(70 ILCS 2305/22) (from Ch. 42, par. 296.2)
Sec. 22.
When any special assessment is made under this Act, the ordinance
authorizing such assessment may provide that the entire assessment and each
individual assessment be divided into annual installments, not more than
twenty in number. In all cases such division shall be made so that all
installments shall be equal in amount, except that all fractional amounts
shall be added to the first installment so as to leave the remaining
installments of the aggregate equal in amount and each a multiple of $100.
The said several installments shall bear interest at a rate not to exceed
that permitted for public corporation bonds under "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 now or hereafter amended,
except that for the purposes of this Section, "the time the contract is
made" shall mean the date of adoption of the original ordinance authorizing
the assessment; both principal and interest shall be payable,
collected and enforced as they shall become due in the manner provided for
the levy, payment, collection and enforcement of such assessments and
interest, as provided in Divisions 1 and 2 of Article 9 and Division 87 of
Article 11 of the "Illinois Municipal Code", approved May 29, 1961, as
heretofore or hereafter amended.
(Source: P.A. 83-1525.)
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