(65 ILCS 5/9-3-33) (from Ch. 24, par. 9-3-33)
Sec. 9-3-33.
If upon final settlement with the contractor for the
construction of any improvement and after paying all costs of levying,
collecting and making the assessment, which amount shall not under any
circumstances exceed 12% of the estimated contract price, and all bonds and
interest thereon issued, as in this Division 3 provided, except those bonds
and interest coupons not presented for payment, although called and for
which funds are available and reserved, within the period of time specified
in Section 9-1-5, there shall be any surpluses remaining in the special
assessment fund, the corporate authorities of such municipality shall at
once cause a rebate to be declared upon each lot, tract or parcel of real
estate assessed of its pro rata proportion of such surplus. Such rebate
shall be paid to the owner of record of each such lot, block, tract or
parcel at the time of the declaration of the rebate. Should any additional
funds be collected after the original rebate is declared, the municipality
shall not be required to declare a supplemental rebate for 5 years from the
date the original rebate is declared. The municipality may deduct for its
costs and expenses for declaring and making any rebate not more than 5% of
the amount declared to be rebated. All surpluses shall remain in the
special assessment fund until after full payment of all bonds and vouchers
issued in anticipation of the collection of the assessment, and there shall
be no rebate until all such bonds and vouchers have been paid in full, both
as to principal and interest, except those bonds and interest
coupons not
presented for payment, although called and for which funds are available
and reserved, within the period of time specified in Section 9-1-5. The
corporate authorities shall cause to be kept and exhibited publicly in the
office of the clerk of such municipality, an index of all special
assessment accounts or warrants upon which a rebate is due and payable and
upon proper proofs the same shall be repaid to the persons entitled
thereto.
(Source: P.A. 91-357, eff. 7-29-99.)
|