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50 ILCS 460/45
(50 ILCS 460/45)
Sec. 45.
Bonds.
In lieu of the
issuance of vouchers or bonds provided by a special assessment
law, Supplemental Act Assessment Bonds payable from the
assessments made under a special assessment proceeding may be
issued under this Section. Supplemental Act Assessment Bonds
shall be issued under the following terms and provisions:
(a) They shall be payable from the
assessments made under a special assessment proceeding and
such other income or revenues as may lawfully be pledged to the
payment of such bonds by a governmental unit.
(b) They may be issued in lieu of vouchers at
any time
after the date of the judicial order of final confirmation of the assessment
roll and
report. Special Assessment Bonds may be issued prior to the expiration of the
appeal period provided for in the special assessment law and the issuer and
owners of such bonds may rely on any waiver of the statutory appeal period
executed by a municipality, county, or other issuer of such bonds and the
owners
and parties interested in land taken, damaged, or assessed therein, as
conclusive evidence of the non-appealability of the final judgment or order.
Parties interested in land taken, damaged, or assessed for purposes of such
waiver and appeal shall include only the owners of record, mortgagees of
record,
lien holders of record, and contract purchasers of any land taken, damaged, or
assessed.
(c) They may be issued in an amount not to
exceed the amount of the assessments confirmed in a special
assessment proceeding less the principal amount of any
assessments previously paid and less the principal amount of any
vouchers that may have previously been issued.
(d) They may bear interest at any rate or
rates not to exceed the rate or rates permitted by the Bond
Authorization Act; provided, however, that such rate or rates
shall not exceed the rate or rates provided for the unpaid
installments of the assessments made under the special
assessment proceeding.
(e) They may pay interest upon such date or
dates either annually, semi-annually, monthly, weekly, or
otherwise.
(f) They may be subject to redemption with
or without premium upon such terms and provisions as may be
provided by the governing body, including, without limitation,
terms as to the order of redemption (numerical, pro-rata, by
series, or otherwise) and as to the timing thereof.
(g) They shall be negotiable instruments
under Illinois law.
(h) They may be made payable either serially
or at term, or any combination thereof, in such order of
preference, priority, lien position, or rank (including, without
limitation, numerical, pro-rata, by series, or otherwise) and
otherwise have any attributes permitted to bonds under the Local
Government Debt Reform Act, as the governing body may provide.
(Source: P.A. 93-196, eff. 7-14-03.)
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