(65 ILCS 5/11-135-5) (from Ch. 24, par. 11-135-5)
Sec. 11-135-5.
Whenever bonds are issued under this Division 135 the
revenue received from the operation of the properties under the control
of the commission shall be set aside as collected and deposited in a
separate fund to be used only (1) in paying the cost of the operation
and maintenance of those properties, (2) in providing an adequate
depreciation fund, (3) in paying the principal of and interest upon the
revenue bonds issued by the commission, as provided by this Division
135, (4) to comply with the covenants of the ordinance or resolution authorizing
the issuance of such bonds, and (5) to carry out the corporate purposes
and powers of the commission.
In case the commission has charge of the operation of a complete
waterworks system, including the distribution mains, the commission
shall establish rates and charges for water which shall be sufficient at
all times to pay the cost of operation and maintenance, to provide an adequate
depreciation fund, to pay the principal of and interest upon all
revenue bonds issued as provided by this Division 135, to comply with
the covenants of the ordinance or resolution authorizing the issuance of
such bonds, and to carry out the corporate purposes and powers of the commission.
Charges and rates shall be established, revised, and maintained by ordinance
and become payable as the commission may determine by ordinance.
In case the commission has charge of the operation of a common source of
supply of water, the municipalities represented by the commission shall
contract with the commission for water. These municipalities shall establish
such charges and rates for water supplied by them to consumers as will be
sufficient at all times (1) to pay the cost of operation and maintenance
of the respective waterworks systems (or waterworks and sewerage systems,
where combined) of the municipalities, (2) to provide an adequate depreciation
fund therefor, (3) to pay the principal of and interest on all
revenue bonds of the municipalities payable from the revenues of the waterworks
system (or combined waterworks and sewerage system), and (4) to pay the
charges and rates established by the commission for the sale of water by
the commission to those municipalities. The commission shall
establish such charges and rates for water supplied to those municipalities
as will be sufficient at all times (1) to pay the cost of operation and
maintenance of the common source of supply of water, (2) to provide an adequate
depreciation fund therefor, (3) to
pay the principal of and interest on the revenue bonds issued by the
commission, (4) to comply with the covenants of the ordinance or resolution
authorizing the issuance of such bonds, and (5) to carry out the corporate
purposes and powers of the commission, under the provisions of this Division
135. Contracts
entered into between the commission and the specified municipalities shall
include covenants for the establishment of rates and charges as
provided in this section.
Municipality contributions to the Illinois Municipal Retirement Fund,
by commissions created under this Division 135 which have been included
under that Fund, shall be considered a cost of operation and maintenance
for the purposes of this Section.
Any holder of a bond or of any of its coupons, issued under this
Division 135, in any civil action, mandamus, or other proceeding, may
enforce and compel performance of all duties required by this Division
135 to be performed by such a commission or by any of the
municipalities, including the making of rates and charges, the
collecting of sufficient revenue, and the application thereof, as
provided in this Division 135.
All contracts for the construction of a waterworks system or of a
common source of supply of water, or both, to be let by such a
commission, shall be entered into only after advertising for bids,
pursuant to a resolution to be adopted for that purpose by the
commission. A notice inviting bids shall be published in a newspaper
published and having a general circulation in the county or counties in
which the municipalities represented by the commission are located, not
more than 30 nor less than 15 days in advance of the receipt of the
bids. The notice shall be published at least twice. In the resolution
directing the advertising for bids the commission also shall establish
all requirements necessary for the bidding, for the awarding of
contracts, and for the approval of contractors' faithful performance
bonds.
(Source: P.A. 82-641.)
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