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Illinois Compiled Statutes
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MUNICIPALITIES (65 ILCS 5/) Illinois Municipal Code. 65 ILCS 5/11-111-3
(65 ILCS 5/11-111-3) (from Ch. 24, par. 11-111-3)
Sec. 11-111-3.
When specified improvement districts have been laid out,
the cost of the improvement has been estimated and ascertained by a
competent engineer, and the benefits to the lots, blocks, or parts thereof,
have been assessed, the municipality may issue a series of bonds sufficient
to pay the special assessments or special tax so ascertained for each
district. When so issued and endorsed as provided for in this section,
these bonds shall be a lien upon the respective lots, blocks, or parts
thereof, which are designated in the bonds. The bonds shall bear interest
at a rate not exceeding the maximum rate authorized by the Bond
Authorization Act, as amended at the time of the making of the contract,
and may run for any term not exceeding 20 years. The style of the bonds
shall be fixed and designated by ordinance. But before any bond is issued
or put into circulation, the owner of any lot charged with such a special
assessment or special tax shall endorse upon the back of the bond his
consent thereto, substantially as follows:
I hereby endorse the within bond, and consent that the lot or lots, or
parts thereof therein designated, shall become liable for the interest and
principal therein named, and that the bond shall be a lien upon the
designated property from this date until paid off and discharged.
.... (insert date) .... (Seal)
The bond, when prepared and executed by the municipality, and endorsed
by the owners of the property charged with the special assessments or
special tax, shall be recorded in the recorder's office of the county in
which the municipality is located. When so recorded the record is notice of
the lien thereby created, to the same extent that records of mortgages are
notices of the mortgage lien, and has the same force and effect. No coupon
need be recorded. A record of the face of the bond and of the endorsement
are sufficient.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Act that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that instruments
issued under this Section within the supplementary authority granted
by the Omnibus Bond Acts are not invalid because of any provision of
this Act that may appear to be or to have been more restrictive than
those Acts.
The amendatory Acts of 1971, 1972 and 1973 are not a limit upon any
municipality which is a home rule unit.
(Source: P.A. 91-357, eff. 7-29-99.)
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65 ILCS 5/11-111-4
(65 ILCS 5/11-111-4) (from Ch. 24, par. 11-111-4)
Sec. 11-111-4.
Any municipality, issuing bonds under Sections 11-111-1
through 11-111-7, shall provide by ordinance for the collection of an
amount sufficient to pay the interest and principal of these bonds from the
property charged with the special assessment or special tax. The special
assessment or special tax shall be placed upon the tax books for
collection, and treated in the same manner, and have the same effect as
special assessments or special taxes have under Article 9. The
municipality shall not be liable for the payment of the interest or
principal of any of these bonds except (1) for their payment out of the
special fund of the improvement district to which the bonds apply, and (2)
for the faithful enforcement of the ordinances that provide for the
collection of an amount sufficient to pay the interest and principal of
these bonds.
(Source: Laws 1961, p. 576.)
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65 ILCS 5/11-111-5
(65 ILCS 5/11-111-5) (from Ch. 24, par. 11-111-5)
Sec. 11-111-5.
If a railroad or street railway company has tracks located
upon, or across any street in such an improvement district, then, in
estimating the cost of the work, the railroad or street railway company
shall be charged with the cost of the fill upon that street or crossing in
the amount that it would cost the railroad or street railway company to
make an independent embankment of the same height to receive its tracks
upon that street or crossing. However, any railroad or street railway
company has the same right to build its embankment or make its proportion
of the improvement as is allowed to individuals. If a railroad or street
railway company fails or refuses to comply with the municipal ordinances in
this regard, the tracks of the delinquent railroad or street railway
company shall be a nuisance, all of the railroad or street railway
company's rights upon that street or crossing shall be forfeited, and the
tracks removed as the work progresses.
(Source: Laws 1961, p. 576.)
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65 ILCS 5/11-111-6
(65 ILCS 5/11-111-6) (from Ch. 24, par. 11-111-6)
Sec. 11-111-6.
If any property within an improvement district created under
Sections 11-111-1 through 11-111-7 belongs to a minor or any other person
incapacitated to contract, the guardian, or other person in
charge of his or her estate, may apply to the circuit court of the county in
which
the district is located, by petition, for leave to endorse the specified
bonds. When endorsed by order of the court, the endorsement shall be valid.
(Source: P.A. 83-706 .)
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65 ILCS 5/11-111-7
(65 ILCS 5/11-111-7) (from Ch. 24, par. 11-111-7)
Sec. 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.)
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