How & Co. v. City of Chicago

Petitioner owns five City of Chicago Special Assessment Bonds, Nos. 11607 to 11611. The issue and payment of such bonds are provided for in the Local Improvement Act and amendments thereto (Ill. Rev. Stat. 1939, ch. 24, pars. 698-819, pp. 547-584 [Jones Ill. Stats. Ann. 76.003-76.138]). The act in its various sections makes the city of Chicago trustee for the levy, collection and distribution of the special assessments on which alone the holders of the bonds must rely for payment. In Rothschild v. Village of Calumet Park, 350 Ill. 330 (opinion filed October 22, 1932), at page 340, the Supreme…