Illinois Statutes Chapter 65. Municipalities § 5/11-111-7. Rights of bondholders; ordinance

§ 11-111-7. In addition to the powers given by Sections 11-111-1 through 11-111-7 to municipalities to collect an amount sufficient to pay the interest and principal, the owner or holder of any bond has his personal remedy in any court against the endorser upon his endorsement, for failure to pay the interest or principal, and in case of 2 successive failures by any person liable on such a bond, the bond becomes due. Then the holder may enforce his lien for the interest and principal by foreclosure in any court of competent jurisdiction in this state.

All the powers granted to municipalities by Sections 11-111-1 through 11-111-7 may be put into effect by proper ordinances.