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Illinois Compiled Statutes
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MUNICIPALITIES (65 ILCS 5/) Illinois Municipal Code. 65 ILCS 5/11-119.2-8
(65 ILCS 5/11-119.2-8) (from Ch. 24, par. 11-119.2-8)
Sec. 11-119.2-8.
A municipal natural gas agency may establish,
levy, and collect or may authorize, by contract, franchise, lease, or otherwise,
the establishment, levying and collection of rents, rates and other charges
for the products and services afforded by the municipal natural gas agency or
by or in connection with any project or properties which it may construct,
acquire, own, operate, or control or with respect to which it may have any
interest or any right to the products and services thereof as it may deem
necessary, proper, desirable or reasonable. Rents, rates, and other charges
shall be at least sufficient to meet the operation, maintenance and other
expenses thereof, including reasonable reserves, interest, and principal
payments, including payments into one or more sinking funds for the retirement
of principal. A municipal natural gas agency may pledge its rates, rents, and
other revenue, or any part thereof, as security for the repayment, with
interest and premium, if any, of any moneys borrowed by it or advanced
to it for any of its authorized purposes and as security for the payment
of amounts due and owing by it under any contract.
(Source: P.A. 84-1221.)
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65 ILCS 5/11-119.2-9
(65 ILCS 5/11-119.2-9) (from Ch. 24, par. 11-119.2-9)
Sec. 11-119.2-9.
A.
In order to accomplish the purposes of this Division,
a municipality may enter into and carry out contracts and agreements for
the purchase from a municipal natural gas agency of natural gas and natural
gas transmission
services, natural gas supply development services and other services.
(1) Each such contract and agreement shall be for a period not to exceed
50 years and shall contain such other terms, conditions and provisions,
not inconsistent with the provisions of this Division, as the governing
body of such municipality shall approve, including, without limitation,
provisions whereby the municipality is obligated to pay for the products
and services of a municipal natural gas agency without set-off or counterclaim
and irrespective of whether such products or services are furnished, made
available or delivered to the municipality or whether any project contemplated
by any such contract and agreement is completed, operable or operating,
and notwithstanding suspension, interruption, interference, reduction or
curtailment of the products and services of such project.
(2) Each such contract and agreement may be pledged by such municipal
natural gas agency to secure its obligations and may provide that if one or more
municipalities defaults in the payment of its obligations under such contract
and agreement, the remaining municipalities having such contracts and agreements
shall be required to pay for and shall be entitled proportionately to use
or otherwise dispose of the products and services which were to be purchased
by the defaulting municipality.
(3) Each such contract and agreement shall be a limited obligation of
a municipality payable from and secured by a pledge of, and lien and charge
upon, all or any part of the revenues derived or to be derived from the
ownership and operation of its natural gas system as an expense of
operation and maintenance thereof, and shall not constitute an indebtedness
of such municipality for the purpose of any statutory limitation.
(4) Nothing in this Division shall be construed to preclude a municipality
from appropriating and using taxes and other revenues received in any year
to make payments due or to comply with covenants to be performed during
that year under any contract or agreement for a term of years entered into
as contemplated in this Division, subject to the provisions of laws regarding
local financing.
B. Any such contract or agreement may include provisions for requirements
purchases, restraints on resale or other dealings, exclusive dealing, pricing,
territorial division, and other conduct or arrangements which may have an
anti-competitive effect.
(Source: P.A. 84-1221.)
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65 ILCS 5/11-119.2-10
(65 ILCS 5/11-119.2-10) (from Ch. 24, par. 11-119.2-10)
Sec. 11-119.2-10.
Notwithstanding any other law to the contrary, the
State of Illinois and all its public officers, governmental units, agencies and
instrumentalities, all banks, trust companies, savings banks and institutions,
building and loan associations, savings and loan associations, investment
companies, and others carrying on a banking business, all insurance
companies, insurance associations and others carrying on any insurance
business, and all executors, administrators, guardians, trustees and other
fiduciaries may legally invest any sinking funds, money, or other funds
belonging to them or within their control in any bonds issued pursuant to
this Division and the bonds shall be authorized security for any and all
public deposits.
(Source: P.A. 84-1221.)
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