65 ILCS 5/ Illinois Municipal Code.

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65 ILCS 5/11-111-2

(65 ILCS 5/11-111-2) (from Ch. 24, par. 11-111-2)

Sec. 11-111-2.

When an improvement district has been created by ordinance
under Sections 11-111-1 through 11-111-7 the corporate authorities shall
have an accurate survey of the work contemplated to be done, made by a
competent civil engineer, and shall have that engineer make plats,
profiles, and estimates of the work to be done. The estimate shall include
the cost of all walls or other structures necessary to be constructed to
hold the earth to its proper place, the cost of the work opposite or
adjacent to each lot in the district, and the cost of the fill upon each
lot within the district necessary to be filled. The survey, plats,
profiles, and estimates shall be used in estimating the benefits to be
charged against the lot or block, or parts thereof, within the improvement
district. In estimating those benefits, the benefit the lot, block, or
parts thereof, will receive by reason of being secured from overflow or
sipe water may be considered.

(Source: Laws 1961, p. 576.)

65 ILCS 5/11-111-3

(65 ILCS 5/11-111-3) (from Ch. 24, par. 11-111-3)

Sec. 11-111-3.

When specified improvement districts have been laid out,
the cost of the improvement has been estimated and ascertained by a
competent engineer, and the benefits to the lots, blocks, or parts thereof,
have been assessed, the municipality may issue a series of bonds sufficient
to pay the special assessments or special tax so ascertained for each
district.  When so issued and endorsed as provided for in this section,
these bonds shall be a lien upon the respective lots, blocks, or parts
thereof, which are designated in the bonds.  The bonds shall bear interest
at a rate not exceeding the maximum rate authorized by the Bond
Authorization Act, as amended at the time of the making of the contract,
and may run for any term not exceeding 20 years.  The style of the bonds
shall be fixed and designated by ordinance.  But before any bond is issued
or put into circulation, the owner of any lot charged with such a special
assessment or special tax shall endorse upon the back of the bond his
consent thereto, substantially as follows:

I hereby endorse the within bond, and consent that the lot or lots, or
parts thereof therein designated, shall become liable for the interest and
principal therein named, and that the bond shall be a lien upon the
designated property from this date until paid off and discharged.

         ....
         (insert date)
         .... (Seal)

The bond, when prepared and executed by the municipality, and endorsed
by the owners of the property charged with the special assessments or
special tax, shall be recorded in the recorder's office of the county in
which the municipality is located. When so recorded the record is notice of
the lien thereby created, to the same extent that records of mortgages are
notices of the mortgage lien, and has the same force and effect.  No coupon
need be recorded. A record of the face of the bond and of the endorsement
are sufficient.

With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Act that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that instruments
issued under this Section within the supplementary authority granted
by the Omnibus Bond Acts are not invalid because of any provision of
this Act that may appear to be or to have been more restrictive than
those Acts.

The amendatory Acts of 1971, 1972 and 1973 are not a limit upon any
municipality which is a home rule unit.

(Source: P.A. 91-357, eff. 7-29-99.)