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65 ILCS 5/9-2-52
(65 ILCS 5/9-2-52) (from Ch. 24, par. 9-2-52)
Sec. 9-2-52.
Whenever sufficient funds are on hand, the corporate
authorities of the municipality issuing improvement bonds shall direct
the treasurer, or such other officer as may be designated by ordinance
for that purpose, to select by lot, bonds of series to be paid, or the
corporate authorities shall direct the treasurer or the other officer so
designated to make a pro rata payment on all unpaid bonds in the series.
The treasurer or other officer so designated shall send notice by
registered mail to the address of the known owner of each of the
designated bonds as set out in the treasurer's records, specifying a day
not less than 30 days after the date of the notice, upon which the
designated bonds will be paid either in full or in part, as the case may
be, at his office. He shall also supplement this notice by publishing a
notice of the number of bonds to be so paid, not less than 15 days prior
to the day set for payment, in one or more newspapers published in the
municipality, or, if no newspaper is published therein, then in one or
more newspapers with a general circulation within the municipality. In
municipalities with less than 500 population in which no newspaper is
published, publication may instead be made by posting a notice in 3
prominent places within the municipality, the series thereof, the
assessment to which they relate and the particular bonds so selected to
be paid if payment is to be made in full or in case a pro rata payment
is to be made, naming the particular series upon which the partial
payment is to be made, and that the same will be paid at a place to be
specified.
Thereupon from the specified date of payment these bonds shall be
payable on demand either in full or in part, as the case may be, at the
place so appointed. No further interest shall accrue on the bonds
selected to be paid in full or on that portion of the principal on bonds
to be paid in part. However, in municipalities, having a population of
100,000 or more, the selection by lot and the mailing and publishing of
notice may be omitted if bonds or vouchers in any series having
sufficient funds on hand are presented for payment. In this latter case
the bonds so presented may be paid in full, both as to principal and
interest, in their order of presentation, within the limits of the funds
available.
The provisions of this section shall apply to all proceedings now
pending, proceedings in which judgment has been entered, and all future
proceedings, except that the provisions of this section shall not apply
to bonds issued under Section 9-2-127.
(Source: Laws 1961, p. 576.)
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