In addition to the city's right to issue bonds as authorized in sections 9-2-119 and
9-2-127 of the Illinois Municipal Code as now or hereafter amended [65 ILCS 5/9-2-119,
5/9-2-127], the city, immediately upon confirmation of the assessment roll by the
court, may issue and deliver, to the buyer thereof, bonds provided for in this section,
which bonds may be sold at public or private sale in such manner and upon such terms
as may be deemed advisable by the city council. Such bonds shall be authorized either
in the ordinance creating the special assessment or in a bond ordinance to be adopted
prior to the issuance thereof. Such bonds shall bear interest at such rate or rates,
may be in one or more series, may be made payable from all or any designated portion
of the special assessment confirmed by the circuit court, or from other funds received
by the city from payment made with respect to the assessment of the improvement, may
bear such date, may mature at such time or times may be payable in such registration
privileges, may be subject to such terms of redemption, may be executed in such manner,
may contain such terms, covenants and conditions, and may be in such form, either
coupon or registered, as the ordinance authorizing their issue may provide. The bonds
shall recite specifically that they are payable solely and only from all or the designated
portion of the assessment levied for the payment of the cost of the improvement or
from other funds received by the city from payments made with respect to the assessment
or the improvement.
(Code 1969, § 2-219)
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