70 ILCS 605/6-8
2021 Illinois Compiled Statutes|Chapter 70 - SPECIAL DISTRICTS|70 ILCS 605/ - Illinois Drainage Code.|Article VI - Letting Contracts, Indebtedness, Borrowing And Handling Funds

 (from Ch. 42, par. 6-8)Sec. 6-8.         Notes and  bonds-Resolution-Register-Calling prior to maturity.The commissioners shall, by proper resolution, determine the form of the  notes or bonds to be issued, together with the date, amount, rate of  interest and maturity of the same, and shall designate the assessments or  installments of assessments against which the same are to be a lien. A copy  of the resolution shall be filed with the clerk and recorded in the  drainage record. The treasurer shall keep a register of the bonds and notes  of the district, which register shall show the names and addresses of the  registered holders, the serial numbers, amounts, rate of interest, date of  issue, maturity dates, where the bonds or notes are payable, the amount  received by the district for each bond or note and the assessment or  installment against which the bond is a lien. The note and bond register  shall at all reasonable times be available for inspection by any person  interested.Any note or bond issued by a district after the effective date of this  Act shall be subject to call prior to maturity whenever there are  sufficient funds on hand in the bond fund to call one or more of such notes  or bonds and to meet all payments of principal and interest due or to  become due within the next 12 month period. Whenever the commissioners  determine that sufficient funds are on hand in the bond fund, they shall by  appropriate resolution also determine the number of the notes or bonds to  be called and direct the treasurer to call such notes or bonds. If the  number to be called is less than all of the notes or bonds outstanding  against such fund, then the treasurer shall determine by lot the serial  number of the notes or bonds to be called. The treasurer shall give the  registered holder of each such note or bond being called notice by  registered mail sent to the address shown on the note and bond register and  by publishing a notice thereof in a newspaper of general circulation  published in the county in which the district was organized. If no  newspaper of general circulation is published in that county, then the  notice shall be published in a newspaper having general publication in that  county. The notice to be so mailed and published shall specify the issue  and maturity dates of the notes or bonds called, the serial numbers of the  notes or bonds called, the assessment or installments of assessment against  which the notes or bonds are a lien, the date upon which the interest  thereon will cease, which date shall be not less than 30 days after the  publication and mailing of the notice and shall request that such notes or  bonds be presented for payment and cancellation. If notice is given as  hereinabove set forth, then such notes or bonds shall cease to bear  interest after the date fixed in said notice. Each note or bond issued by a  district shall contain a statement that it is subject to call prior to  maturity as provided by this section, but the failure of any note or bond  to contain such a statement shall not deprive the district of its right to  call such note or bond prior to maturity as hereinabove provided.    (Source: Laws 1955, p. 512.)