(70 ILCS 2605/15) (from Ch. 42, par. 335)
Sec. 15.
Where any assessment is made payable in installments the board of
trustees may issue bonds or certificates not exceeding in amount eighty per
centum of the unpaid portion of such assessment at the date of the issue
thereof, payable only out of such assessment, and bearing interest at a
rate not exceeding the rate of interest upon the installments of such
assessments. The board of trustees shall have the right to call in and pay
off said bonds or certificates as fast as there is money received into the
treasury from the assessment against which the same are issued, and all
moneys received upon such assessment shall be applied to the payment of
said certificates or bonds until they are fully satisfied.
(Source: Laws 1889, p. 125.)
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