(60 ILCS 1/205-150)
Sec. 205-150.
If, before July 18, 1972, a township (i) has constructed or
acquired a waterworks system or a sewerage system, or combined waterworks and
sewerage system, to serve a particular locality within the boundaries of the
township, (ii) has kept separate books, records, and accounts for the system or
systems, (iii) has collected rates and charges for use and service from the
users of the system or systems that are different from those collected for any
other system or systems, and (iv) has paid solely from the income and revenue
derived from the operation of the system or systems the principal of and
interest upon revenue bonds, the proceeds of which were used to pay the cost
of the construction, purchase, improvement, or extension of that system serving
a particular locality, all those acts of the township are hereby
declared to be valid, and the township may continue so to act, provided the
income and revenue of that system serving a particular locality are
sufficient to make the payments of principal and interest as they become
due. Nothing in this amendatory Act of 1972 (Public Act 77-2083) shall be
construed to impair the obligation of the ordinance authorizing the issuance of
the revenue bonds.
(Source: P.A. 77-2083; 88-62.)
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