(60 ILCS 1/205-120)
Sale or lease of system.
The township board of a township that
owns a waterworks system or sewerage system or combined waterworks and sewerage
system may sell or lease the system or a separable portion of the system for
any term not to exceed 99 years when, in the opinion of the board, the property
is no longer necessary, appropriate, required for the use of, profitable to, or
for the best interests of the township. This power shall be exercised by an
ordinance passed by at least a two-thirds vote of the members of the board. The
property shall not be sold or leased, however, for a less amount than is
necessary to amortize any outstanding bonds issued under this Article nor, in
any event, at a less amount than the reasonable value of the property (or a
reasonable return on the investment in the property in the case of a lease) as
determined by an appraisal made at the direction of the board by a person or
persons acquainted with valuations of those kinds of properties.
(Source: P.A. 82-783; 88-62.)