(65 ILCS 5/9-2-125) (from Ch. 24, par. 9-2-125)
Sec. 9-2-125.
Whenever, in a proceeding under Sections 9-2-120 through
9-2-124, the refunding of securities and the extending of the time of
payment of any assessment or installments thereof include an assessment or
installments past due and the property against which the past due
assessment or installments or any part thereof were levied has been sold at
a sale of property to enforce the collection of the past due assessment to
the municipality levying the assessment and the municipality has not paid
the purchase price at that sale and a certificate of purchase has been
issued and delivered to the municipality, this past due assessment or
installments or any part thereof shall be extended, and the securities
issued to anticipate their collection shall be refunded, as in the case of
an assessment returned delinquent, withdrawn, or forfeited, and the lien of
the original assessment and of the certificate of purchase shall be
continued and preserved by the assessment as extended.
In such a case the court in which the proceeding is pending, in the
order extending the time of payment and authorizing the refunding of the
securities, shall order the municipality levying the assessment to present
its certificate of purchase to the county clerk. The county clerk shall
cancel this certificate by endorsing thereon the words "cancelled by
assessment as extended" and shall enter a note of such cancellation upon
his tax, judgment, sale redemption, and forfeiture record. Where this
certificate or evidence thereof has been recorded with the recorder of
deeds or registered with the registrar of titles the court shall order the
county clerk to issue a certificate to the municipality showing the legal
description of all lots, blocks, tracts, and parcels of land against which
a certificate or evidence thereof has been recorded or registered and
reciting the cancellation of the certificate of purchase by virtue of the
extension of the assessment and refunding of the securities. This
certificate shall be filed by the municipality with the recorder
or the registrar of titles, as the case may be. Thereupon the lien of that
assessment as extended shall stand in lieu of the lien of the original
assessment and of the certificate of purchase, and the assessment as
extended shall be collected in the same manner as the original assessment.
The county clerk shall receive for his services rendered as set forth in
this section a fee of 35 cents for each certificate so cancelled. This fee,
together with the fees of the recorder and of the registrar of
titles shall be paid by the security holders.
(Source: P.A. 83-358.)
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