{"data":{"id":"us-il/70-ilcs-1515-1","jurisdiction":"us-il","citation":"70 ILCS 1515/1","heading":"","body":"The Chicago Park District by its commissioners, as its corporate authorities, is authorized to assume and become liable for the payment of the outstanding indebtedness hereinafter described of the several park districts which were superseded by it, together with accrued interest and interest on bonds after their maturity on such indebtedness as is represented by bonds and to issue its bonds to refund and/or to fund such indebtedness in the manner herein provided; such bonds shall constitute the general obligations of the Chicago Park District and shall be payable from taxes to be levied upon all the taxable property within the boundaries of the Chicago Park District and may be authorized without submitting the question to the legal voters for approval.\nWhenever the commissioners choose to exercise the powers conferred by this act they shall adopt an ordinance so declaring and describing the indebtedness proposed to be assumed and reference in such ordinance to this act by its title shall be sufficient to evidence the acceptance of all its provisions as to such described indebtedness.\nIndebtedness evidenced by bonds of superseded park districts issued for proper corporate purposes is described as follows:\nTotal of Bonds Name of Park District Outstanding\nAlbany..........................................$ 568,000.00\nCalumet..............................................82,000.00\nEdison...............................................88,666.67\nFernwood.............................................95,000.00\nForest Glen...........................................7,000.00\nHollywood............................................99,000.00\nIrving............................................1,598,000.00\nJefferson...........................................876,000.00\nLincoln..........................................18,534,000.00\nNorth Shore.........................................692,000.00\nNorthwest.........................................4,518,000.00\nNorwood.............................................171,000.00\nOld Portage.......................................1,392,000.00\nRavenswood...........................................22,000.00\nRidge Avenue........................................373,000.00\nRidge...............................................892,500.00\nRiver.............................................1,387,500.00\nSauganash............................................83,000.00\nSouth............................................48,267,000.00\nWest Chicago.....................................14,273,338.87\nWest Pullman.........................................46,000.00\nTotal.......................................$94,065,005.54\nIndebtedness in the amount of $3,137,045 evidenced by bonds and interest coupons of Lincoln Park District that were paid at maturity from bond and/or corporate funds to avoid default thereof which bonds and interest coupons have not been cancelled and such funds have not been reimbursed.\nIndebtedness as of May 1, 1934, represented by unfunded and floating obligations of superseded park districts incurred for proper corporate purposes is described as follows:\nTotal of Floating\nName of Park District Indebtedness\nAlbany...........................................$ 21,130.81\nCalumet...............................................3,255.86\nForest Glen.............................................643.55\nHollywood............................................17,815.98\nJefferson...............................................861.23\nLincoln..............................................46,983.02\nNorth Shore..........................................52,014.06\nNorthwest...........................................370,561.10\nNorwood...............................................1,148.47\nOld Portage.............................................839.65\nRidge Avenue..........................................1,032.97\nRidge.................................................5,000.00\nRiver.................................................5,113.68\nSauganash...............................................974.32\nSouth...............................................113,132.57\nWest..............................................1,518,393.78\nWest Pullman............................................249.80\nTotal........................................$2,159,150.85\nIndebtedness existing by reason of unauthorized expenditure of money from special funds of West Chicago Park District and which funds have not been reimbursed described as follows:\nEmployees Annuity and Benefit Fund...............$ 593,135.25\nPark Policemen's Annuity and Benefit Fund............11,084.38\nPublic Benefit Fund.................................371,769.47\nSpecial Assessment Fund.............................429,867.28\nAdditional Land Fund................................107,182.79\nTotal........................................$1,513,039.17\nIndebtedness of the Northwest Park District in the amount of $1,283,876.09 existing by reason of unauthorized expenditure for corporate purposes of money received from the proceeds of the sale of its bonds issued and sold for park improvements.","path":["CHAPTER 70 SPECIAL DISTRICTS","Chicago Park District Debt Assumption Act."],"source_url":"https://www.ilga.gov/legislation/ILCS/details?ActID=919\u0026ChapterID=15\u0026ChapAct=FullText\u0026Print=True","current_through":"at least Public Act 104-790","vintage":"","retrieved_at":"2026-09-15T04:46:24Z","sha256":"7a14587874b60ae86298511df7497dadfeea2c5498cb06c352600d16e3739d84","source_id":"us-il","stale":false,"prev":"us-il/70-ilcs-1515-0.01","next":"us-il/70-ilcs-1515-2"},"notice":"GroundRules: Original legal text. Not legal advice."}