(65 ILCS 55/22) (from Ch. 24, par. 808.22)
Sec. 22.
For the purpose of anticipating the collection of any special tax
or special assessment or any installment thereof, it shall be lawful for such
city, village or town, to issue bonds, payable out of said special tax, or
special assessment, or installment thereof, bearing interest at a rate not
more than the maximum rate authorized by the Bond Authorization Act, as
amended at the time of the making of the contract, nor less than 4% per
annum, payable annually and signed by such officers as may be by ordinance
prescribed; and bonds shall be issued in sums of $100, or
some multiple thereof, and shall be dated and draw interest from the date
of the issuing of the same. Each bond, if payable out of any installment,
shall state on its face out of which installment it is payable, and shall
state, by number or other designation, the assessment to which such
installment belongs. The principal of such bonds shall not exceed, in the
aggregate, the amount of such deferred installments, and shall be divided
into as many series as there are deferred installments: Provided, nothing
herein contained shall be construed to prevent the payment of any voucher
or bond out of an installment having a surplus to its credit, other than
the one against which the same is issued. The intent and meaning thereof
being that in case from any cause the installment against which such bond
or voucher is drawn has not sufficient money to the credit thereof to pay
the same, the entire amount of the assessment or any installment thereof
may be applied toward the payment of any such vouchers or bonds issued
against the assessment. Each series shall become due at some time in the
year in which the corresponding installment will mature, such date to
conform, as nearly as may be, to the time when such installment will be
actually collected, such time to be estimated and determined by the
municipal officers issuing such bonds: Provided, also, that it shall be
lawful to provide in the case of any one or more of the bonds in any
series, that such bond or bonds shall not become due until some subsequent
date, not later than the 31st day of December next succeeding the
January in which the installment against which such series is issued shall
become due and payable. Such bonds may be in the following form:
State of Illinois,) ) ss. County of ........)
|
IMPROVEMENT BOND
The .... of .... in .... County, Illinois, for value received, promises
to pay to the bearer on the .... day of ...., ...., the sum of $....,
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 the .... 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 the installment bears interest from the .... day of
...., ....
and this bond and the interest thereon are payable solely out of the
installments when collected.
Dated this .... day of ...., .....
The bond may have coupons attached to represent the interest to
accrue thereon.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Act that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that instruments
issued under this Section within the supplementary authority granted
by the Omnibus Bond Acts are not invalid because of any provision of
this Act that may appear to be or to have been more restrictive than
those Acts.
(Source: P.A. 86-4 .)
|