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STREATOR NATIONAL BANK v. ARQUILLA

No. 3-85-0004.

138 Ill. App.3d 163 (1985)

485 N.E.2d 868

THE STREATOR NATIONAL BANK, Plaintiff-Appellant, v. BERNARD ARQUILLA et al., Defendants-Appellees.

Appellate Court of Illinois — Third District.

Opinion filed November 19, 1985.

Attorney(s) appearing for the Case

John A. Hayner, of Warren, Hayner & Baxter, P.C., of Ottawa, Frank J. Harrison, of Streator, and James E. Spiotto, Ann Acker, and Maureen W. Fairchild, all of Chapman & Cutler, of Chicago, for appellant.

August A. Grundei, of Chicago, and Craig Armstrong, of Ottawa, for appellees.

Reversed and remanded.

JUSTICE STOUDER delivered the opinion of the court:

Plaintiff, the Streator National Bank, appeals an order of the circuit court of La Salle County dismissing their complaint against defendants, Bernard and Ruth Arquilla, to recover on a guaranty of payment of Illinois Industrial Revenue Bonds issued by the city of Streator.

Industrial revenue bonds (IRBs) are a special category of revenue bonds which have been defined as such...

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