(65 ILCS 5/8-1-10) (from Ch. 24, par. 8-1-10)
Sec. 8-1-10.
Interest received by a municipality upon deposits of money
derived from special assessments or special taxes and that part of the
interest, penalties, and costs received on account of any delinquent
special assessment or special tax, which is in excess of 6% annually on the
amount of that delinquent special assessment or special tax from the date
of the first voucher issued on account of work done to the date of the
receipt of the interest, penalties, and costs by the municipality, shall be
used first for paying any expense of the municipality in connection with
the collection or withdrawal from collection of any delinquent special
assessment or special tax or the preservation of the lien thereof, or in
connection with the sale or forfeiture of any real estate for delinquent
special assessments or special taxes, or in the preservation of the lien of
any certificate of sale or tax deed, and secondly shall be used to pay any
warrant, for which there are not sufficient funds, for the payment of past
due principal or interest on vouchers and bonds issued in anticipation of
the collection of the special assessments or special taxes identified by
such warrant.
(Source: Laws 1961, p. 576.)
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