70 ILCS 1515/1
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liable for the payment of the outstanding indebtedness hereinafter described of the several park districts which were superseded by it, together with accrued interest and interest on bonds after their maturity on such indebtedness as is represented by bonds and to issue its bonds to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.
Whenever 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.
Indebtedness evidenced by bonds of superseded park districts issued for proper corporate purposes is described as follows:
Total of Bonds Name of Park District Outstanding Albany....................................................$ 568,000.00 Calumet........................................................82,000.00 Edison.........................................................88,666.67 Fernwood.......................................................95,000.00 Forest Glen.....................................................7,000.00 Hollywood......................................................99,000.00 Irving......................................................1,598,000.00 Jefferson.....................................................876,000.00 Lincoln....................................................18,534,000.00 North Shore...................................................692,000.00 Northwest...................................................4,518,000.00 Norwood.......................................................171,000.00 Old Portage.................................................1,392,000.00 Ravenswood.....................................................22,000.00 Ridge Avenue..................................................373,000.00 Ridge.........................................................892,500.00 River.......................................................1,387,500.00 Sauganash......................................................83,000.00 South......................................................48,267,000.00 West Chicago...............................................14,273,338.87 West Pullman...................................................46,000.00 Total.................................................$94,065,005.54
Indebtedness in the amount of $3,137,045 evidenced by bonds and interest coupons of Lincoln Park District that were paid at maturity from bond and/or corporate funds to avoid default thereof which bonds and interest coupons have not been cancelled and such funds have not been reimbursed.
Indebtedness as of May 1, 1934, represented by unfunded and floating obligations of superseded park districts incurred for proper corporate purposes is described as follows:
Total of Floating Name of Park District Indebtedness Albany.....................................................$ 21,130.81 Calumet.........................................................3,255.86 Forest Glen.......................................................643.55 Hollywood......................................................17,815.98 Jefferson.........................................................861.23 Lincoln........................................................46,983.02 North Shore....................................................52,014.06 Northwest.....................................................370,561.10 Norwood.........................................................1,148.47 Old Portage.......................................................839.65 Ridge Avenue....................................................1,032.97 Ridge...........................................................5,000.00 River...........................................................5,113.68 Sauganash.........................................................974.32 South.........................................................113,132.57 West........................................................1,518,393.78 West Pullman......................................................249.80 Total..................................................$2,159,150.85
Indebtedness existing by reason of unauthorized expenditure of money from special funds of West Chicago Park District and which funds have not been reimbursed described as follows:
Employees Annuity and Benefit Fund.........................$ 593,135.25 Park Policemen's Annuity and Benefit Fund......................11,084.38 Public Benefit Fund...........................................371,769.47 Special Assessment Fund.......................................429,867.28 Additional Land Fund..........................................107,182.79 Total..................................................$1,513,039.17
Indebtedness 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.
70 ILCS 1515/1