(65 ILCS 5/9-2-120) (from Ch. 24, par. 9-2-120)
Sec. 9-2-120.
The court having jurisdiction of the original assessment
proceeding is authorized at any time after the assessment has been
confirmed to extend the time of payment of the assessment, or any
installment thereof, whether due or not due, heretofore or hereafter
levied, and in case securities have been issued, to refund the securities
and past due interest thereon, heretofore or hereafter issued in
anticipation of the collection of the assessment or any installment thereof
levied under the provisions of this Division 2, or any part thereof, and
past due interest thereon (unless such past due interest is waived). In
cases where no securities have been issued, the provisions of this section
as to refunding securities shall not apply but the court, on petition of
the municipality, has jurisdiction to extend the time of payment of the
assessment. Securities not due may be refunded only when the holders
thereof surrender the securities in exchange for refunding securities
issued in lieu thereof, or deposit the securities as hereinafter provided
and agree to accept payment therefor in cash in an amount not exceeding the
par value thereof, together with accrued interest. This payment is to be
made out of the proceeds of the sale by the municipality of those refunding
securities. All securities against any installment to be refunded shall be
so surrendered or deposited.
The specified court is hereby vested with authority to divide any
assessment or any installment or installments thereof into a greater number
of installments than was originally provided for in the order confirming
the assessment and to fix the amount of each installment, if, in its
judgment, such a re-division into a greater number of installments is for
the best interest of all parties concerned.
As used in this section and Sections 9-2-121 through 9-2-124,
"securities" means bonds, coupons (except bonds or coupons issued under
Sections 9-2-127 through 9-2-129) and vouchers, public benefit vouchers,
and warrants and accrued interest.
(Source: Laws 1961, p. 576.)
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