(70 ILCS 2805/90) (from Ch. 42, par. 447.54)
Sec. 90.
Rebates.
If, after final settlement
with the contractor for any improvement and after full
payment of all vouchers or bonds except those bonds and
interest coupons not presented for payment, although called
and for which funds are available and reserved, within the
period of time specified in Section 9-1-5 of the Illinois
Municipal Code, as now or hereafter amended, issued on account of that
improvement, there is any surplus remaining in the special assessment or
special tax above the specified payments and above the
amount necessary for the payment of interest on those
vouchers or bonds, such surplus shall be applied to
reimbursing the public benefit fund for any amounts paid
from such fund on account of the improvement. If, after the
public benefit fund has been reimbursed, a surplus still
remains, the trustees of the district shall declare at once
a rebate upon each lot, block, tract or parcel of land
assessed of its pro rata proportion of that surplus,
provided that no property shall be entitled to a rebate
unless the amount thereof exceeds $25, and on any property
as to which the amount is less than $25 the amount shall be
credited to the district's general fund. Such rebate shall
be paid to the owner of record of each such lot, block,
tract or parcel at the time of the declaration of the
rebate. Should any additional funds be collected after the
original rebate is declared, the district shall not be
required to declare a supplemental rebate for 5 years from
the date the original rebate is declared. The district may
deduct for its cost and expenses for declaring and making
any rebate not more than 5% of the amount declared to be
rebated. The committee shall keep and exhibit publicly in
its office an index of all warrants upon which rebates are
due and payable and upon proper proof, the warrants shall be
repaid to the persons entitled thereto.
(Source: P.A. 85-1137.)
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