70 ILCS 1205/10-7d
If a majority of the voters in any park district voting on the question at a referendum held for that purpose votes in favor of selling such property under Sections 10-7 to 10-7d hereof, inclusive, the governing board shall, proceed to sell such property at public auction after first giving two weeks' notice of the time and place and terms of said sale by notice published two successive weeks, once each week, the first publication to be not less than fifteen days prior to the date fixed for said sale, in a newspaper published and of general circulation in said district, if there be such a newspaper. If there be no such newspaper, then such publication may be had in a newspaper of general circulation in the district, if any, or if none, then by posting in not less than ten public places in such district. Said board shall sell said property to the highest responsible bidder at said auction and notice of sale shall be in substantially the following form:
NOTICE OF SALE Notice is hereby given that on (insert date), the .... Park District will sell at public sale at .... at the hour of .... o'clock ...M. the following described property: (Here describe property) The terms of the sale shall be as follows: (Here insert terms upon which property shall be sold). By order of the Board of .... Park District. .... (President of .... Park District)
Prior to directing notice for sale the board shall adopt a resolution fixing the time for the sale, specifying the terms of the sale which shall not be less than one-third of the purchase price in cash and the balance in 2 equal payments due not more than 6 months and 12 months from date of sale.
In the event no bids are received at such sale, said property may, without another referendum on such question, again be advertised for sale at any time within 12 months from date of the first sale, in the manner hereinabove provided. The Board may reserve the right to reject any or all bids and advertise for resale. In the event said property is not sold within 12 months from date of the first public sale, said property shall not be sold until a new resolution is adopted with new opportunity for referendum on such question by the voters.
Any deed, subject to the provisions of Sections 10-7a to this Section 10-7d, inclusive, shall be executed by the president and secretary of the district and shall be deposited in escrow with the treasurer of said district, and shall not be released to the purchaser of said property or recorded until the purchase price therefor has been deposited in full with said treasurer. Any proceeds derived from the sale of such property shall become a part of the general corporate funds of said district.
70 ILCS 1205/10-7d