Illinois § 9-2-119

§ 9-2-119.

For the purpose of anticipating the collection of the second and succeeding installments, provided for in this Division 2, a municipality may issue bonds, payable out of these installments, bearing interest at a rate specified in the ordinance referred to in Section 9-2-10 of this Code and not more than the rate the installments of the assessment against which the bonds are issued bear, payable annually and signed by such officers as may be by ordinance prescribed. Bonds shall be issued in sums of $100, or some multiple thereof, and shall be dated and draw interest from the date of their issuance. Each bond shall state on its face out of which installment it is payable, and shall state, by number or other designation, the assessment to which that installment belongs. The principal of these bonds shall not exceed, in the aggregate, the amount of the deferred installments, and shall be divided into as many series as there are deferred installments. However, if there is a surplus to the credit of any such installment which is not required for the payment of any vouchers or bonds issued against that installment, that surplus shall be applied toward the payment of any outstanding vouchers or bonds already issued or to be issued, as the case may be, against any other installment or installments. Each series shall become due at some time in the year in which the corresponding installment will mature, the date to conform, as nearly as may be, to the time when that installment will be actually collected. This time shall be estimated and determined by the municipal officers issuing the bonds. But it is lawful to provide in the case of any one or more of the bonds in any series, that that bond or bonds shall not become due until some subsequent date, not later than December 31 next succeeding the January in which the installment against which that series is issued will mature. The bonds may be in the following form: State of Illinois) ) ss County of .......) $............................ Series No. ................... Bond No. ..................... ............................. of ........................... Improvement Bond The .... of .... in .... County, Illinois, for value received, promises to pay to the bearer on (insert date) the sum of .... dollars, with interest thereon from date hereof, at the rate of ....%, payable annually on presentation of the coupons hereto annexed. Both principal and interest of this bond are payable at the office of the treasurer of said .... of ..... This bond is issued to anticipate the collection of a part of the .... installment of special assessment No. .... levied for the purpose of .... which installment bears interest from (insert date), and this bond and the interest thereon are payable solely out of the installment when collected. Dated (insert date). The bond may have coupons attached to represent the interest to accrue thereon. In lieu of the bonds described in this Section, a municipality may issue bonds of the type described in Section 9-2-127, but all bonds issued under any one special assessment proceeding must be of the same type. Public Act 77-1185 is not a limit upon any municipality which is a home rule unit. (Source: P.A. 103-154, eff. 6-30-23.)