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Illinois Compiled Statutes
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MUNICIPALITIES (65 ILCS 5/) Illinois Municipal Code. 65 ILCS 5/11-135-4
(65 ILCS 5/11-135-4) (from Ch. 24, par. 11-135-4)
Sec. 11-135-4.
A commission may from time to time issue its revenue
bonds in such principal amounts as the commission shall deem necessary to
provide sufficient funds to carry out any of its corporate purposes and
powers, including, without limitation, developing, acquiring, constructing,
extending or improving a waterworks system or common source of supply of
water, or any combination thereof, the funding or refunding of the principal
of, redemption premium, if any, and interest on, any bonds issued by it
whether or not such bonds or interest to be funded or refunded have or have
not become due, the payment of engineering, legal and other expenses, together
with interest to a date one year subsequent to the estimated date of completion
of the project, the establishment or increase of reserves to secure or to
pay such bonds and interest thereon, the providing of working capital and
the payment of all other costs or expenses of the commission incident to
and necessary or convenient to carry out its corporate purposes and powers.
These bonds shall have all the qualities of negotiable instruments under
the laws of this State and shall not constitute indebtedness of any of the
municipalities constituting the commission.
Every issue of bonds of such commission shall be payable out of the revenues
to be derived pursuant to contracts with the specified municipalities and
participating water commissions or
by virtue of the operation of any properties acquired or to be acquired
or constructed. A commission may issue such types of bonds as it may
determine,
including bonds as to which the principal and interest are payable exclusively
from the revenues from one or more projects, or from an interest therein
or a right to the products and services thereof, or from one or more revenue
producing contracts made by the commission, or its revenues generally.
Any such bonds may be additionally secured by a pledge of any grant, subsidy,
or contribution from the United States, the State of Illinois, or any unit
of local government, or any combination thereof.
Before the treasurer of the commission is entitled to receive the proceeds
of the sale of such a bond issue, he shall supply a corporate surety bond
in an amount equivalent to the amount of funds to be derived from the sale
of the bonds, and, in addition thereto, he shall supply a separate corporate
surety bond for the faithful accounting of any funds that may come into
his possession in an amount equal to the amount of funds likely to come
into his hands in any one year from the revenue to be derived from the operation
of any of the properties of the commission. The cost of these surety bonds
shall be paid by the commission.
The revenue bonds shall be issued pursuant to an ordinance or resolution
and may be issued in one or more series, and shall bear such date or dates,
mature at such time or times within the estimated period of usefulness of
the project involved and in any event not more than 50 years from the date
thereof, bear interest at such rate or rates as authorized under Section
2 of "An Act to authorize public corporations to issue bonds, other evidences
of indebtedness and tax anticipation warrants subject to interest rate limitations
set forth therein", approved May 26, 1970, as now or hereafter amended,
which rates may be fixed or variable, be in such denominations, be in such
form, either coupon or registered, carry such conversion, registration,
and exchange privileges, have such rank or priority, be executed in such
manner, be payable in such medium of payment at such place or places within
or without the State of Illinois, be subject to such terms of redemption
with or without premium, and contain or be subject to such other terms as
the ordinance or resolution may provide, and shall not be restricted by
the provisions of any other law limiting the amounts, maturities, interest
rates, or other terms of obligations of public agencies or private persons.
The bonds shall be sold in such manner as the commission shall determine,
at private or public sale. It shall not be
necessary that the ordinance or resolution refer to plans and specifications
nor that there be on file for public inspection prior to the adoption of
such ordinance detailed plans and specifications of the
project. This ordinance or resolution may contain such covenants and
restrictions in relation to the operation of the properties under the
control of the commission and the issuance of additional revenue bonds
thereafter as may be deemed necessary or advisable for the assurance of
payment of the bonds thereby authorized and as may be thereafter issued.
It shall be plainly stated on the face of each bond that it does not
constitute an indebtedness of any municipality represented by the
commission within the meaning of any statutory or constitutional
limitation. Upon the issuance of revenue bonds, the revenue of the
commission derived pursuant to contracts entered into for the sale of
water to the specified municipalities and from the operation of its
properties, shall be accounted for as provided in the ordinance or
resolution authorizing the issuance of the bonds. Any commission created
under the provisions of this Division 135 may also issue new bonds for
the purpose of providing funds for the payment of unpaid bonds in
accordance with the procedure prescribed by this Division 135.
The amendatory Acts of 1971, 1972, 1973, 1975 and 1981
are not a limit upon any
municipality which is a home rule unit.
(Source: P.A. 91-659, eff. 12-22-99.)
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65 ILCS 5/11-135-4.5 (65 ILCS 5/11-135-4.5) Sec. 11-135-4.5. Alternate Bonds. From time to time, a commission may, after meeting all of the conditions set forth in Section 15 of the Local Government Debt Reform Act, issue alternate bonds as authorized under Section 15 of the Local Government Debt Reform Act.
(Source: P.A. 96-907, eff. 6-7-10.) |
65 ILCS 5/11-135-5
(65 ILCS 5/11-135-5) (from Ch. 24, par. 11-135-5)
Sec. 11-135-5.
Whenever bonds are issued under this Division 135 the
revenue received from the operation of the properties under the control
of the commission shall be set aside as collected and deposited in a
separate fund to be used only (1) in paying the cost of the operation
and maintenance of those properties, (2) in providing an adequate
depreciation fund, (3) in paying the principal of and interest upon the
revenue bonds issued by the commission, as provided by this Division
135, (4) to comply with the covenants of the ordinance or resolution authorizing
the issuance of such bonds, and (5) to carry out the corporate purposes
and powers of the commission.
