(65 ILCS 5/11-128-3) (from Ch. 24, par. 11-128-3)
Sec. 11-128-3.
Before they shall be valid and binding, the specified
contract and tax, after action by the corporate authorities, shall be
certified by the clerk and submitted for ratification to the electors of
the municipality. The notice shall specify the character of the waterworks
proposed to be purchased, constructed, or enlarged and the amount of the
tax to be levied. For 3 weeks preceding the election there shall be on file
in some public place, convenient of access, a full description of the
waterworks and a copy of the contract and of the report of the engineer,
for the inspection of the electors. Notice of where the documents are on
file shall be included in the notice of the election.
If 3/4 of all the electors voting on the proposition vote
in favor thereof, the contract and tax shall be binding and the tax
shall be duly levied. The proposition
shall be in substantially the following form:
Shall the city (or village) of.... construct, purchase, or enlarge YES(as the case may be) waterworks and levy a tax of .... annually NOfor .... years?
Whenever the electors of a city or village have ratified a contract
to purchase, construct, or enlarge waterworks and to levy a tax therefor
as provided in "An Act to enable cities and villages to provide,
construct, or enlarge waterworks and to provide for the management
thereof, and giving them authority to levy an annual tax and to pledge
the same in payment therefor," approved April 19, 1899, as amended, the
city or village may proceed or continue to exercise the power specified
in this Division 128 without again submitting the proposition to the
electors for approval.
(Source: P.A. 81-1489.)
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(65 ILCS 5/11-128-4) (from Ch. 24, par. 11-128-4)
Sec. 11-128-4.
The corporate authorities have the power to carry into
execution the contract for the purchase, construction, or enlargement of
waterworks when ratified by the electors, as directed in Section 11-128-3,
and to employ a superintendent and such other employees as may be necessary
and proper for the operation of the waterworks, for the collection of water
rentals, and for the conduct of the business necessary to the operation
thereof.
(Source: Laws 1961, p. 576.)
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(65 ILCS 5/11-128-5) (from Ch. 24, par. 11-128-5)
Sec. 11-128-5.
The corporate authorities may issue bonds against the taxes
levied, but the bonds shall be payable only out of the special tax when
collected and out of the net revenue derived from the operation of the
waterworks.
These bonds shall be made to mature in as nearly as possible equal
installments of $100, or multiples thereof. The first installment shall be
payable one or 2 years from the date of issue, and the last installment
within one year after the date of the last tax levy provided by the vote
authorizing a levy. The bonds shall bear interest at a rate not to exceed
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, payable annually or semi-annually.
They shall be sold for not less than
par, or they may be paid out at not less than par for the construction,
purchase, and/or enlargement of the waterworks.
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.
(Source: P.A. 86-4.)
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(65 ILCS 5/11-128-6) (from Ch. 24, par. 11-128-6)
Sec. 11-128-6.
The specified bonds shall be substantially in the following
form:
The city (or village) of ...., county of ...., State of Illinois, for
value received hereby promises to pay the bearer .... hundred dollars,
lawful money of the United States of America, on the .... day of .... A.D.
...., together with interest thereon at the rate of ....% annually, payable
annually (or semi-annually) on the .... day of ...., ..... Both principal
and interest are payable at the .....
This bond is one of a series of bonds amounting to .... dollars, issued
under an ordinance of the city (or village) of .... and is payable solely
out of funds derived from a special tax levy and the net revenue of the
waterworks of the city (or village) of .... and out of no other funds. The
construction, purchase, or enlargement of the waterworks and levy of the
tax were authorized at an election legally called and held on the .... day
of ...., ..... And it is asserted that all acts, conditions, and things
precedent to and in the issuance of this bond have occurred and have been
performed in regular and due form as required by law.
In testimony whereof the corporate authorities have caused this bond to
be signed by the mayor (or president) and countersigned by the clerk, and
have caused the seal of the city (or village) to be affixed this .... day
of ...., ....
.... Mayor
.... Clerk
Coupons representing the interest shall be attached to the bond, and
they may be signed or bear the lithographed signature of the clerk of the
city or village.
(Source: Laws 1961, p. 576.)
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(65 ILCS 5/11-128-7) (from Ch. 24, par. 11-128-7)
Sec. 11-128-7.
The corporate authorities from time to time shall fix the
water rentals or rates to be charged for the furnishing of water. These
rentals or rates shall be made sufficient, together with the proceeds of
the special tax provided in this Division 128, to pay at maturity the
interest and principal of bonds issued under the provisions of this
article, and also for the proper maintenance and operation of the
waterworks, and for all repairs thereon.
(Source: Laws 1961, p. 576.)
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