(65 ILCS 5/11-111-7)
(from Ch. 24, par. 11-111-7)
In addition to the powers given by Sections 11-111-1 through
11-111-7 to municipalities to collect an amount sufficient to pay the
interest and principal, the owner or holder of any bond has his personal
remedy in any court against the endorser upon his endorsement, for failure
to pay the interest or principal, and in case of 2 successive failures by
any person liable on such a bond, the bond becomes due. Then the holder may
enforce his lien for the interest and principal by foreclosure in any court
of competent jurisdiction in this state.
All the powers granted to municipalities by Sections 11-111-1 through
11-111-7 may be put into effect by proper ordinances.
(Source: Laws 1961, p. 576.)