70 ILCS 605/6-10
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. 6-10)Sec. 6-10.     Extending payment of assessments-Refunding bonds.The time of payment of any assessment or any installment thereof may be  extended, in whole or in part, whether due or not due, and any notes or  bonds of the district, or any part thereof, issued in anticipation of the  collection of any original or additional assessment or installment thereof,  may be refunded. Notes or bonds not due may be refunded only by agreement  with the holders, provided that no holder shall receive an amount in excess  of the par value thereof, together with accrued interest.In the event that less than all of the notes or bonds are refunded, the  due date of a like proportion of the assessment or installment against  which the notes or bonds are a lien shall be extended. Assessments or  installments, or any part thereof, may be divided into a greater or less  number of installments than was originally provided, but the time of  payment of any assessment or installment, or any part thereof, shall not be  extended beyond 40 years from the date of the order providing for such  extension.The commissioners may on their own motion, and shall upon receiving a  petition signed by the owners of land whose unpaid assessments against  which such notes or bonds are a lien equal to at least 25% of all such  unpaid assessments, petition the court to extend the time of payment of any  assessment or installment, or any part thereof, and to issue refunding  bonds. The petition shall set forth (a) a description of all assessments,  any part of which remains unpaid, including the date or dates of  confirmation, the amount remaining unpaid, the amount due in each year and  the rate of interest, (b) the amount of cash on hand, (c) a description of  the notes or bonds of the district outstanding, including the date of issue  of such notes or bonds, the dates of maturity, the rate of interest and the  assessments or installments against which such notes or bonds are a lien,  (d) other indebtedness of the district, if any, (e) the assessments or  installments they desire to extend, either in whole or in part, together  with the desired maturities of the extended assessments, installments or  parts thereof and the proposed rate of interest that said extended  assessments or installments shall bear, (f) the assessments, installments  or parts thereof, if any, they desire to remain as theretofore confirmed,  (g) the amount, maturities and rate of interest of the proposed refunding  notes or bonds, and (h) if it is proposed to extend the time of payment of  assessments or installments, or any part thereof, not yet due, a statement  whether the holders of the notes or bonds will surrender their notes or  bonds in exchange for refunding notes or bonds or, in the alternative,  accept, in payment thereof, an amount not in excess of the par value  thereof, together with accrued interest.Accompanying such petition shall be an assessment roll, setting forth  (a) the name of the owner of each tract of land or other property against  which any such assessment, installment or part thereof remain unpaid, if  known, or, if unknown, then the name of the person who last paid the  general taxes thereon, as shown by the Collector's books, (b) a description  of each tract of land or other property, (c) the amount of unpaid  assessments or installments against each tract, (d) the amount and maturity  of each installment of the proposed extended assessments against each  tract, and (e) the amount and maturity of each assessment, installment or  part thereof, if any, which is to remain as theretofore confirmed against  each tract.    (Source: Laws 1955, p. 512.)