(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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