(55 ILCS 5/5-32043) (from Ch. 34, par. 5-32043)
Sec. 5-32043.
Certification of costs; excess of assessment over
costs.
Within 30 days after the final completion of the work, the Committee
shall have the costs thereof, including the cost of engineering services
certified in writing to the court in which the assessment was confirmed,
together with an amount as in this Division is provided for to
be required to pay the accruing interest on bonds or vouchers issued to
anticipate collection. Thereupon, if the total amount assessed for the
improvement exceeds the cost of the improvement, all of that excess, except
the amount required to pay such interest as is provided in this
Division shall be abated and the judgment reduced
proportionately, so that the property owners shall be credited pro rata
upon the respective assessment for the improvement under the direction of the court.
In case the assessment is collectible in the installments, this
reduction shall be made so that all installments shall be equal in amount,
except that all fractional amounts shall be added to the first installment
so as to leave the remaining installments in the aggregate equal in amount
and each a multiple of $100. If prior to the entry of the order abating and
reducing the assessment, the assessment has been certified for collection
and any of the installments of the assessment so certified for collection
have become due and payable, the reduction and abatement above referred to
shall be made pro rata upon the other installments. The intent and meaning
of this is that no property owner shall be required to pay to the collector
a greater amount than his proportionate share of the cost of the work and
of the interest that may accrue thereon.
(Source: P.A. 86-962.)
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