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Illinois Compiled Statutes - Full Text
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(70 ILCS 3605/38) (from Ch. 111 2/3, par. 338)
Sec. 38.
To assure modern, attractive transportation service the Board may
establish a depreciation policy which makes provision for the continuous
and prompt replacement of worn out and obsolete property and the Board may
make provision for such depreciation of the property of the Authority as is
not offset by current expenditures for maintenance, repairs and
replacements under such rules and regulations as may be prescribed by the
Board. The Board from time to time shall make a determination of the
relationship between the service condition of the properties of the
Authority and the then established depreciation rates and reserves and from
time to time may make adjustments or modifications of such rates in such
amounts as it may deem appropriate because of experienced and estimated
consumption of service life of road, plant, and equipment.
(Source: Laws 1945, p. 1171.)
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