Upon proper application to the City Clerk by all of the persons and/or entities owning a particular lot upon which construction or renewal of a sidewalk within the City is proposed, said owners shall have the right to finance their portion of the cost of said construction or renewal of said sidewalk in question with the City of Aledo upon the following terms and conditions. First, said owner or owners must sign a promissory note payable to the City of Aledo, Illinois, promising to pay said owner's or owners' portion of the sidewalks cost in question in five (5) equal annual installment payments plus accrued interest at the rate of six percent (6%) per annum due on the outstanding balance that may exist from time to time under the terms of said promissory note, the first said equal principal payment plus accrued interest at the rate of six percent (6%) per annum to be paid on or before the first day of the thirteenth month following the month during which construction or renewal of said sidewalk or sidewalks in question has been completed. Thereafter, each equal annual installment payment plus accrued interest at the rate of six percent (6%) per annum on the outstanding balance shall be paid on or before the first day of each consecutive month immediately after a respective twelve (12) month period has run from said beginning date as herein described.
Second, said owner or owners shall execute a promissory note that provides that in the event of default and if such default is not made good within thirty (30) days, the entire principal sum and accrued interest shall at once become due and payable without notice by the city of Aledo.
Third, this promissory note shall further provide that in the event it becomes necessary to collect said note through an attorney, said owner or owners will agree to pay all costs of collection, including a reasonable attorney fee and all court costs.
Last of all, the owner or owners desiring to avail themselves of the benefits of this financing section pertaining to sidewalks shall further agree that said amount due shall be a lien against the property and said owner or owners shall be obligated to sign any and all necessary documents that may be required in order to place the amount financed for construction or renewal of any sidewalk or sidewalks pursuant to the provisions of this section as a lien against the real estate in question upon which said sidewalk or sidewalks have been constructed. (Ord. 2/78, 6-19-1978)