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Rep. Renée Kosel
Filed: 3/24/2010
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09600HB5485ham001 |
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LRB096 16763 RLJ 39589 a |
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| AMENDMENT TO HOUSE BILL 5485
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| AMENDMENT NO. ______. Amend House Bill 5485 by replacing |
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| everything after the enacting clause with the following:
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| "Section 5. The Illinois Municipal Code is amended by |
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| changing Section 11-139-12 as follows:
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| (65 ILCS 5/11-139-12) (from Ch. 24, par. 11-139-12) |
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| Sec. 11-139-12. For the purpose of acquiring, |
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| constructing, extending, or
improving any combined waterworks |
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| and sewerage system under this Division
139, or any property |
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| necessary or appropriate therefor, any municipality
has the |
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| right of eminent domain, as provided by the Eminent Domain Act. |
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| The fair cash market value of an existing waterworks and |
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| sewerage system,
or portion thereof, acquired under this |
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| 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 |
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| Illinois Constitution, the Eminent Domain Act, and the Uniform |
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09600HB5485ham001 |
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LRB096 16763 RLJ 39589 a |
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| Standards of Professional Appraisal Practice and giving due |
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| consideration to the income, cost, and market approaches to |
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| valuation based on the type and character of the assets being |
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| acquired. In making the valuation determination, the |
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| historical and projected revenue attributable to the assets, |
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| the costs of the assets, and the condition and remaining useful |
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| life of the assets may be considered while giving due account |
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| to the special use nature of the property as used for water and |
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| sewerage purposes. in accordance with the following valuation |
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| principles. |
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| The fair cash market value of existing facilities, whether |
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| real or
personal, may be determined by utilizing the net |
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| earnings which are attributable
to the facilities in question |
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| for the preceding fiscal year on the date the
condemnation |
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| petition is filed,
over the remaining useful life of the |
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| facilities. Said earnings may be
capitalized under an annuity |
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| capitalization method and discounted to present
value. The fair |
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| cash market value of any extensions, additions or improvements
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| of the existing system made subsequent to the date that the |
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| condemnation
petition is filed may be determined by utilizing |
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| the probable net earnings
attributable to the facilities in |
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| question over the
remaining life of the facilities. The |
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| probable earnings may be capitalized
under an annuity |
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| capitalization method and discounted to present value. |
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| Additionally, in determining the fair market value of |
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| existing utility facilities, whether real or personal, |
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09600HB5485ham001 |
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LRB096 16763 RLJ 39589 a |
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| consideration may be given to the depreciated value of all |
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| facilities and fixtures constructed by the utility company and |
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| payments made by the utility company in connection with the |
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| acquisition or donation of any waterworks or sanitary sewage |
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| system. |
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| The value of the land and easements upon which the |
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| facilities are situated
may be determined in accordance with |
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| the foregoing principles, giving
due account to the special use |
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| of the property for water and sewerage purposes. |
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| For the purposes of this Section no prior approval of the |
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| Illinois Commerce
Commission, or any other body having |
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| jurisdiction over the existing system,
shall be required. |
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| (Source: P.A. 94-1055, eff. 1-1-07.)
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.".
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