(65 ILCS 5/9-2-122) (from Ch. 24, par. 9-2-122)
Sec. 9-2-122.
The court shall hear the proceeding in a summary manner
without a jury and there shall be no hearing on benefits or on any legal
objections not arising subsequent and incidental to the proceeding provided
for in Sections 9-2-120 through 9-2-124. No judgment confirming any such
proceeding shall be entered until all unpaid securities have been either
deposited in the court or with some depository under an escrow agreement
approved by the court. The petition shall set forth the amount of the
assessment or installments to be extended, the date of confirmation of the
original assessment, the rate of interest of the original assessment, the
amount of cash on hand in the particular assessment or installments, the
unpaid securities or other obligations to be refunded, the date of maturity
of the unpaid securities, and the rate of interest the unpaid securities
bear. This petition shall also state that the holders of the securities
issued in anticipation of the collection of the assessment or installments,
will surrender their securities in exchange for refunding securities to be
issued under the provisions of Sections 9-2-120 through 9-2-124, or accept
in payment thereof an amount not exceeding the par value thereof, with
accrued interest thereon. This petition shall also state what assessment or
installments thereof are desired to be refunded, the desired maturity and
the rate of interest of the extended installments, and the maturity,
amount, and rate of interest of the refunding securities sought to be
issued.
(Source: Laws 1961, p. 576.)
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