A referendum is a question presented to local voters on an election ballot which has a legal effect on the Park District’s authority to perform a specified activity or exercise a particular power. A bond is a form of loan used by State and local governments. In this case, the Park District is submitting a referendum to local voters to ask for permission to take a 15-year loan to pay for the cost of park improvement projects.  The loan will be repaid with a special property tax collected only for the purpose of repaying the loan.