(50 ILCS 460/30)
Sec. 30.
Amount and term of
installments. An assessment under a special assessment
proceeding may be payable in one or more installments coming due
not more than 31 years after the date of the judgment order of
final confirmation of the assessment roll and report for such
special assessment proceeding. The first installment for
interest on such special assessment may be deferred for such
period of time during which interest upon bonds payable from such
special assessment has been provided for pursuant to the
provisions of Section 50 of this Act. Installments of principal
of a special assessment need not become due in equal amounts, but
rather, if provided for in the special assessment ordinance,
shall become due in the years and in the amounts as shall be
provided in the special assessment ordinance.
In the event that a governing body deems it
advisable to refund Supplemental Act Assessment Bonds in a manner
that would either increase installments or extend the number of
years in which installments may be payable, the governing body
may do so through a supplemental special assessment ordinance and
proceeding under applicable special assessment law, provided the
number of installments shall not be increased so as to become due
beyond the original maximum term of 31 years provided in
this Section.
In the event such a refunding does not increase
installments or extend the years in which payable, the governing
body may refund Supplemental Act Assessment Bonds through a supplemental
special assessment ordinance only.
(Source: P.A. 90-480, eff. 8-17-97.)
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