(55 ILCS 5/5-32050) (from Ch. 34, par. 5-32050)
Sec. 5-32050. Form of bonds. The bonds authorized in the preceding Section may be in the following form: "UNITED STATES OF AMERICA Number
Dollars....
....State
of
Illinois
County
of
Cook .... of .... IMPROVEMENT BOND KNOW ALL MEN BY THESE PRESENTS, that the County of ...., State of Illinois, hereby acknowledges itself to owe, and for value received promises to pay to the BEARER the sum of .... Dollars ($....) on the .... day of .... but subject to prepayment at the par value hereof at any time as hereinafter provided, together with interest thereon at the rate of .... per cent (..%) per annum, from date hereof until paid, payable on the .... day of .... and annually thereafter on the .... day of .... in each year on presentation and surrender of the interest coupons hereto attached.
Bond principal and interest on this bond are payable at the office of the treasurer of said County of ...., in lawful money of the United States of America.
This bond is issued in exchange for part of the vouchers issued in payment of the work done under Special Assessment No. .... levied, for the purpose of ...., which assessment bears interest from the .... day of .... and this bond and the interest thereon are payable solely out of the installments of the assessment when collected.
THIS BOND IS ONE OF A SERIES OF BONDS WHICH ARE TO BE PAID AND REDEEMED IN NUMERICAL ORDER AND NOT ON A PRO RATA BASIS.
The bonds in the series, aggregating .... Dollars ($....) are numbered from .... to .... inclusive, bonds numbered .... to .... being of the denomination of $.... each, are bonds numbered .... to .... being of the denomination of $.... each.
By the terms of the statute and ordinance authorizing these bonds, whenever there shall be sufficient funds in the hands of the treasurer of the county of .... after the payment of all interest due on the bonds and after the establishment of such reserve, if any, as the treasurer, in his discretion may deem advisable to pay interest to become due at the next interest coupon date, to prepay one or more of the bonds, then it is the duty of such treasurer to call and pay such bond or bonds. The treasurer shall cause notice of such call for prepayment to be published in some newspaper of general circulation in the county of .... Illinois, not less than 5 nor more than 30 days prior to the date fixed for prepayment. If no newspaper is published in the county, such notice shall be published in a newspaper with a general circulation in the county. This bond will cease to bear interest on and after the date so fixed for prepayment. The presentation of the bond will waive the necessity of giving notice of its call for payment. Bonds shall be paid in numerical order beginning with the lowest numbered outstanding bond.
IN TESTIMONY WHEREOF, the .... of .... has caused this bond to be signed by the officers prescribed by ordinance, and the coupons hereto attached to be signed by such officials by the original or facsimile signatures, which officials, if facsimile signatures are used, do adopt by the execution hereof as and for their proper signatures their respective facsimile signatures appearing on the coupons, all as of the .... day of .... ........ SEAL
Interest coupons which may be attached to bonds authorized in this Section may be in the following form: Coupon No. ....
$....
On the .... day of ...., unless the bond to which this coupon is attached shall have theretofore been called for payment at an earlier date and payment made or provided for, County of .... State of Illinois, will pay to BEARER .... Dollars ($....), out of funds realized from the collection of Special Assessment No. .... of the county, at the office of the treasurer of the county, for interest due on that day on its improvement bond dated as of the .... day of .... BOND NO. ...."
(Source: P.A. 86-962.)
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Last modified: February 18, 2015