(70 ILCS 605/6-10) (from Ch. 42, par. 6-10)
Sec. 6-10.
Extending payment of assessments-Refunding bonds.
The time of payment of any assessment or any installment thereof may be
extended, in whole or in part, whether due or not due, and any notes or
bonds of the district, or any part thereof, issued in anticipation of the
collection of any original or additional assessment or installment thereof,
may be refunded. Notes or bonds not due may be refunded only by agreement
with the holders, provided that no holder shall receive an amount in excess
of the par value thereof, together with accrued interest.
In the event that less than all of the notes or bonds are refunded, the
due date of a like proportion of the assessment or installment against
which the notes or bonds are a lien shall be extended. Assessments or
installments, or any part thereof, may be divided into a greater or less
number of installments than was originally provided, but the time of
payment of any assessment or installment, or any part thereof, shall not be
extended beyond 40 years from the date of the order providing for such
extension.
The commissioners may on their own motion, and shall upon receiving a
petition signed by the owners of land whose unpaid assessments against
which such notes or bonds are a lien equal to at least 25% of all such
unpaid assessments, petition the court to extend the time of payment of any
assessment or installment, or any part thereof, and to issue refunding
bonds. The petition shall set forth (a) a description of all assessments,
any part of which remains unpaid, including the date or dates of
confirmation, the amount remaining unpaid, the amount due in each year and
the rate of interest, (b) the amount of cash on hand, (c) a description of
the notes or bonds of the district outstanding, including the date of issue
of such notes or bonds, the dates of maturity, the rate of interest and the
assessments or installments against which such notes or bonds are a lien,
(d) other indebtedness of the district, if any, (e) the assessments or
installments they desire to extend, either in whole or in part, together
with the desired maturities of the extended assessments, installments or
parts thereof and the proposed rate of interest that said extended
assessments or installments shall bear, (f) the assessments, installments
or parts thereof, if any, they desire to remain as theretofore confirmed,
(g) the amount, maturities and rate of interest of the proposed refunding
notes or bonds, and (h) if it is proposed to extend the time of payment of
assessments or installments, or any part thereof, not yet due, a statement
whether the holders of the notes or bonds will surrender their notes or
bonds in exchange for refunding notes or bonds or, in the alternative,
accept, in payment thereof, an amount not in excess of the par value
thereof, together with accrued interest.
Accompanying such petition shall be an assessment roll, setting forth
(a) the name of the owner of each tract of land or other property against
which any such assessment, installment or part thereof remain unpaid, if
known, or, if unknown, then the name of the person who last paid the
general taxes thereon, as shown by the Collector's books, (b) a description
of each tract of land or other property, (c) the amount of unpaid
assessments or installments against each tract, (d) the amount and maturity
of each installment of the proposed extended assessments against each
tract, and (e) the amount and maturity of each assessment, installment or
part thereof, if any, which is to remain as theretofore confirmed against
each tract.
(Source: Laws 1955, p. 512.)
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