(65 ILCS 5/9-2-138) (from Ch. 24, par. 9-2-138)
Sec. 9-2-138.
If, after final settlement with the contractor for any
improvement and after full payment of all vouchers or bonds except those
bonds and interest coupons not presented for payment, although called and
for which funds are available and reserved, within the period of time
specified in Section 9-1-5, issued on account of that improvement, there is
any surplus remaining in the special assessment or special tax above the
specified payments and above the amount necessary for the payment of
interest on those vouchers or bonds, such surplus shall be applied to
reimbursing the public benefit fund for any amounts paid from such fund on
account of the improvement. If, after the public benefit fund has been
reimbursed, a surplus still remains, the proper authorities of the
municipality shall declare at once a rebate upon each lot, block, tract, or
parcel of land assessed, of its pro rata proportion of that surplus. Such
rebate shall be paid to the owner of record of each such lot, block, tract,
or parcel at the time of the declaration of the rebate. Should any
additional funds be collected after the original rebate is declared, the
municipality shall not be required to declare a supplemental rebate for 5
years from the date the original rebate is declared. The municipality may
deduct for its cost and expenses for declaring and making any rebate not
more than 5% of the amount declared to be rebated. The board of local
improvements shall keep and exhibit publicly in its office, an index of all
warrants upon which rebates are due and payable and upon proper proof, the
warrants shall be repaid to the persons entitled thereto.
However, whenever any municipality having a population of 500,000 or
more has appropriated or set aside a fund sufficient in amount to meet all
estimated deficiencies in interest, cost of making, levying, and collecting
a special assessment or special tax, and of letting and executing
contracts, advertising, clerical hire, engineering and inspection, court
costs and fees of commissioners in condemnation proceedings incurred in
such a proceeding and has provided, in the ordinance providing for the
assessment, that a certain sum not to exceed 5% of the amount of the
assessment or special tax shall be applied toward the payment of the
specified and other costs of making and collecting the assessment, the
money collected in the fund created by this 5% so added as hereinbefore
authorized shall be used to pay all deficiency in interest in the warrant,
and the balance shall be used to reimburse the corporate funds for advances
made from the corporate funds 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 was levied.
(Source: Laws 1965, p. 2969.)
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