65 ILCS 5/9-2-48
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 9 - Local Improvements

 (from Ch. 24, par. 9-2-48)Sec. 9-2-48.         The corporate authorities may provide in the ordinance for  any local improvement, any portion of the cost of which is to be defrayed  by special assessment or special taxation, or by ordinance passed at any  time before the confirmation of the assessment roll, that the aggregate amount  assessed, and each individual assessment, and also the assessment against  the municipality on account of property owned by the municipality and for  public benefits be divided into installments not more than 10 in number.  However, any such special assessment or special tax levy for building  sewers or viaducts or for the acquisition, construction, and operation or  maintenance of a pedestrian mall  and parking facilities for a commercial  or shopping center, notwithstanding the provisions of Division 71 of  Article 11 of the "Illinois Municipal Code", approved May 29, 1961, as  amended, provided that the owners of a majority of the property abutting on  any street, alley, park or public place or portion thereof within such  commercial or shopping center area shall consent to such assessment and  further provided that no such assessment as above authorized shall be made  against a property used wholly for residential purposes, in like manner may  be divided into not exceeding 20 installments, and any such special  assessment or special tax levy for building subways may in like manner be  divided into not exceeding 40 installments. In all cases such a division  shall be made so that all installments shall be equal in amount, except  that all fractional amounts shall be added to the first installment, so as  to leave the remaining installments of the aggregate equal in amount and  each a multiple of $100. The first installment shall be due and payable on  January 2 next after the date of the first voucher issued on account of  work done, and the second installment one year thereafter, and so on  annually until all installments are paid. The board of local improvements  shall file in the office of the clerk of the court in which such an  assessment was confirmed, a certificate signed by its secretary, of the  date of the first voucher and of the amount thereof, within 30 days after  the issuance thereof.All installments shall bear interest as hereinafter provided until paid,  at the rate set forth in the ordinance referred to in Section 9-2-10 of  the Illinois Municipal Code and not to exceed 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.  Interest on assessments shall  begin to run from 60 days after the date of the first voucher issued on  account of work done, except as otherwise provided in Section 9-2-113. The  interest on each installment shall be payable as follows: on January 2 next  succeeding the date of the first voucher as certified, the interest accrued  up to that time on all unpaid installments shall be due and payable and be  collected with the installment, and thereafter the interest on all unpaid  installments then payable, shall be payable annually and be due and payable  at the same time as the installments maturing in that year and be collected  therewith. In all cases the municipal collector, whenever payment is made  of any installment, shall collect interest thereon up to the date of such  payment whether the payment be made at or after maturity. Any person may at  any time pay the whole assessment against any lot, piece, or parcel of  land, or any installment thereof with interest as provided in this Division  2 up to the date of payment. Whenever any municipality heretofore has  levied for any public improvement a special tax or a special assessment  payable in not to exceed 10 installments of which all except the first draw  interest at any rate specified in the ordinance under the authority of  which the improvement is made, and judgment has  been duly entered in the proceeding confirming the tax or the assessment so  payable, the judgment in that proceeding shall not be invalid because the  assessment is so divided or because the rate of interest therein is fixed  at an interest rate of less than that set forth in said ordinance,  but all such judgments, unless void  for other reasons, shall be valid and enforceable. And when improvement  bonds have been issued for the purpose of anticipating the collection of  the deferred installments of any such special tax or assessment, the bonds,  if otherwise valid, shall not be void either because of the number of  series into which they are divided or the rate of interest they bear. If  the bonds are in other respects in compliance with the statutes of the  State of Illinois in such cases, they shall be valid and enforceable to the  extent that the tax or assessment against which they are levied is  enforceable or any re-levy thereof.The cost of operating and maintaining any pedestrian mall and parking  facilities for a commercial or shopping center as provided for herein may  be assessed not more than once in each calendar year against all property  in a benefited area.Any municipality which has provided or does provide for the creation of  a plan commission under Division 12 of Article 11 shall submit to and  receive the approval of the plan commission before establishing,  maintaining or operating any such pedestrian mall and parking facilities  for a commercial or shopping center.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.)