(65 ILCS 55/6) (from Ch. 24, par. 808.6)
Sec. 6.
It shall be lawful to provide by the ordinance for any such
project, any portion of the cost of which is to be defrayed by special
assessment or special taxation, or by ordinance passed at any time before
the confirmation of the assessment roll, that the aggregate amount
assessed, and each individual assessment be divided into installments not
more than ten (10) in number. In all cases such division shall be made so
that all installments shall be equal in amount, except that all fractional
amounts shall be added to the first installment, so as to leave the
remaining installments of the aggregate equal in amount. The first
installment shall be due and payable on the second day of January next
after the date of the first voucher issued on account of work done, and the
second installment one (1) year thereafter, and so on annually until all
the installments are paid; and it is the duty of the municipality to file
in the office of the clerk of the court in which such assessment was
confirmed, a certificate signed by presiding officer, of the date of said
first voucher and of the amount thereof, within thirty (30) days after the
issuance thereof. All installments shall bear interest as hereinafter
provided until paid, at the rate of not to exceed six (6) per centum per
annum. Interest on assessments shall begin to run from the date of the
first voucher issued on account of work done as aforesaid. The interest on
each installment shall be payable as follows: On the second day of January
next succeeding the date of the first voucher aforesaid so certified as
aforesaid, the interest accrued up to that time on all unpaid installments
shall be due and payable and be collected with the installment, and
thereafter the interest on all unpaid installments then payable, shall be
payable annually and be due and payable at the same time as the
installments maturing in such year and be collected therewith. In all cases
it shall be the duty of the municipal collectors, as the case may be,
whenever payment is made of any installment to collect interest thereon up
to the date of such payment whether such payment be made at or after
maturity. Any person may at any time pay the whole assessment against any
lot, piece or parcel of land, or any installment thereof, with interest as
provided herein up to the date of payment.
(Source: Laws 1935-36, 1st SS, p. 39.)
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