(70 ILCS 605/6-8) (from Ch. 42, par. 6-8)
Sec. 6-8.
Notes and
bonds-Resolution-Register-Calling prior to maturity.
The commissioners shall, by proper resolution, determine the form of the
notes or bonds to be issued, together with the date, amount, rate of
interest and maturity of the same, and shall designate the assessments or
installments of assessments against which the same are to be a lien. A copy
of the resolution shall be filed with the clerk and recorded in the
drainage record. The treasurer shall keep a register of the bonds and notes
of the district, which register shall show the names and addresses of the
registered holders, the serial numbers, amounts, rate of interest, date of
issue, maturity dates, where the bonds or notes are payable, the amount
received by the district for each bond or note and the assessment or
installment against which the bond is a lien. The note and bond register
shall at all reasonable times be available for inspection by any person
interested.
Any note or bond issued by a district after the effective date of this
Act shall be subject to call prior to maturity whenever there are
sufficient funds on hand in the bond fund to call one or more of such notes
or bonds and to meet all payments of principal and interest due or to
become due within the next 12 month period. Whenever the commissioners
determine that sufficient funds are on hand in the bond fund, they shall by
appropriate resolution also determine the number of the notes or bonds to
be called and direct the treasurer to call such notes or bonds. If the
number to be called is less than all of the notes or bonds outstanding
against such fund, then the treasurer shall determine by lot the serial
number of the notes or bonds to be called. The treasurer shall give the
registered holder of each such note or bond being called notice by
registered mail sent to the address shown on the note and bond register and
by publishing a notice thereof in a newspaper of general circulation
published in the county in which the district was organized. If no
newspaper of general circulation is published in that county, then the
notice shall be published in a newspaper having general publication in that
county. The notice to be so mailed and published shall specify the issue
and maturity dates of the notes or bonds called, the serial numbers of the
notes or bonds called, the assessment or installments of assessment against
which the notes or bonds are a lien, the date upon which the interest
thereon will cease, which date shall be not less than 30 days after the
publication and mailing of the notice and shall request that such notes or
bonds be presented for payment and cancellation. If notice is given as
hereinabove set forth, then such notes or bonds shall cease to bear
interest after the date fixed in said notice. Each note or bond issued by a
district shall contain a statement that it is subject to call prior to
maturity as provided by this section, but the failure of any note or bond
to contain such a statement shall not deprive the district of its right to
call such note or bond prior to maturity as hereinabove provided.
(Source: Laws 1955, p. 512.)
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