(65 ILCS 5/9-2-128) (from Ch. 24, par. 9-2-128)
Sec. 9-2-128. The bonds authorized in Section 9-2-127 may be in the following form: United States of America Number Dollars .... .... State of Illinois County of .... .... of .... IMPROVEMENT BOND
KNOW ALL MEN BY THESE PRESENTS, That the .... of ...., in 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 ($....) on the .... day of ....,...., but subject to prepayment at the par value hereof at any time as hereinafter provided, together with interest thereon at the rate of .... per cent (....%) per annum, from date hereof until paid, payable on the .... day of ....,...., and annually thereafter on the .... day of .... in each year on presentation and surrender of the interest coupons hereto attached.
Both principal and interest on this bond are payable at the office of the treasurer of said .... of ...., in lawful money of the United States of America.
This bond is issued in exchange for part of the vouchers issued in payment of the work done under Special Assessment No. ...., levied for the purpose of ...., which assessment bears interest from the .... day of ....,...., and this bond and the interest thereon are payable solely out of the installments of the assessment when collected.
THIS BOND IS ONE OF A SERIES OF BONDS WHICH ARE TO BE PAID AND REDEEMED IN NUMERICAL ORDER AND NOT ON A PRO-RATA BASIS.
The bonds in the series, aggregating .... Dollars ($....), are numbered from .... to .... inclusive, bonds numbered .... to .... being of the denomination of $.... each, and 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 .... 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 .... 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 municipality, such notice shall be published in a newspaper with a general circulation in the municipality, and if there be no such newspaper, such notice shall be posted in at least 3 prominent places within the municipality. 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 its corporate seal to be hereto affixed, and this bond to be signed by the officers prescribed by ordinance, and the coupons hereto attached to be signed by such officials by their 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. .... $....
On the .... day of ....,...., unless the bond to which this coupon is attached shall have theretofore been called for payment at an earlier date and payment made or provided for,
The .... of .... in the County of ...., State of Illinois, will pay to BEARER .... Dollars ($....), out of funds realized from the collections of Special assessment No. .... of the municipality, at the office of the treasurer of the municipality, for interest due on that day on its improvement bond dated as of the .... day of ....,.... BOND NO. .....
(Source: Laws 1961, p. 576.)
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Last modified: February 18, 2015