(65 ILCS 5/11-65-9) (from Ch. 24, par. 11-65-9)
Sec. 11-65-9. Every municipality owning and operating such a
municipal convention
hall shall keep books of account for the municipal convention hall separate
and
distinct from other municipal accounts and in such manner as to
show the true
and complete financial standing and results of the municipal
ownership and
operation. These accounts shall be so kept as to show: (1) the actual cost
to the municipality of maintenance, extension, and improvement,
(2) all operating
expenses of every description, (3) if water or other service is furnished
for the use of the municipal convention hall without charge, as nearly as
possible,
the value of that service, and also the value of any use or service
rendered by the municipal convention hall to the municipality
without charge, (4) reasonable
allowances for interest, depreciation, and insurance, and (5) estimates of
the amount of taxes that would be chargeable against the property if owned
by a private corporation. The corporate authorities shall
publish a report annually
showing the financial results, in the form specified in this section, of
the municipal ownership and operation in one or more newspapers
published in the
municipality, or, if no newspaper is published therein, then in one or more
newspapers with a general circulation within the municipality.
The accounts of the convention hall shall be examined at least once a
year by a licensed Certified Public Accountant permitted to perform audits under the Illinois Public Accounting Act who shall report to the corporate authorities the
results of his examination. This accountant shall be selected as the
corporate authorities may direct, and he shall receive for
his services such
compensation, to be paid out of the revenue from the municipal convention
hall, as
the corporate authorities may prescribe.
(Source: P.A. 94-465, eff. 8-4-05.)
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