Illinois General Assembly - Illinois Compiled Statutes

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65 ILCS 5/11-122-5

(65 ILCS 5/11-122-5) (from Ch. 24, par. 11-122-5)

Sec. 11-122-5.

Every city owning, or owning and operating, street railways,
shall keep the books of account for these street railways distinct from
other city accounts and in such manner as to show the true and complete
financial results of the city ownership, or ownership and operation, as the
case may be. These accounts shall be so kept as to show: (1) the actual
cost to the city of street railways owned, (2) all costs of maintenance,
extension, and improvement, (3) all operating expenses of every
description, in case of city operation, (4) the amount set aside for
sinking fund purposes, (5) if water or other service is furnished for the
use of the street railways without charge, as nearly as possible, the value
of this service, and also the value of any similar service rendered by the
street railways to any other city department without charge, (6) reasonable
allowances for interest, depreciation, and insurance, and (7) estimates of
the amount of taxes that would be chargeable against the property if owned
by a private corporation. The city council shall print annually for public
distribution, a report showing the financial results, in the form specified
in this section, of the city ownership, or ownership and operation.

The accounts of those street railways, 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 city council the
results of his examination. This accountant shall be selected in
such manner as the city council may direct, and he shall receive for his
services such compensation, to be paid out of the income from those street
railways, as the city council may prescribe.

(Source: P.A. 94-465, eff. 8-4-05.)