(65 ILCS 5/9-2-137) (from Ch. 24, par. 9-2-137)
Sec. 9-2-137.
The board of local improvements before the crediting of the
excess as provided for in Section 9-2-114, shall estimate an amount deemed
sufficient to make up any probable deficiency of interest, in the event
that from any cause, collections of interest may prove insufficient to meet
the interest to be paid on the bonds until they mature as hereinbefore
provided. This estimated amount shall be deducted out of the installments
as an item of expense before crediting rebates of excess as directed in
this Division 2 and shall be used for no other purpose than to make up such
a deficiency until the bonds are fully paid, both principal and interest.
Any balance remaining of this estimated amount after the principal and
interest of the bonds are fully paid may be used to reimburse the corporate
fund for any advances made from this fund on account of costs of the
special assessment or special tax or other expenses of the improvement for
which the special assessment or special tax is levied.
However, in municipalities having a population of 500,000 or more, no
deduction of this estimated amount out of the installments shall be made
where the ordinance providing for the assessment provided that a certain
sum not to exceed 5% of the amount of that special assessment or special
tax shall be applied as provided in Sections 9-2-138 and 9-2-139, or in
case such a municipality, at any time before the crediting of such excess,
shall annually appropriate or set aside a fund sufficient in amount to meet
all estimated deficiencies in interest which may arise during the year for
which the fund is provided.
(Source: Laws 1961, p. 576.)
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