(65 ILCS 5/11-122-3) (from Ch. 24, par. 11-122-3)
Sec. 11-122-3.
For the purpose of acquiring street railways either by
purchase or construction, as provided for in this Division 122, or for the
equipment of any such street railways, any city may borrow money and issue
its negotiable bonds therefor, pledging the faith and credit of the city.
But no such bonds shall be issued unless the proposition to issue the bonds
is first submitted to the electors of the city and approved by two-thirds
of those voting thereon, nor shall the bonds be issued in an amount in
excess of the cost to the city of the property for which the bonds are
issued, ascertained as provided in this Division 122, and 10% of that cost
in addition thereto.
In the exercise of the powers, or any of them, granted by this Division
122, a city has the power to acquire, take, and hold all necessary
property, real, personal, or mixed, for the purposes specified in this
Division 122, either by purchase or condemnation in the manner provided by
law for the taking and condemning of private property for public use.
However, in no valuation of street railway property for the purpose of any
such acquisition, except of street railways now operated under existing
franchises, shall any sum be included as the value of any earning power of
that property or of the unexpired portion of any franchise granted by the
city.
(Source: Laws 1961, p. 576.)
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