(65 ILCS 5/9-2-129) (from Ch. 24, par. 9-2-129)
Sec. 9-2-129.
The municipality shall have the right to call and pay the
bonds authorized in Section 9-2-127, or any number thereof, in the
following manner:
Whenever there are sufficient funds in the hands of the treasurer to
redeem one or more of the bonds, after the payment of all interest due, and
after the establishment of such reserve, if any, as the treasurer in his
discretion may deem advisable to pay interest to become due at the next
interest coupon date, the treasurer, by publication or posting of notice as
provided in this section, shall call and pay such bond or bonds. The
treasurer shall cause notice of such call for payment to be published in a
newspaper published in the municipality, or if no newspaper is published
therein, then in a newspaper with a general circulation within the
municipality, and if there be no such newspaper, then by posting in at
least 3 prominent places within the municipality. The notice shall specify
the number or numbers of the bonds called, designating the assessment
against which the bonds have been issued, and directing presentation of
such bonds for payment and cancellation, and indicating that interest will
cease on the bonds not less than 5 nor more than 30 days from the date of
publication of such notice or posting, and thereafter the bonds shall cease
to bear interest. The presentation of any bond to the treasurer for payment
shall waive the necessity of giving notice of its call for payment.
The treasurer upon accumulation of sufficient funds shall pay one or
more bonds and shall call and pay such bonds. Any bondholder or holder of
any interest coupon appertaining to any bond, after giving reasonable
notice, shall be entitled to summary relief by mandamus or injunction to
enforce these provisions.
When bonds are issued under Section 9-2-127, all collections of the
special assessment installments and all interest collected shall constitute
a single fund which shall be applied first to the payment of interest due,
and to the establishment of such reserve, if any, as the treasurer in his
discretion may deem advisable to pay interest to become due at the next
interest coupon date, and then to the redemption and payment of bonds as
provided herein. However, in municipalities having a population of less
than 500,000, where the ordinance for the improvement provides for the
collection of costs, collections made on the first installment shall be
used first to pay such costs, and any surplus shall be used to pay bonds
and interest thereon as provided herein. Provision as to redemption and
call of the bonds shall be inserted in each of the bonds issued in
accordance with the provisions of this Section 9-2-129.
(Source: Laws 1961, p. 576.)
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