(70 ILCS 605/5-17) (from Ch. 42, par. 5-17)
Sec. 5-17.
When original and additional assessments become due;
interest; lien; release.
(a) Original and additional assessments are due and
payable 30 days after the date of the order of the court approving the
assessment roll or confirming the verdict of the jury and, unless otherwise
ordered by the court, shall thereafter draw interest at a rate to be fixed
by the court, which rate shall not exceed the maximum rate authorized by
the Bond Authorization Act, as amended at the time of the making of the
contract or, if a contract has been made for the sale of bonds or other
evidences of indebtedness or tax anticipation warrants, a rate not
exceeding the maximum rate authorized by the Bond Authorization Act, as
amended at the time of the making of the contract. However, the court may
provide in its order that the assessments shall be payable upon some other
more convenient date or in installments of such amounts and at such times
as will be convenient for the accomplishment of the proposed work or the
payment of bonds that may be issued. Interest on unpaid assessments and
installments may be ordered to become due annually on such date each year
as may be fixed by the court.
(b) The assessment constitutes a lien upon the
lands, lots and railroad property assessed the same as general taxes from
the date of such order until paid.
With respect to each original or additional assessment that is not paid by
the date payment is due, the district treasurer shall file a lien notice in the
office of the recorder of the county. The lien notice shall state the
following:
(1) The name of the district.
(2) The name of the person or persons to whom notice |
(5) The amount for which the lien is claimed.
If the district treasurer is a person other than the county treasurer, the
district treasurer shall report to the county treasurer, in the form required
by the county treasurer, each lien notice recorded pursuant to this
subsection (b).
(c) When an assessment against any tract of
land, or an installment thereof, has been fully paid, the treasurer of the
district shall execute a release of the lien of the assessment or
installment so paid, and shall deliver a copy of the release to the owner
of the tract. In those districts which have appointed as their treasurer
persons other than the county treasurer, the treasurer will, when an
assessment against any tract of land or an installment thereof has been
fully paid, record in the recorder's office of the county in which the land
is situated the original release of the lien of the assessment or installment
so paid.
(d) 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.
(Source: P.A. 87-374; 88-30.)
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