§ 37 — Village may issue bonds for purpose of lighting streets; duties of Village Treasurer in respect thereto

Said Village is hereby authorized to issue bonds not exceeding the aggregate amount of $40,000.00, on such terms as said Village shall prescribe, for carrying into effect the foregoing provisions. And in case said Village neglects to make reasonable provision for the payment of the interest and principal of said bonded indebtedness as the same become due and payable, the Treasurer of said Village shall seasonably make out and deliver to the Collector of said Village a tax bill on the grand list of said Village and the Treasurer shall therewith issue to said Collector the Treasurer’s warrant in manner and form substantially as is now provided by law for the collection of other taxes, directing the collection and payment of such tax to said Treasurer within 60 days from the time of such delivery, in an amount sufficient to promptly pay the interest or principal then past due and unpaid; and the money so collected shall be specially held and used for the payment of such interest and principal and for no other purpose, except the incidental expense of assessing and collecting such tax. The Treasurer of said Village shall provide for and promptly pay the interest and principal of such bonded indebtedness as the same shall become due and payable without any vote thereupon by said Village and without an order therefor by the trustees of said Village; and such tax bill shall have the same force and authority as a tax bill for a tax voted at a regular meeting of said Village.

Legislative History

(Added 1892, No. 114, § 37; amended 1902, No. 218, § 1; 1912, No. 325, § 2.)