which has been discharged, shall be evidenced by a written
acknowledgment of the exchange or payment thereof.

(Source: Laws 1941, vol. 2, p. 458.)
 
(70 ILCS 1270/4) (from Ch. 105, par. 255.22)
Sec. 4.

The refunding bonds shall be of such form and denomination, payable
at such place, bear such date, and be executed by such officials as may be
provided by the corporate authorities of the park district in the bond
ordinance. They shall mature within not to exceed twenty years from their
date, and may be made callable on any interest payment date at par and
accrued interest after notice has been given at the time and in the manner
provided in the bond ordinance.
If there is no default in payment of the principal of or interest upon
the refunding bonds, and if after setting aside a sum of money equal to the
amount of interest that will accrue on the refunding bonds, and a sum of
money equal to the amount of principal that will become due thereon, within
the next six months period, the treasurer of the park district shall use
the money available from the proceeds of taxes levied for the payment of
the refunding bonds in calling them for payment, if, by their terms, they
are subject to redemption. However, a park district may provide in the bond
ordinance that, whenever the park district is not in default in payment of
the principal of or interest upon the refunding bonds and has set aside the
sums of money provided in this paragraph for interest accruing and
principal maturing within the next six months period, the money available
from the proceeds of taxes levied for the payment of refunding bonds shall
be used, first, in the purchase of the refunding bonds at the lowest price
obtainable, but not to exceed their par value and accrued interest, after
sealed tenders for their purchase have been advertised for as may be
directed by the corporate authorities thereof.
Refunding bonds called for payment and paid or purchased under this
section shall be marked paid and cancelled.

(Source: Laws 1941, vol. 2, p. 458.)
 
(70 ILCS 1270/5) (from Ch. 105, par. 255.23)
Sec. 5.

Whenever any refunding bonds are purchased and cancelled, as
provided in section 4 of this Act, the taxes thereafter to be extended
for payment of the principal of and the interest on the remainder of the
issue shall be reduced in an amount equal to the principal of and the
interest that would have thereafter accrued upon the refunding bonds so
cancelled. A resolution shall be adopted by the corporate authorities of
the park district finding these facts. A certified copy of this resolution
shall be filed with the county clerk specified in section 2 of this Act.
Whereupon the county clerk shall reduce and extend such tax levies in
accordance therewith.
Whenever refunding bonds are issued, proper reduction of taxes,
theretofore levied for the payment of the bonds refunded and next to be
extended for collection, shall be made by the county clerk upon receipt of
a certificate signed by the treasurer of the park district, or by the
president and secretary or clerk or other corresponding officers of the
park district, showing the bonds refunded and the tax to be abated.

(Source: Laws 1941, vol. 2, p. 458.)
 
(70 ILCS 1270/6) (from Ch. 105, par. 255.24)
Sec. 6.

Money which becomes available from taxes that were levied for prior
years for payment of bonds or interest coupons that were paid or refunded
before those taxes were collected, after payment of all warrants that may
have been issued in anticipation of these taxes, shall be placed in the
sinking fund account provided in this section. It shall be used to
purchase, call for payment, or to pay at maturity refunding bonds and
interest thereon as herein provided.
Money received from the proceeds of taxes levied for the payment of the
principal of and interest upon refunding bonds shall be deposited in a
special fund of the park district. It shall be designated as the "Refunding
Bond and Interest Sinking Fund Account of ...." This fund shall be
faithfully applied to the purchase or payment of refunding bonds and the
interest thereon as provided in this Act.
If the money in this fund is not immediately necessary for the payment
of refunding bonds or if refunding bonds can not be purchased before
maturity, then, under the direction of the corporate authorities of the
park district, the money may be invested by the treasurer of the park
district, in bonds or other interest bearing obligations of the United
States or in bonds of the State of Illinois.
The maturity date of the securities in which this money is invested
shall be prior to the due date of any issue of refunding bonds of the
investing park district. The corporate authorities may sell these
securities whenever necessary to obtain cash to meet bond and interest
payments.

(Source: Laws 1941, vol. 2, p. 458.)
 
(70 ILCS 1270/7) (from Ch. 105, par. 255.25)
Sec. 7.

The corporate authorities of a park district may take any action
that may be necessary to inform the owners of the unpaid bonds regarding
the financial condition of the park district, the necessity of refunding
its unpaid bonds and readjusting the maturities thereof in order that
sufficient taxes may be collected to take care of these bonds, and thus
re-establish the credit of the park district. The corporate authorities may
enter into any agreement required to prepare and carry out any refunding
plan and, without any previous appropriation therefor under any budget law,
may incur and pay expenditures that may be necessary in order to accomplish
the refunding of the bonds of the park district.

(Source: Laws 1941, vol. 2, p. 458.)
 
(70 ILCS 1270/8) (from Ch. 105, par. 255.26)
Sec. 8.

This Act shall apply to any park district, regardless of the
law under which it is organized and operating, and shall constitute
complete authority for issuing refunding bonds as herein provided
without reference to other laws. This Act shall be construed as
conferring powers in addition to, but not as limiting powers granted
under other laws.

(Source: Laws 1941, vol. 2, p. 458.)

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