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Illinois Compiled Statutes
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MUNICIPALITIES (65 ILCS 5/) Illinois Municipal Code. 65 ILCS 5/11-129-3
(65 ILCS 5/11-129-3) (from Ch. 24, par. 11-129-3)
Sec. 11-129-3.
The corporate authorities of any municipality availing
itself of the provisions of this Division 129 shall adopt an ordinance
describing in a general way the contemplated project. If it is intended to
purchase an existing waterworks or water supply system, the ordinance shall
describe in a general way the system to be purchased. If it is intended to
build a waterworks or water supply system or to improve or extend a
waterworks or water supply system owned and operated by the municipality,
the ordinance shall describe in a general way the waterworks or water
supply system to be constructed or the improvements or extensions to be
made. It shall not be necessary that the ordinance 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. The ordinance shall set out the estimated cost of the project,
determine its period of usefulness, and fix the amount and maturities of
water revenue bonds proposed to be issued, the interest rate, and all
details in respect thereof. The ordinance may contain such covenants and
restrictions upon 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.
Revenue bonds issued under this Division 129 shall be payable solely
from the revenue derived from the operation of the waterworks or water
supply system on account of which the bonds are issued; provided, that
bonds issued under this Division 129 may also be payable from funds pledged
by the municipality issuing such bonds pursuant to the
Illinois Finance Authority Act. Notwithstanding any
such
pledge or any other matter, these bonds shall
not in any event constitute an indebtedness of the municipality within the
meaning of any constitutional or statutory limitation and it shall be so
stated on the face of each bond.
(Source: P.A. 93-205, eff. 1-1-04.)
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65 ILCS 5/11-129-4
(65 ILCS 5/11-129-4) (from Ch. 24, par. 11-129-4)
Sec. 11-129-4.
Within 10 days after an ordinance for any project
under this Division 129 has been passed, it shall be published at least
once in one or more newspapers published in the municipality, or, if no
newspaper is published therein, then in one or more newspapers with a
general circulation within the municipality. In municipalities with less
than 500 population in which no newspaper is published, publication may
instead be made by posting a notice in 3 prominent places within the
municipality.
If the ordinance authorizes the issuance of revenue bonds for the
purpose of purchasing an existing waterworks system and if the revenue
thereof (after proper adjustments and elimination of nonrecurring
charges under public ownership based upon the average annual receipts
and expenditures for the 3 calendar years next preceding the date of the
adoption of the ordinance as shown by the annual reports for those years
made by the owners to the Illinois Commerce Commission) is sufficient
(1) to pay all operating and maintenance expenses, (2) to pay into a
depreciation fund a reasonable amount as a depreciation reserve, and (3)
to provide for the payment when due of the principal of and interest
upon the bonds proposed to be issued to purchase the waterworks system,
the ordinance authorizing the issuance of those revenue bonds shall be
in effect immediately upon its adoption and publication, or posting, as
provided in this section, notwithstanding any provision in this Code or
any other law to the contrary.
If the ordinance authorizes the issuance of revenue bonds for the
purpose of extending or improving an existing waterworks system, after
its acquisition, or a presently municipally owned and operated
waterworks system, and if the ordinance specifies that those extensions
or improvements are to be paid for, either in whole or in part, by a
loan or grant, or both, from any federal agency, the ordinance
authorizing the issuance of those revenue bonds shall be in effect
immediately upon its adoption and publication, or posting, as provided
in this section, notwithstanding any provision in this Code or any other
law to the contrary.
The fact as to the sufficiency of the revenue in case of the purchase
of an existing waterworks system, or of the intention of the corporate
authorities to pay the cost of the proposed extensions or improvements
to an existing system proposed to be purchased, or to a presently
municipally owned system, by a loan or grant, or both, from a federal
agency shall be determined by the ordinance authorizing the revenue
bonds and that determination when so expressed in that ordinance shall
be conclusive.
In all other cases, if no petition is filed with the municipal clerk,
as provided in this section, within 30 days after the publication, or
posting, of the ordinance, then, after the expiration of those 30 days,
the ordinance shall be in effect. The publication or posting of an ordinance
which does not take effect immediately shall be accompanied by a notice
of (1) the specific number of voters required to sign a petition requesting
the question of authorizing the issuance of revenue bonds for the purpose
of building, purchasing, improving or extending the waterworks or water
supply system to be submitted to the electors; (2) the time in which such
petition must be filed; and (3) the date of the prospective referendum.
The municipal clerk shall provide a petition form to any individual requesting
one. But if within this period of 30 days a petition is filed with the
municipal clerk signed by electors of the municipality numbering 10% or
more of the number of registered voters in the municipality, asking that
the question of building, purchasing, improving, or extending the
waterworks or water supply system and the issuance of revenue bonds
therefor, as provided in the ordinance, be submitted to the electors of
the municipality, the clerk shall certify the proposition for submission at
an election in accordance with the general election law.
If a majority of the votes cast on the question are in
favor thereof, the ordinance shall be in effect. But if a majority of
the votes cast on the question are unfavorable, the municipality shall
proceed no further and the ordinance shall not take effect.
(Source: P.A. 87-767.)
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65 ILCS 5/11-129-5
(65 ILCS 5/11-129-5) (from Ch. 24, par. 11-129-5)
Sec. 11-129-5.
Whenever revenue bonds are issued under this Division 129,
sufficient revenue received from the operation of such a waterworks or
water-supply system shall be deposited in a separate fund designated as the
water fund of the municipality. It shall be used only (1) to pay the cost
of operation and maintenance of the system, (2) to provide an adequate
depreciation fund, and (3) to pay the principal of and interest upon the
revenue bonds of the municipality issued under this Division 129.
(Source: Laws 1961, p. 576.)
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65 ILCS 5/11-129-6
(65 ILCS 5/11-129-6) (from Ch. 24, par. 11-129-6)
Sec. 11-129-6.
Rates charged for water by such a municipality shall be
sufficient at all times to pay the cost of operation and maintenance, to
provide an adequate depreciation fund, and to pay the principal of and
interest upon all revenue bonds issued under this Division 129. The holder
of such a bond, or of any of its coupons, in any civil action mandamus,
injunction or
other proceeding, may enforce and compel performance of all duties required
by this Division 129 including the making and collecting of sufficient
water rates for the specified purposes and the proper application of the
income therefrom.
(Source: P.A. 83-345.)
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