The City Treasurer shall keep an account of each special assessment, and each installment thereof, under its general description and number and the account shall show, at its head, the amount assessed for public benefits and also that for special benefits. All moneys received on any special assessment shall be held by the Treasurer as a special fund and placed to the credit of the particular installment upon which it has been paid and shall be applied to the payment of bonds or warrants payable out of the installment when collected, according to the terms thereof, and the money shall not be used for other purposes; however, when a particular installment of any assessment has been fully paid and all warrants or bonds, payable out of the installment, have been cancelled and paid according to the tenor thereof, then, any surplus remaining in the installment, after the retirement of all bonds and warrants payable out of the installment, shall be credited pro rata among the remaining installments of such assessment; and, provided further that, when all warrants and bonds payable out of the assessment, or any installment thereof, have been fully paid and cancelled, any surplus remaining shall be rebated pro rata to the persons assessed for the improvement for which the assessment has been levied, subject to, and in accordance with the provisions of the Illinois Revised Statutes. It shall be the duty of the Treasurer to report the surplus, whenever any such surplus may exist after retiring and paying all bonds and warrants payable out of any assessment.
(Prior Code, § 31.068)