(70 ILCS 2805/29) (from Ch. 42, par. 440)
Sec. 29.
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 one
hundred dollars. 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 Division 2 of Article 9 of the
"Illinois Municipal Code", approved May 29, 1961, as heretofore and
hereafter amended.
(Source: P.A. 83-1525.)
|