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Illinois Compiled Statutes
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MUNICIPALITIES (65 ILCS 5/) Illinois Municipal Code. 65 ILCS 5/11-130-10
(65 ILCS 5/11-130-10) (from Ch. 24, par. 11-130-10)
Sec. 11-130-10.
Whenever a municipality owns and operates a waterworks
system, whether purchased or constructed under this Division 130 or not,
and desires to construct improvements thereto, it may issue revenue bonds
under this Division 130 to pay for that construction. The procedure for
that issuance, including the fixing of rates and the computation of the
amount thereof, shall be the same as is provided in this Division 130 for
the issuance of bonds for the purchase or construction of waterworks by a
municipality, except that in the ordinance declaring the intention to issue
the bonds and providing details in connection therewith, the corporate
authorities shall find and declare, in addition to the other requirements
set out in this Division 130, the value of the then existing waterworks and
the value of the property proposed to be constructed. The revenue derived
from the waterworks when the contemplated improvements are completed shall
be divided according to those 2 values. So much of the revenue as is in
proportion to the value of the improvements as distinguished from the value
of the previously existing waterworks, as so determined, shall be set aside
and used solely for the purpose of paying the revenue bonds issued for the
improvements, together with the cost of the operation and the depreciation
thereof, and that revenue shall be deemed to be income derived exclusively
from the improvements.
(Source: Laws 1961, p. 576.)
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65 ILCS 5/11-130-11
(65 ILCS 5/11-130-11) (from Ch. 24, par. 11-130-11)
Sec. 11-130-11.
Any municipality issuing revenue bonds under this Division
130 shall install and maintain a proper system of accounts, showing the
amount of revenue received and its application. At least once a year the
municipality shall have the accounts properly audited by a competent
auditor. The report of that audit shall be open for inspection at all
proper times to any taxpayer, water-user, or any holder of bonds issued
under this Division 130, or to anyone acting for and on behalf of the
taxpayer, water-user, or bondholder.
The treasurer of the municipality shall be custodian of the funds
derived from income received from waterworks purchased or constructed
either in whole or in part under the provisions of this Division 130. He
shall give proper bond for the faithful discharge of his duties as such
custodian, and this bond shall be fixed and approved by the corporate
authorities of the municipality.
All of the funds received as income from waterworks purchased or
constructed in whole or in part under the provisions of this Division 130,
and all of the funds received from the sale of revenue bonds issued to
construct such a waterworks system, shall be kept separate and apart from
the other funds of the municipality. The treasurer shall maintain separate
accounts in which shall be placed (1) the interest and sinking fund, (2)
the depreciation fund and (3) the operating and maintenance fund. He shall
also provide for refunding outstanding certificates payable out of water
revenue.
(Source: Laws 1961, p. 576.)
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65 ILCS 5/11-130-12
(65 ILCS 5/11-130-12) (from Ch. 24, par. 11-130-12)
Sec. 11-130-12.
Whenever all of the holders of unpaid water revenue
certificates of a particular issue, which were issued prior to July 8,
1927, to pay the cost of constructing waterworks and are payable from the
revenue thereof, offer in writing to exchange the certificates for
refunding revenue bonds to be issued under this Division 130, the corporate
authorities shall receive the certificates, and if found to be properly
executed, may adopt an ordinance incorporating therein the offer of the
certificate holders. This ordinance shall set forth the determined value of
the waterworks as it then exists, the value of as much of the waterworks as
was paid for by the issue of certificates, the unpaid portion of which are
proposed to be refunded, and the details in connection with the issuance of
the refunding revenue bonds in the same manner as is provided for in this
Division 130. The ordinance also shall fix the minimum rates to be charged
for water and pledge that revenue, if and when the refunding revenue bonds
are issued, to pay these refunding revenue bonds. The revenue shall be
applied as provided in this Division 130 and particularly in Sections
11-130-8 and 11-130-9.
The amount of the refunding revenue bonds shall not exceed and may be
less than the par amount of the certificates to be surrendered and shall
not exceed and may be less than the determined value of so much of the
waterworks as was paid for by that issue of certificates, less the amount
of certificates paid. The ordinance shall be published, or posted, together
with a notice of a hearing thereon, and a hearing shall be had thereon, in
the same manner as is provided in this Division 130. After such a hearing
the refunding revenue bonds specified in the offer may be issued, or a less
amount thereof may be issued with the consent of the certificate holders,
or the ordinance may be repealed, as the corporate authorities shall
determine. If the refunding revenue bonds are issued, the certificates
shall be surrendered and cancelled simultaneously therewith. Refunding
revenue bonds issued under this Division 130 shall be payable only out of
revenue derived from the waterworks as provided in the ordinance and
according to the terms of this Division 130. Holders of refunding revenue
bonds issued under this Division 130 have rights similar to those of
holders of revenue bonds issued under this Division 130, including the
power to apply for a receiver to operate the waterworks. The municipality
is under the same obligations to the refunding bondholders as it is to
holders of revenue bonds issued under this Division 130.
(Source: Laws 1961, p. 576.)
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65 ILCS 5/Art. 11 Div. 131
(65 ILCS 5/Art. 11 Div. 131 heading)
DIVISION 131.
WATER FUND TAX IN CITIES
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65 ILCS 5/11-131-1
(65 ILCS 5/11-131-1) (from Ch. 24, par. 11-131-1)
Sec. 11-131-1.
The corporate authorities of any municipality, whether incorporated
under a special charter or the general law, which now has, or hereafter
may have, established or leased a waterworks system for the supply of
water to its inhabitants, has the power annually to levy and collect a
tax not to exceed .0166% of the value, as equalized or assessed by the
Department of Revenue, of the taxable property in the
municipality, for the extension of watermains or pipes in the municipality and for the
maintenance of its waterworks system, or for the creation of a sinking
fund to be applied to the establishment of a waterworks system. However,
the board of public works of the municipality, if any, or the head of the municipality's
water department, shall first certify to the corporate authorities the amount
that will be necessary for the specified purposes, and shall further
certify that the revenue from the waterworks system will be insufficient
therefor. This tax shall be known as the water fund tax and shall be
levied and collected in the same manner as are the other general taxes
of the municipality. A two-thirds majority of all the corporate authorities
may levy and collect annually, a
tax not to exceed .05% of the value, as equalized or assessed by the
Department of Revenue, of the taxable property in the
municipality, for the specified purposes.
The corporate authorities of each municipality, with the concurrence of
two-thirds of all of the members elected thereto, may
levy and collect annually, in addition to all other taxes now authorized
by law, a further tax of not to exceed .033% of the value, as equalized
or assessed by the Department of Revenue, of the
taxable property in the municipality, to be used exclusively for the purpose of
supplying water to the municipality.
Nothing in this Section increases the aggregate amount of tax, as
limited in Section 8-3-1, that may be levied in any one year.
(Source: P.A. 81-1550.)
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65 ILCS 5/Art. 11 Div. 132
(65 ILCS 5/Art. 11 Div. 132 heading)
DIVISION 132.
BETTERING SOURCE OF CITY WATER SUPPLY
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65 ILCS 5/11-132-1
(65 ILCS 5/11-132-1) (from Ch. 24, par. 11-132-1)
Sec. 11-132-1.
All cities owning or operating waterworks under any charter
granted by an act of any General Assembly of this state, or under the
general incorporation laws of this state, whether by boards of water
commissioners or by officers appointed for that purpose, have the powers
and privileges granted by Section 11-132-2, for the purpose of increasing
or bettering the source of supply from which their water is obtained.
(Source: Laws 1961, p. 576.)
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