65 ILCS 5/9-2-119
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 9 - Local Improvements

 (from Ch. 24, par. 9-2-119)Sec. 9-2-119.         For the purpose of anticipating the collection of the  second and succeeding installments, provided for in this Division 2, a  municipality may issue bonds, payable out of these installments, bearing  interest at a rate specified in the ordinance referred to in Section 2-9-10  of the Illinois Municipal Code and not more than the rate the installments  of the assessment against which the bonds are issued bear,  payable annually and signed by such officers as may be by ordinance  prescribed.  Bonds shall be issued in sums of $100, or some multiple  thereof, and shall be dated and draw interest from the date of their  issuance.  Each bond shall state on its face out of which installment it is  payable, and shall state, by number or other designation, the assessment to  which that installment belongs. The principal of these bonds shall not  exceed, in the aggregate, the amount of the deferred installments, and  shall be divided into as many series as there are deferred installments.However, if there is a surplus to the credit of any such installment  which is not required for the payment of any vouchers or bonds issued  against that installment, that surplus shall be applied toward the payment  of any outstanding vouchers or bonds already issued or to be issued, as the  case may be, against any other installment or installments.Each series shall become due at some time in the year in which the  corresponding installment will mature, the date to conform, as nearly as  may be, to the time when that installment will be actually collected. This  time shall be estimated and determined by the municipal officers issuing  the bonds. But it is lawful to provide in the case of any one or more of  the bonds in any series, that that bond or bonds shall not become due until  some subsequent date, not later than December 31 next succeeding the  January in which the installment against which that series is issued will  mature.    The bonds may be in the following form:    State of Illinois)) ssCounty of .......)      $............................ Series No. ...................    Bond No. .....................   ............................. of ...........................   Improvement BondThe .... of .... in .... County, Illinois, for value received, promises  to pay to the bearer on (insert date)  the sum of .... dollars, with interest thereon from date hereof, at the rate of  ....%, payable annually on presentation of the coupons hereto annexed.Both principal and interest of this bond are payable at the office of  the treasurer of said .... of .....This bond is issued to anticipate the collection of a part of the ....  installment of special assessment No. .... levied for the purpose of ....  which installment bears interest from (insert date), and this bond and the interest thereon are payable solely out of the  installment when collected.Dated (insert date).The bond may have coupons attached to represent the interest to accrue  thereon.In lieu of the bonds described in this Section, a municipality may issue  bonds of the type described in Section 9-2-127, but all bonds issued under  any one special assessment proceeding must be of the same type.This amendatory Act of 1971 is not a limit upon any municipality which  is a home rule unit.    (Source: P.A. 91-357, eff. 7-29-99.)