IL HB4597

Amends the Park District Code to allow park district boards to borrow money from financial institutions for any corporate purpose, with repayment required within 2 years of borrowing.

Requires the district president and secretary to execute a promissory note or similar debt instrument authorized by board ordinance to evidence the borrowing.

Makes borrowing obligations a lawful direct general obligation of the park district payable from general funds and other lawfully available sources.

Exempts promissory notes and similar debt instruments issued under this new authority from counting toward the existing 0.575% debt limitation threshold that normally triggers referendum requirements for bond issuance.

Defines "financial institution" to include state and federally chartered banks, savings and loan associations, savings banks, and credit unions organized and operating in Illinois.