In case the commission has charge of the operation of a complete
waterworks system, including the distribution mains, the commission
shall establish rates and charges for water which shall be sufficient at
all times to pay the cost of operation and maintenance, to provide an adequate
depreciation fund, to pay the principal of and interest upon all
revenue bonds issued as provided by this Division 135, to comply with
the covenants of the ordinance or resolution authorizing the issuance of
such bonds, and to carry out the corporate purposes and powers of the commission.
Charges and rates shall be established, revised, and maintained by ordinance
and become payable as the commission may determine by ordinance.
In case the commission has charge of the operation of a common source of
supply of water, the municipalities represented by the commission shall
contract with the commission for water. These municipalities shall establish
such charges and rates for water supplied by them to consumers as will be
sufficient at all times (1) to pay the cost of operation and maintenance
of the respective waterworks systems (or waterworks and sewerage systems,
where combined) of the municipalities, (2) to provide an adequate depreciation
fund therefor, (3) to pay the principal of and interest on all
revenue bonds of the municipalities payable from the revenues of the waterworks
system (or combined waterworks and sewerage system), and (4) to pay the
charges and rates established by the commission for the sale of water by
the commission to those municipalities. The commission shall
establish such charges and rates for water supplied to those municipalities
as will be sufficient at all times (1) to pay the cost of operation and
maintenance of the common source of supply of water, (2) to provide an adequate
depreciation fund therefor, (3) to
pay the principal of and interest on the revenue bonds issued by the
commission, (4) to comply with the covenants of the ordinance or resolution
authorizing the issuance of such bonds, and (5) to carry out the corporate
purposes and powers of the commission, under the provisions of this Division
135. Contracts
entered into between the commission and the specified municipalities shall
include covenants for the establishment of rates and charges as
provided in this section.
Municipality contributions to the Illinois Municipal Retirement Fund,
by commissions created under this Division 135 which have been included
under that Fund, shall be considered a cost of operation and maintenance
for the purposes of this Section.
Any holder of a bond or of any of its coupons, issued under this
Division 135, in any civil action, mandamus, or other proceeding, may
enforce and compel performance of all duties required by this Division
135 to be performed by such a commission or by any of the
municipalities, including the making of rates and charges, the
collecting of sufficient revenue, and the application thereof, as
provided in this Division 135.
All contracts for the construction of a waterworks system or of a
common source of supply of water, or both, to be let by such a
commission, shall be entered into only after advertising for bids,
pursuant to a resolution to be adopted for that purpose by the
commission. A notice inviting bids shall be published in a newspaper
published and having a general circulation in the county or counties in
which the municipalities represented by the commission are located, not
more than 30 nor less than 15 days in advance of the receipt of the
bids. The notice shall be published at least twice. In the resolution
directing the advertising for bids the commission also shall establish
all requirements necessary for the bidding, for the awarding of
contracts, and for the approval of contractors' faithful performance
bonds.
(Source: P.A. 82-641.)
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65 ILCS 5/11-135-6
(65 ILCS 5/11-135-6) (from Ch. 24, par. 11-135-6)
Sec. 11-135-6. Whenever such commission shall pass an ordinance for the
construction or acquisition of any waterworks properties, or improvements
or extension or mains, pumping stations, reservoirs or other appurtenances
thereto, which such commission is authorized to make, the making of which
will require that private property be taken or damaged, such commission may
cause compensation therefor to be ascertained and may condemn and acquire
possession thereof in the same manner as nearly as may be, as provided for
the exercise of the right of eminent domain under the Eminent Domain Act. However,
proceedings to ascertain the compensation to be paid for taking or damaging
private property shall in all cases be instituted in the circuit court
of the county where the property sought to be taken or damaged is situated.
In addition, when a Water Commission created under the Water Commission
Act of 1985, as amended, requires that public property be taken or damaged
for the purposes specified above, such commission may condemn and acquire
possession of public property and cause compensation for such public
property to be ascertained in the same manner provided for the exercise of
the right of eminent domain under the Eminent Domain Act, during such time as the Commission has the power to
initiate action in the manner provided by Article 20 of the Eminent Domain Act (quick-take procedure).
In the event a Commission created under the Water Commission Act of
1985 shall determine that negotiations for the acquisition of property or
easements for making any
improvement which such Commission is authorized to make have proven
unsuccessful and the Commission shall have by resolution adopted a schedule
or plan of operation for the execution of the project and therein made a
finding that it is necessary to take such property or easements immediately
or at some specified later date in order to comply with the schedule, the
Commission may commence proceedings to acquire such property or easements
in the same manner provided in Article 20 of the Eminent Domain Act (quick-take procedure); except that if the property or easement is
located in a municipality having more than 2,000,000 inhabitants, the
Commission may not commence such proceedings until the acquisition has been
approved by ordinance of the corporate authorities of the municipality.
Any commission has the power to acquire, hold, sell, lease as lessor or
lessee, transfer or dispose of real or personal property, or interest
therein, as it deems appropriate in the exercise of its powers for its
lawful purposes. When, in the opinion of a commission, real estate owned by
it, however acquired, is no longer necessary, appropriate, required for
the use of, profitable to, or for best interest of the commission, such
commission may, by resolution, lease such surplus real estate for a period
not to exceed 99 years, or sell such surplus real estate, in accordance
with procedures adopted by resolution by such commission.
(Source: P.A. 94-1055, eff. 1-1-07.)
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