(A) Except as otherwise provided in ILCS Ch. 65, Act 5 § 9-2-117, within 30 days after the final completion and, where required, acceptance of the work, as provided in ILCS Ch. 65, Act 5 § 9-2-112, the Board of Local Improvements shall have the cost thereof, including the cost of engineering services, certified, in writing, to the court in which the assessment was confirmed, together with an amount estimated by the Board to be required to pay the accruing interest on bonds or vouchers issued to anticipate collection. Thereupon, if the total amount assessed for the improvement upon the village and the property exceeds the cost of the improvement, all of that excess, except the amount required to pay such interest as is provided for herein, shall be abated and the judgment reduced as follows:
(1) Except when the public benefit assessment is fully funded with grant money received by the village, whenever the public benefit assessment is equal to or exceeds 25% of the total amount assessed, all of said excess shall be applied to abating and reducing the public benefit assessment and judgment under the direction of the court.
(2) Except when the public benefit assessment is fully funded with grant money received by the village, whenever the public benefit assessment is less than 25% of the total amount assessed, all of said excess shall be abated and the judgment reduced proportionately to the public and private property owners, and shall be credited pro rata upon the respective assessment for the improvement under the direction of the court.
(B) This reduction shall be made in the manner prayed for by the village in its certificate of final cost and completion.
(C) If, prior to the entry of the order abating and reducing the assessment, the assessment has been certified for collection pursuant to the provisions of ILCS Ch. 65, Act 5 § 9-2-7, and property owner has paid his assessment and, because of said abatement is entitled to a refund of any portion of his assessment, the Village Treasurer shall immediately make any and all such refunds to the person who actually paid the assessment.
(Ord. 94-0-094, passed 11-15-94; Am. Ord. 97-0-072, passed 10-21-97)