(65 ILCS 5/11-147-4) (from Ch. 24, par. 11-147-4)
Sec. 11-147-4.
Any municipality lying wholly or partly within the
boundaries of any county which accepts the provisions of "An Act in
relation to water supply, drainage, sewage, pollution and flood control in
certain counties," approved July 22, 1959, as heretofore or hereafter
amended, may contract with such county for water supply or sewerage
service to or for the benefit of the inhabitants of the municipality. Any
such contract may provide for the periodic payment to the county of a share
of the amounts necessary to pay or provide for the expenses of operation
and maintenance of the waterworks or sewerage system of the combined
waterworks and sewerage system (including insurance) of the county, to pay
the principal of and interest on any revenue bonds issued by the county
hereunder, and to provide an adequate depreciation fund and to maintain
other reserves and sinking funds for the payment of the bonds or the
extension or improvement of the waterworks properties or sewage facilities
of the county or a combination thereof, as the case may be.
Any such contract may be entered into without making a previous
appropriation for the expense thereby incurred. Any such contract may be
for a term not in excess of 20 years, if the contract is a general
obligation of the municipality, or for a term not in excess of 40 years, if
the obligation under the contract is payable solely from the revenues
derived by the municipality from its water supply or sewerage system.
If the contract is payable solely from the revenues derived by the
municipality from its water supply or sewerage system, the amounts due
under the contract shall be deemed an expense of operating and maintaining
the water supply or sewerage system of the municipality.
(Source: Laws 1961, p. 2429.)
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