Illinois Compiled Statutes
Chapter 70 - SPECIAL DISTRICTS
70 ILCS 1540/ - Chicago Park District Judgment Indebtedness Bond Act.

(70 ILCS 1540/0.01) (from Ch. 105, par. 333.45h)
Sec. 0.01.
Short title.
This Act may be cited as the
Chicago Park District Judgment Indebtedness Bond Act.

(Source: P.A. 86-1324.)
 
(70 ILCS 1540/1) (from Ch. 105, par. 333.46)
Sec. 1.

The Chicago Park District, without the submission thereof to
the voters for approval, is authorized to issue bonds in an amount not
to exceed $1,100,000 to pay judgment indebtedness based upon the order or
judgment of any court of competent jurisdiction
heretofore entered; provided bonds shall
not be issued to pay any judgments rendered for money due upon unpaid
claims for services rendered, for supplies, or for materials.
Such bonds shall be authorized by ordinance and shall be of the form
and denomination, payable at the place, and bear such date as may be
determined by the Board of Commissioners of the Chicago Park District,
and shall mature within not to exceed20 years from their
date
or, for bonds issued after the effective date of this amendatory Act of the
93rd General Assembly, within
not
to exceed 30 years from their date,
but may be made callable on any interest payment date at the price of
par and accrued interest after notice shall be given by publication or
otherwise and at the time or times and in the manner as may be provided
in the bond ordinance.
Such bonds may be registerable as to principal and shall bear
interest at a rate of not to exceed the maximum rate authorized by the
Bond Authorization Act, as amended at the time of the making of the contract,
such
interest to be payable at such time and place and in such manner as may
be provided in the bond ordinance.
The bonds may be signed by the facsimile signature of the President
with like effect as if signed with his genuine signature and shall be
signed by such other officers of the Chicago Park District as may be
designated in the bond ordinance.
The validity of any bond shall remain unimpaired although one or more
of the officers executing the same shall have ceased to be such officer
or officers before delivery thereof.
Such bonds may be sold at not less than par and after such
advertising as shall be approved and directed by the Board of
Commissioners.
Money received from the proceeds of taxes levied for the payment of
principal of and interest upon said bonds shall be deposited in a
special fund of such municipality and designated as "Judgment Bond and
Interest Sinking Fund Account of the Chicago Park District." Said fund
shall be faithfully applied to the payment of the bonds and interest
thereon for which such taxes were levied.
If such money is not immediately necessary for the payment of said
bonds or if the bonds cannot be purchased before maturity, then said
money may be invested under the direction of the Board of Commissioners
in bonds or other interest bearing obligations of the United States or
bonds of the State of Illinois.
The maturity date of the invested securities shall be prior to the
due date of the bonds for the payment of which said money was collected.
Such securities may be sold when ordered by the Commissioners if
necessary to obtain money to meet bond and interest payments.
Bonds called for payment and paid and purchased shall be marked paid
and cancelled.
Whenever any bonds are so purchased and/or redeemed and cancelled the
taxes thereafter to be extended for the payment of interest shall be
reduced in the amount of interest that would have thereafter accrued
upon such bonds so cancelled and a resolution shall be adopted by the
Board of Commissioners finding such facts and a certified copy thereof
shall be filed in the office of the County Clerk, whereupon it shall be
the duty of such official to reduce and extend such taxes in accordance
therewith.
The ordinance authorizing said bonds shall prescribe all details
thereof and designate the judgment to be paid, and shall provide for the
levy and collection of a direct annual tax upon all taxable property
within said Chicago Park District, in addition to all other taxes
authorized by law to be levied and collected for park purposes,
sufficient to pay interest upon and the principal of said bonds as the
same become due.
A copy of the bond ordinance duly certified shall be filed in the
office of the County Clerk of Cook County and shall constitute authority
for the extension and collection of such bond and interest taxes as
required by the Constitution.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Act that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that instruments
issued under this Section within the supplementary authority granted
by the Omnibus Bond Acts are not invalid because of any provision of
this Act that may appear to be or to have been more restrictive than
those Acts.

(Source: P.A. 93-338, eff. 7-24-03.)

Structure Illinois Compiled Statutes