65 ILCS 5/9-2-51
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 9 - Local Improvements

 (from Ch. 24, par. 9-2-51)Sec. 9-2-51.         All installments established pursuant to Section 9-2-50  shall bear in Section 9-2-10 of the Illinois Municipal Code and not more  than the greater of (i) 9% annually or 70% of the Prime Commercial Rate in  effect at the time of the passage of such ordinance, or (ii) the maximum  rate authorized by the Bond Authorization Act, as amended at the time of  the making of the contract, payable annually, and such interest shall begin  to run from 60 days after the date when the first installment becomes due  and payable. Interest on the first installment, if any, shall be due and  payable and shall be collected at the same time as the first installment.  Interest on the second and subsequent installments, if any, shall be due  and payable and shall be collected with the installments respectively, as  provided in this Division 2. Bonds to anticipate the collection of the  installments of the assessment provided for in this Section may be issued  after the entry of confirmation in any such proceeding, and such bonds  shall draw interest from the date of issuing the same at the rate specified  in said ordinance referred to in Section 9-2-10 and of not more than the  rate the installments of the assessment against which the bonds are being  issued bear, payable annually, and shall otherwise conform to the  provisions of Section 9-2-119 or Sections 9-2-127 through 9-2-129.The special assessment or special tax described in Section 9-2-49 shall  be collected in the manner prescribed in this Division 2 for other special  assessments and special taxes, except that the collection of the first  installment of such special assessment or special tax, or any part thereof,  may be enforced if necessary by the sale of the property against which the  same is levied, notwithstanding that the improvement for which the same is  levied may not have been completed.The proceedings provided for in this Section also shall be governed by  the other Sections of this Division 2 so far as they are applicable  thereto, and not inconsistent with the provisions of this Section.With respect to instruments for the payment of money issued under this  Section either before, on, or after the effective date of this amendatory  Act of 1989, 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 Act that may appear  to be or to have been more restrictive than those Acts, (ii) that the  provisions of this Section are not a limitation on the supplementary  authority granted by the Omnibus Bond Acts, and (iii) that instruments  issued under this Section within the supplementary authority granted  by the Omnibus Bond Acts are not invalid because of any provision of  this Act that may appear to be or to have been more restrictive than  those Acts.This amendatory Act of 1971 is not a limit upon any municipality which  is a home rule unit.This amendatory Act of 1972 is not a limit upon any municipality which  is a home rule unit.    (Source: P.A. 86-4.)