Rep. Renée Kosel
Filed: 3/24/2010
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1 | AMENDMENT TO HOUSE BILL 5485
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2 | AMENDMENT NO. ______. Amend House Bill 5485 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Illinois Municipal Code is amended by | ||||||
5 | changing Section 11-139-12 as follows: | ||||||
6 | (65 ILCS 5/11-139-12) (from Ch. 24, par. 11-139-12) | ||||||
7 | Sec. 11-139-12. For the purpose of acquiring, | ||||||
8 | constructing, extending, or
improving any combined waterworks | ||||||
9 | and sewerage system under this Division
139, or any property | ||||||
10 | necessary or appropriate therefor, any municipality
has the | ||||||
11 | right of eminent domain, as provided by the Eminent Domain Act. | ||||||
12 | The fair cash market value of an existing waterworks and | ||||||
13 | sewerage system,
or portion thereof, acquired under this | ||||||
14 | Division 139, which existing system
is a special use property,
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15 | may be determined by considering Section 15 of Article I of the | ||||||
16 | Illinois Constitution, the Eminent Domain Act, and the Uniform |
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1 | Standards of Professional Appraisal Practice and giving due | ||||||
2 | consideration to the income, cost, and market approaches to | ||||||
3 | valuation based on the type and character of the assets being | ||||||
4 | acquired. In making the valuation determination, the | ||||||
5 | historical and projected revenue attributable to the assets, | ||||||
6 | the costs of the assets, and the condition and remaining useful | ||||||
7 | life of the assets may be considered while giving due account | ||||||
8 | to the special use nature of the property as used for water and | ||||||
9 | sewerage purposes. in accordance with the following valuation | ||||||
10 | principles. | ||||||
11 | Additionally, in determining the fair market value of | ||||||
12 | existing utility facilities, whether real or personal, | ||||||
13 | consideration may be given to the depreciated value of all | ||||||
14 | facilities and fixtures constructed by the utility company and | ||||||
15 | payments made by the utility company in connection with the | ||||||
16 | acquisition or donation of any waterworks or sanitary sewage | ||||||
17 | system. | ||||||
18 | The fair cash market value of existing facilities, whether | ||||||
19 | real or
personal, may be determined by utilizing the net | ||||||
20 | earnings which are attributable
to the facilities in question | ||||||
21 | for the preceding fiscal year on the date the
condemnation | ||||||
22 | petition is filed,
over the remaining useful life of the | ||||||
23 | facilities. Said earnings may be
capitalized under an annuity | ||||||
24 | capitalization method and discounted to present
value. The fair | ||||||
25 | cash market value of any extensions, additions or improvements
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26 | of the existing system made subsequent to the date that the |
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1 | condemnation
petition is filed may be determined by utilizing | ||||||
2 | the probable net earnings
attributable to the facilities in | ||||||
3 | question over the
remaining life of the facilities. The | ||||||
4 | probable earnings may be capitalized
under an annuity | ||||||
5 | capitalization method and discounted to present value. | ||||||
6 | The value of the land and easements upon which the | ||||||
7 | facilities are situated
may be determined in accordance with | ||||||
8 | the foregoing principles, giving
due account to the special use | ||||||
9 | of the property for water and sewerage purposes. | ||||||
10 | For the purposes of this Section no prior approval of the | ||||||
11 | Illinois Commerce
Commission, or any other body having | ||||||
12 | jurisdiction over the existing system,
shall be required. | ||||||
13 | (Source: P.A. 94-1055, eff. 1-1-07.)
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14 | Section 99. Effective date. This Act takes effect upon | ||||||
15 | becoming law.".
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