50 ILCS 460/1
Short Title
Short Title. This Act may be cited as the Special Assessment Supplemental Bond and Procedures Act. (Source: P.A. 90-480, eff. 8-17-97.)
Illinois Compiled Statutes 50 ILCS 460 — Special Assessment Supplemental Bond and Procedures Act.
Illinois · statute · 50 ILCS 460 · 17 active provisions
Provisions
50 ILCS 460/5
Finding
Finding. The General Assembly finds that: (a) there have been many important changes in the financial markets and practices with respect to the issuance of obligations to provide funds for the payment of local improvements to be paid from the imposition of special assessments; (b) various provisions of Illinois law rel…
50 ILCS 460/10
Definitions
Definitions. As used in this Act, unless the context or usage clearly indicates otherwise: "Governing body" means the legislative body, council, board, commission, trustees, or any other body by whatever name it is known having charge of the corporate affairs of a governmental unit. "Governmental unit" means a county,…
50 ILCS 460/15
Supplemental powers; election
Supplemental powers; election. The provisions of this Act are intended to be supplemental to and in addition to all other powers or authorities granted to any governmental unit, shall be construed liberally, and shall not be construed as a limitation of any power or authority otherwise granted. Any governmental unit ma…
50 ILCS 460/20
Additional costs allowed
Additional costs allowed. In addition to and in excess of all costs otherwise permitted to be assessed under any special assessment law in any special assessment proceeding, the governing body may in the special assessment ordinance provide for the following additional amounts in the assessment: (a) an additional reser…
50 ILCS 460/25
Interest on assessments
Interest on assessments. The unpaid portion of any assessment imposed under a special assessment proceeding may bear interest at an interest rate or rates not exceeding the rate or rates on bonds permitted by the Bond Authorization Act; provided, however, that the time of the adoption of the special assessment ordinanc…
50 ILCS 460/30
Amount and term of installments
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…
50 ILCS 460/35
Notice of first installment and accrual of interest
Notice of first installment and accrual of interest. In lieu of the establishment of the date of the first installment of a special assessment and the accrual of interest on assessments by the issuance of a first voucher and the filing of a certificate with the clerk of court or other act as may be provided by a specia…
50 ILCS 460/40
Award of contract
Award of contract. In any special assessment proceeding, upon the vote of two-thirds of the members of the governing body then in office, the governing body or the board of local improvements, as may be applicable, may award a contract or contracts for the improvement pursuant to negotiation with one or more persons, w…
50 ILCS 460/45
Bonds
Bonds. In lieu of the issuance of vouchers or bonds provided by a special assessment law, Supplemental Act Assessment Bonds payable from the assessments made under a special assessment proceeding may be issued under this Section. Supplemental Act Assessment Bonds shall be issued under the following terms and provisions…
50 ILCS 460/50
Alternative local procedure
Alternative local procedure. Upon the request of all of the owners of record to be subject to assessment in a special assessment proceeding, the alternative procedure for the proceeding set forth in this Section may be used. In this alternative procedure, the board of local improvements shall conduct all of the proceed…
50 ILCS 460/55
County clerk may collect
County clerk may collect. Pursuant to the Illinois constitutional and statutory provisions relating to intergovernmental cooperation, the county clerk of any county in which property subject to a special assessment is located may, but shall not be required to, agree to mail bills for a special assessment with the regul…
50 ILCS 460/60
Recital
Recital. Supplemental Act Assessment Bonds that are issued in part under this Act may contain a recital to that effect and any such recital shall be conclusive as against the governmental body thereof and any other person as to the validity of the Supplemental Act Assessment Bonds and as to their compliance with the pr…
50 ILCS 460/65
Rebates
Rebates. If, after final settlement with the contractor for any improvements, there is any surplus remaining, the Board of Local Improvements shall declare a surplus and rebate upon each lot, block, tract, or parcel of land assessed the pro rata proportion of that surplus. The Board of Local Improvements shall state wh…
50 ILCS 460/70
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 90-480, eff. 8-17-97.)
50 ILCS 460/75
(Amendatory provisions; text omitted)
(Amendatory provisions; text omitted). (Source: P.A. 90-480, eff. 8-17-97.)
50 ILCS 460/99
Effective date
Effective date. This Act takes effect upon becoming law. (Source: P.A. 90-480, eff. 8-17-97.)