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| Public Act 096-1468 | ||||
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AN ACT concerning local government.
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Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
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Section 5. The Illinois Municipal Code is amended by | ||||
changing Section 11-139-12 as follows: | ||||
(65 ILCS 5/11-139-12) (from Ch. 24, par. 11-139-12) | ||||
Sec. 11-139-12. For the purpose of acquiring, | ||||
constructing, extending, or
improving any combined waterworks | ||||
and sewerage system under this Division
139, or any property | ||||
necessary or appropriate therefor, any municipality
has the | ||||
right of eminent domain, as provided by the Eminent Domain Act. | ||||
The fair cash market value of an existing waterworks and | ||||
sewerage system,
or portion thereof, acquired under this | ||||
Division 139, which existing system
is a special use property,
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may be determined by considering Section 15 of Article I of the | ||||
Illinois Constitution, the Eminent Domain Act, and the Uniform | ||||
Standards of Professional Appraisal Practice and giving due | ||||
consideration to the income, cost, and market approaches to | ||||
valuation based on the type and character of the assets being | ||||
acquired. In making the valuation determination, the | ||||
historical and projected revenue attributable to the assets, | ||||
the costs of the assets, and the condition and remaining useful | ||||
life of the assets may be considered while giving due account | ||||
to the special use nature of the property as used for water and | ||
sewerage purposes. in accordance with the following valuation | ||
principles. | ||
Additionally, in determining the fair cash market value of | ||
existing utility facilities, whether real or personal, | ||
consideration may be given to the depreciated value of all | ||
facilities and fixtures constructed by the utility company and | ||
payments made by the utility company in connection with the | ||
acquisition or donation of any waterworks or sanitary sewage | ||
system. | ||
The fair cash market value of existing facilities, whether | ||
real or
personal, may be determined by utilizing the net | ||
earnings which are attributable
to the facilities in question | ||
for the preceding fiscal year on the date the
condemnation | ||
petition is filed,
over the remaining useful life of the | ||
facilities. Said earnings may be
capitalized under an annuity | ||
capitalization method and discounted to present
value. The fair | ||
cash market value of any extensions, additions or improvements
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of the existing system made subsequent to the date that the | ||
condemnation
petition is filed may be determined by utilizing | ||
the probable net earnings
attributable to the facilities in | ||
question over the
remaining life of the facilities. The | ||
probable earnings may be capitalized
under an annuity | ||
capitalization method and discounted to present value. | ||
The value of the land and easements upon which the | ||
facilities are situated
may be determined in accordance with | ||
the foregoing principles, giving
due account to the special use | ||
of the property for water and sewerage purposes. | ||
For the purposes of this Section no prior approval of the | ||
Illinois Commerce
Commission, or any other body having | ||
jurisdiction over the existing system,
shall be required. | ||
(Source: P.A. 94-1055, eff. 1-1-07.) | ||
Section 99. Effective date. This Act takes effect upon | ||
becoming law. | ||