(70 ILCS 2805/55) (from Ch. 42, par. 447.19)
Sec. 55.
Installments and interest.
The
ordinance provided for in this Act may provide that the
aggregate amounts assessed in each individual assessment
shall be divided into annual installments not more than 10
in number. Such division shall be made so that all
installments shall be equal in amount except that any
fractional amount shall be added to the first installment.
The first installment together with interest thereon and
on the unpaid balance of the assessment shall be due and
payable on first January 2nd after the date of the first
voucher issued on account of the work, and successive
installments and interest shall be due on each January 2nd
thereafter until the assessment is paid. The district shall
file with the clerk of the circuit court in which such
assessment was confirmed a certificate signed by its clerk
or assistant clerk of the date of the issuance of the first
voucher within 30 days after the issuance thereof. All
installments shall bear interest until paid at a rate
specified in the ordinance, which shall not exceed the
greater of 9% per annum or 125% of the rate for the most
recent date shown in the 20 G.O. Bonds Index or average
municipal bond yields as published in the most recent
edition of The Bond Buyer, published in New York, New York,
at the time the ordinance is passed. Interest on
assessments shall begin to run from 30 days after the date
of the first voucher issued on account of construction work
done, and all accrued interest shall be payable with each
successive annual installment. In all cases the district's
collector, whenever payment is made on any installment,
shall collect interest on the entire unpaid balance of the
assessment up to the date of such payment whether the
payment be made at or after maturity. Any person may at any
time pay the whole assessment against any lot, piece or
parcel of land or any installment thereof with interest up
to the date of the payment.
(Source: P.A. 85-1137.)
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