(65 ILCS 5/11-122-1) (from Ch. 24, par. 11-122-1)
Sec. 11-122-1.
Subject to the provisions of Section 11-122-6, every city
may own, construct, acquire, purchase, maintain, and operate street
railways within its corporate limits. For the purpose of this Division 122
the expression "street railways" includes railways above, on, or below the
surface of the city streets. But no city shall proceed to operate street
railways unless the proposition to operate is first submitted to the
electors of the city as a separate proposition and approved by three-fifths
of those voting thereon.
The city council of any city that decides by popular vote, as provided
in this Division 122, to operate street railways, has the power to make all
needful rules and regulations respecting the operation thereof, including
the power to fix and prescribe rates and charges. But these rates and
charges shall be high enough (1) to produce a revenue sufficient to bear
all costs of maintenance and operation, (2) to meet interest charges on all
bonds or certificates issued on account of these railways, and (3) to
permit the accumulation of a surplus or sinking fund sufficient to meet all
such outstanding bonds or certificates at maturity. Street railways owned
and operated by such a city, or owned by the city and leased for operating
purposes to a private company, may carry passengers and their ordinary
baggage, parcels, packages, and United States mail, and may be utilized for
such other purposes as the city council of the city may deem proper. Such
street railways may be operated by such motive power as the city council
may approve, except steam locomotives.
(Source: Laws 1961, p. 576.)
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