(70 ILCS 605/6-12) (from Ch. 42, par. 6-12)
Sec. 6-12.
Extending payment of assessments - Hearing - Order.
The court shall hear such petition and make such order as it deems
proper. The court may order the time of payment of any such assessments or
one or more installments of assessments, or any part or parts thereof,
extended, may change the number of installments into which such assessments
are divided, may fix the rate of interest which said extended assessments
shall bear, which shall not exceed that permitted in "An Act to authorize
public corporations to issue bonds, other evidences of indebtedness and tax
anticipation warrants subject to interest rate limitations set forth
therein", approved May 26, 1970, as amended, and shall give the owners
an opportunity to pay the assessments or installments proposed to be
refunded in cash within a reasonable time to be fixed by the court without
further notice, and after the expiration of the time fixed and the
commissioners have reported such cash payments to the court, the court
shall also fix the amount of the refunding bonds and authorize their
issuance by the commissioners at a rate of interest not to exceed the rate
of interest on the extended assessments, and such refunding notes or bonds
shall be a lien upon such extended assessments or installments. Extended
assessments or installments shall continue to be a lien upon the lands
assessed until paid.
(Source: P.A. 84-886.)
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