(65 ILCS 5/9-2-51) (from Ch. 24, par. 9-2-51)
Sec. 9-2-51.
All installments established pursuant to Section 9-2-50
shall bear in Section 9-2-10 of the Illinois Municipal Code and not more
than the greater of (i) 9% annually or 70% of the Prime Commercial Rate in
effect at the time of the passage of such ordinance, or (ii) the maximum
rate authorized by the Bond Authorization Act, as amended at the time of
the making of the contract, payable annually, and such interest shall begin
to run from 60 days after the date when the first installment becomes due
and payable. Interest on the first installment, if any, shall be due and
payable and shall be collected at the same time as the first installment.
Interest on the second and subsequent installments, if any, shall be due
and payable and shall be collected with the installments respectively, as
provided in this Division 2. Bonds to anticipate the collection of the
installments of the assessment provided for in this Section may be issued
after the entry of confirmation in any such proceeding, and such bonds
shall draw interest from the date of issuing the same at the rate specified
in said ordinance referred to in Section 9-2-10 and of not more than the
rate the installments of the assessment against which the bonds are being
issued bear, payable annually, and shall otherwise conform to the
provisions of Section 9-2-119 or Sections 9-2-127 through 9-2-129.
The special assessment or special tax described in Section 9-2-49 shall
be collected in the manner prescribed in this Division 2 for other special
assessments and special taxes, except that the collection of the first
installment of such special assessment or special tax, or any part thereof,
may be enforced if necessary by the sale of the property against which the
same is levied, notwithstanding that the improvement for which the same is
levied may not have been completed.
The proceedings provided for in this Section also shall be governed by
the other Sections of this Division 2 so far as they are applicable
thereto, and not inconsistent with the provisions of this Section.
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.
This amendatory Act of 1971 is not a limit upon any municipality which
is a home rule unit.
This amendatory Act of 1972 is not a limit upon any municipality which
is a home rule unit.
(Source: P.A. 86-4.)
|