(65 ILCS 5/11-129-8) (from Ch. 24, par. 11-129-8)
Sec. 11-129-8.
Any municipality with a population of less than 500,000
hereafter authorizing the issuance of bonds to pay the cost of acquiring a
water works, which bonds are payable solely from the revenue of such water
works, may pursuant to ordinance adopted by the governing body of such
municipality and as an incident thereto and for the purpose of assuring the
holder or holders of such bonds of a continuous, efficient management and
operation of such water works, provide for the establishment of a municipal
water board consisting of not less than 3 nor more than 7 members to
administer the action and function of such municipality in managing,
maintaining and operating such water works. The members of the board shall
be selected by the city council, board of trustees, or other governing body
of such municipality, and shall serve for such terms, receive such
compensation and successors shall be selected, as shall be specified by the
ordinance providing for the establishment of such board. The board shall
approve all contracts for materials and services and shall employ all such
persons as the proper and successful operation of such water works system
may require, including a superintendent, an engineer and an attorney. No
disbursement shall be made of any revenues of such water works system for
operation and maintenance expenses or to pay the cost of any additions or
improvements thereto, except such as are approved by such board. The holder
of any bond issued for the purpose of acquiring any such water works
system, or extending or improving the same may compel the board to perform
any act in respect to the management, maintenance or operation of the water
works system as may be required by the laws of this state or as may have
been undertaken in the ordinance or ordinances pursuant to which such board
was established or the bonds issued. If the adoption of such ordinance was
made a condition to the sale of water revenue bonds issued for the purpose
of acquiring such water works system, any such ordinance shall not be
repealed or amended prior to the retirement of the bonds without the
consent of the holders of two-thirds of the bonds then outstanding.
(Source: Laws 1961, p. 576.)
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