(50 ILCS 460/25)
Sec. 25.
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 ordinance shall be the date
that the maximum rate or rates shall be calculated rather than at
the time the contract is made for the sale of the bonds, as
provided in the Bond Authorization Act. Notwithstanding the
foregoing provision, from and after the due date of any
installment of an assessment, the following additional rates and
charges may be imposed with respect to the delinquent amount of
such installment:
(a) an additional rate of interest of 1 1/2% per |