55 ILCS 5/5-32049
2021 Illinois Compiled Statutes|Chapter 55 - COUNTIES|55 ILCS 5/ - Counties Code.|Article 5 - Powers And Duties Of County Boards

 (from Ch. 34, par. 5-32049)Sec. 5-32049.     Bonds.     The county, upon the written request of the  holders of all of the outstanding and unpaid vouchers issued in payment of  the work, shall issue and deliver to such voucher holders, in exchange for  such vouchers, bonds provided for in this Section if prior to the receipt  of such request the county has not issued or has not made any commitment to  issue any bonds the funds from which are to be used toward paying such  outstanding and unpaid vouchers in full. The bonds shall be dated as of and  shall draw interest from the date of their issuance except when issued in  exchange for vouchers theretofore issued in payment of the work. In such  latter case the bonds shall be issued in the principal amount of the unpaid  balance of the vouchers and shall bear the same date as the vouchers for  which they are exchanged or the date to which interest was last paid on the  vouchers, and the bonds shall draw interest from such date. The bonds shall  be issued at not less than their par value. The bonds shall be executed by  such county officers as may be prescribed by law. The bonds shall bear  interest at a rate of not more than the maximum rate authorized by the Bond  Authorization Act, as amended at the time of the making of the contract,  nor less than 4% annually. The bonds shall recite specifically that they  are payable solely and only from the assessment levied for the payment of  the cost of the improvement, designating the improvement for which the  assessment has been levied, and shall mature on or before December 31, next  succeeding the January 2, on which the last installment shall mature.  Interest coupons attached to the bond shall bear the official or facsimile  signatures of the same officers who signed the bonds and shall be made  payable at the office of the county treasurer. The bonds shall be numbered  consecutively beginning with number one upwards and shall be payable in  their numerical order and redeemable prior to maturity in numerical order  as hereinafter provided. Each of the bonds issued pursuant to this Section  shall bear a legend on the face of the bond printed in bold face type and  in a paragraph by itself to the effect that the bond is one of a series of  bonds which are to be paid and redeemed in numerical order and not on a pro  rata basis.With respect to instruments for the payment of money issued under this  Section or its predecessor either before, on, or after the effective date  of Public Act 86-4, it is and always has been the intention of the General  Assembly (i) that the Omnibus Bond Acts are and always have been  supplementary grants of power to issue instruments in accordance with the  Omnibus Bond Acts, regardless of any provision of this Division or "An Act  authorizing certain counties to undertake local improvements and defining  the powers and duties of such counties with respect thereto", approved  August 18, 1972, that may appear to be or to have been more restrictive  than those Acts, (ii) that the provisions of this Section or its  predecessor are not a limitation on the supplementary authority granted by  the Omnibus Bond Acts, and (iii) that instruments issued under this Section  or its predecessor within the supplementary authority granted by the  Omnibus Bond Acts are not invalid because of any provision of this Division  or "An Act authorizing certain counties to undertake local improvements and  defining the powers and duties of such counties with respect thereto",  approved August 18, 1972, that may appear to be or to have been more  restrictive than those Acts.    (Source: P.A. 86-962; 86-1028.)