(65 ILCS 5/9-3-35) (from Ch. 24, par. 9-3-35)
Sec. 9-3-35.
At any time after 15 days from date of acceptance of the
work by the corporate authorities bonds may be issued to anticipate the
collection of the unpaid portions of the assessment then remaining
unpaid for the purpose of paying the cost of the improvement, including
cost of making and collecting the assessment, engineering, inspection,
attorney's fees and other costs. The bonds may be sold by the corporate
authorities for not less than par and accrued interest to date of
delivery, or such bonds may be issued and delivered to the contractor in
payment of the work at not less than par. The bonds shall be authorized
pursuant to a resolution adopted by the corporate authorities and shall
bear a date not earlier than 20 days after the date of the awarding of
the contract for the construction of the improvement and coupons shall
be attached thereto representing interest due thereon as it matures,
interest to be paid annually. The bonds shall be executed by the
presiding officer of the municipality and attested by the clerk of such
municipality, with the corporate seal attached thereto. 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 the first day of December next succeeding
the first day of January on which the last installment shall mature, and
shall bear interest at a rate of one per cent less than the installments
of the assessment against which they are issued bears. Interest coupons
attached to the bond shall bear the official or facsimile signatures of
the presiding officer and clerk. The bonds shall be made payable at such
place or places either within or without the State of Illinois, as shall
be declared by resolution of the corporate authorities. 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. Such bonds shall be registered
by the treasurer of such municipality in a book provided for that
purpose and each bond shall bear the certificate of such registration
and upon the books of such treasurer shall be noted the name of the
holder thereof and his address. Any subsequent holder may cause the same
to be registered in the name of such subsequent holder upon submission
of proper proof of ownership. Such municipality shall have the right to
call and pay the bonds, or any number thereof, in the manner set out in
Section 9-3-36.
(Source: Laws 1961, p. 576.)
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