65 ILCS 5/ Illinois Municipal Code.

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65 ILCS 5/11-132-2

(65 ILCS 5/11-132-2) (from Ch. 24, par. 11-132-2)

Sec. 11-132-2.

Whenever, in the judgment of a majority of any board of
water commissioners, or if there is no such board, whenever in the judgment
of a majority of the city council of any city specified in Section
11-132-1, it is necessary for the public health, or for any other cause, to
increase the source of water supply, or to substitute for it such better
source as in their judgment the interests of the city may demand, the board
of water commissioners or the city council may dig wells, either by boring
or excavation, and protect and equip them, or they may lease water
privileges from persons owning wells already or hereafter to be dug.
Subject to the provisions of Section 11-132-3, the board of water
commissioners or the city council may pay for the boring, excavation, or
lease, and for the expenses incurred in maintaining and operating the
wells, only out of the surplus earnings of the city's waterworks.

(Source: Laws 1961, p. 576.)

65 ILCS 5/11-132-3

(65 ILCS 5/11-132-3) (from Ch. 24, par. 11-132-3)

Sec. 11-132-3.

No money, except the specified surplus earnings, shall
be expended under the provisions of Section 11-132-2, for the purposes
therein specified, until the question of the expenditure of the money
has been certified by the clerk submitted to a vote of the electors of the
city, and has received a favorable majority of the votes cast on the question.

(Source: P.A. 81-1489.)

65 ILCS 5/Art. 11 Div. 133

(65 ILCS 5/Art. 11 Div. 133 heading) DIVISION 133.

WATERWORKS CERTIFICATES OF

INDEBTEDNESS

65 ILCS 5/11-133-1

(65 ILCS 5/11-133-1) (from Ch. 24, par. 11-133-1)

Sec. 11-133-1.

Any municipality with a population of 500,000 or more,
owning and operating its waterworks system, may pay for improving and
extending that system by the issuance and sale of certificates of
indebtedness of the municipality. These certificates shall bear interest at
a rate of not to exceed the maximum rate authorized by the Bond
Authorization Act, as amended at the time of the making of the contract,
payable semi-annually, and shall mature within 25 years from the date
thereof; provided that any certificate issued and sold subsequent to
December 31, 1965, shall mature within 40 years from the date of issuance.

With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Act that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that instruments
issued under this Section within the supplementary authority granted
by the Omnibus Bond Acts are not invalid because of any provision of
this Act that may appear to be or to have been more restrictive than
those Acts.

This amendatory Act of 1973 is not a limit upon any municipality which
is a home rule unit.

(Source: P.A. 86-4.)

65 ILCS 5/11-133-2

(65 ILCS 5/11-133-2) (from Ch. 24, par. 11-133-2)

Sec. 11-133-2.

The corporate authorities of any municipality availing itself of the
provisions of this Division 133, shall adopt an ordinance describing in a
general way the improvements and extensions to be made and refer to the
plans and specifications therefor prepared for that purpose. These plans
and specifications shall be open to the inspection of the public. This
ordinance shall set out the estimated cost of the improvements and
extensions and shall fix the amount of certificates proposed to be issued,
the maturity, interest rate, and all details in respect thereof. After this
ordinance has been adopted and approved, it shall be published once in a
newspaper published and having a general circulation in the municipality.
This ordinance shall be in effect after the expiration of 10 days from the
date of this publication.

Certificates of indebtedness issued under this Division 133, shall be
payable solely from the revenue derived from the waterworks system, and
these certificates shall not in any event constitute an indebtedness of the
municipality within the meaning of the constitutional limitation. It shall
be plainly stated on the face of each certificate that it has been issued
under the provisions of this Division 133, and that it does not constitute
an indebtedness of the municipality within any constitutional or statutory
limitation. The total amount of these certificates that may be issued
during the 8 years' period of 1958 to 1965 both inclusive, shall not exceed
$150,000,000, which certificates may be issued from time to time within the
8 years' period. The total amount of these certificates that may be issued
during the six year period of 1966 to 1971 both inclusive, shall not exceed
$60,000,000 which certificates may be issued from time to time within the
six year period. The total amount of these certificates that may be issued
in the year 1972 shall not exceed $5,000,000 and in the year of 1973 and
each year thereafter shall not exceed $10,000,000.

This amendatory Act of 1973 is not a limit upon any municipality which
is a home rule unit.

(Source: P.A. 78-211.)

65 ILCS 5/11-133-3

(65 ILCS 5/11-133-3) (from Ch. 24, par. 11-133-3)

Sec. 11-133-3.

Whenever certificates of indebtedness are issued pursuant to
this Division 133, the entire revenue received from the operation of the
waterworks system shall be deposited in a separate fund, designated as the
water fund of the municipality of ..... This fund shall be used only in
paying (1) the cost of maintenance and operation of the waterworks system,
(2) obligations of the municipality theretofore issued that are payable by
their terms from this revenue, whether in the form of certificates, bonds,
or otherwise, and (3) certificates issued pursuant to this Division 133.

Rates charged for water shall be sufficient to pay the cost of
maintenance and operation and to pay the principal of and interest upon all
of the specified certificates and bonds. These rates shall not be reduced
while any of these certificates or bonds are unpaid.

(Source: Laws 1961, p. 576.)

65 ILCS 5/11-133-4

(65 ILCS 5/11-133-4) (from Ch. 24, par. 11-133-4)

Sec. 11-133-4.

In case any officer whose signature appears on the specified
certificates or the coupons attached thereto ceases to hold his office
before the delivery of the certificates to the purchaser, his signature
nevertheless shall be valid and sufficient for all purposes, to the same
effect as if he had remained in office until the delivery of the
certificates. The specified certificates shall have all the qualities of
negotiable paper under the law merchant and the negotiable instruments law.

(Source: Laws 1961, p. 576.)