(50 ILCS 425/9)
(from Ch. 85, par. 831-9)
Whenever funds are available for the payment of notes issued
under the provisions of this Act the treasurer shall transmit the same to
the bank designated in the note as the place of payment together with written
advice that funds are available to pay particular notes, designating the
same in numerical order, and that the same will cease to bear interest 15 days
subsequent to the date of such notice, and such bank shall pay accordingly.
The treasurer shall take receipt from the bank for such remittance and
thereafter such treasurer shall be relieved of responsibility in connection
therewith, a copy of which notice shall be published once by the treasurer
in a newspaper published in the county at least 5 days prior to the date
fixed for redemption. A copy of such notice shall be mailed to any holder
or owner of such notes or agent thereof, requesting the same in writing.
Notes may state on their face that they will not be subject to call on or
before a date fixed in the resolution by the governing body but which date
shall be approximately the date on which it is anticipated the first
revenue collections will be received by the treasurer. When notes are
payable at the office of the treasurer he shall set aside funds for payment
of notes instead of remitting to a bank and give notice of redemption as
above provided, and pay accordingly.
(Source: P.A. 83-1521.)