The Council may borrow money and issue the bonds of the Village therefor in anticipation of the payment of special assessments made for defraying the cost of public improvements; after the special assessment roll shall have been confirmed such bonds may be an obligation of the special assessment district only or may be both an obligation of the special assessment district and a general obligation of the Village. Such bonds shall not exceed the amount of the special assessments in anticipation of the collection of which they are issued, and shall bear such interests as the Council may determine, not exceeding five (5) per centum per annum. Collections on special assessments pledged for the payment of bonds shall be set aside in a special fund for the payment of such bonds. In no event shall such bonds be sold or otherwise disposed of at less than their par value. The issuance of special assessment bonds shall be governed by the provisions of the general laws of the State applicable thereto. Bonds may be issued in anticipation of the collection of special assessments levied in respect to two or more public improvements, but no special assessment district shall be compelled to pay the obligation of any other special assessment district.
(Char. eff. June 7, 1954; amend. eff. Aug. 14, 1956)