(65 ILCS 5/9-2-121) (from Ch. 24, par. 9-2-121)
Sec. 9-2-121.
Whenever it is desired to extend the time of payment of any
assessment or any of the installments thereof and issue refunding
securities, any municipality that has issued securities in anticipation of
the collection of the special assessment levied under the provisions of
this Division 2, upon a petition of 75% of the holders of any securities
issued against any assessment or any installment or installments thereof
addressed to the corporate authorities of the issuing municipality, shall
adopt an ordinance directing and providing for the extension of the time of
payment of the assessment or any of the installments thereof and the sale
and exchange of refunding securities in anticipation of the collection of
the special assessment or any of the installments thereof the time of
payment of which is to be extended. The ordinance so adopted shall direct
the filing of a petition in the court having jurisdiction of the original
assessment. In the ordinance, the municipality shall establish a date of
issue of those refunding securities and this date of issue shall be also
the date from which interest on those refunding securities shall run and
from which interest on the assessment so extended shall run. The ordinance
for this refunding shall refer to the original assessment proceeding and no
estimate or recommendation by the board of local improvements shall be
required.
(Source: Laws 1961, p. 576.)
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