(55 ILCS 5/5-32049) (from Ch. 34, par. 5-32049)
Sec. 5-32049.
Bonds.
The county, upon the written request of the
holders of all of the outstanding and unpaid vouchers issued in payment of
the work, shall issue and deliver to such voucher holders, in exchange for
such vouchers, bonds provided for in this Section if prior to the receipt
of such request the county has not issued or has not made any commitment to
issue any bonds the funds from which are to be used toward paying such
outstanding and unpaid vouchers in full. The bonds shall be dated as of and
shall draw interest from the date of their issuance except when issued in
exchange for vouchers theretofore issued in payment of the work. In such
latter case the bonds shall be issued in the principal amount of the unpaid
balance of the vouchers and shall bear the same date as the vouchers for
which they are exchanged or the date to which interest was last paid on the
vouchers, and the bonds shall draw interest from such date. The bonds shall
be issued at not less than their par value. The bonds shall be executed by
such county officers as may be prescribed by law. The bonds shall bear
interest at a rate of not more than the maximum rate authorized by the Bond
Authorization Act, as amended at the time of the making of the contract,
nor less than 4% annually. The bonds shall recite specifically that they
are payable solely and only from the assessment levied for the payment of
the cost of the improvement, designating the improvement for which the
assessment has been levied, and shall mature on or before December 31, next
succeeding the January 2, on which the last installment shall mature.
Interest coupons attached to the bond shall bear the official or facsimile
signatures of the same officers who signed the bonds and shall be made
payable at the office of the county treasurer. The bonds shall be numbered
consecutively beginning with number one upwards and shall be payable in
their numerical order and redeemable prior to maturity in numerical order
as hereinafter provided. Each of the bonds issued pursuant to this Section
shall bear a legend on the face of the bond printed in bold face type and
in a paragraph by itself to the effect that the bond is one of a series of
bonds which are to be paid and redeemed in numerical order and not on a pro
rata basis.
With respect to instruments for the payment of money issued under this
Section or its predecessor either before, on, or after the effective date
of Public Act 86-4, 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 Division or "An Act
authorizing certain counties to undertake local improvements and defining
the powers and duties of such counties with respect thereto", approved
August 18, 1972, that may appear to be or to have been more restrictive
than those Acts, (ii) that the provisions of this Section or its
predecessor are not a limitation on the supplementary authority granted by
the Omnibus Bond Acts, and (iii) that instruments issued under this Section
or its predecessor within the supplementary authority granted by the
Omnibus Bond Acts are not invalid because of any provision of this Division
or "An Act authorizing certain counties to undertake local improvements and
defining the powers and duties of such counties with respect thereto",
approved August 18, 1972, that may appear to be or to have been more
restrictive than those Acts.
(Source: P.A. 86-962; 86-1028.)
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