Translate
Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.
Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
(65 ILCS 5/11-130-11) (from Ch. 24, par. 11-130-11)
Sec. 11-130-11.
Any municipality issuing revenue bonds under this Division
130 shall install and maintain a proper system of accounts, showing the
amount of revenue received and its application. At least once a year the
municipality shall have the accounts properly audited by a competent
auditor. The report of that audit shall be open for inspection at all
proper times to any taxpayer, water-user, or any holder of bonds issued
under this Division 130, or to anyone acting for and on behalf of the
taxpayer, water-user, or bondholder.
The treasurer of the municipality shall be custodian of the funds
derived from income received from waterworks purchased or constructed
either in whole or in part under the provisions of this Division 130. He
shall give proper bond for the faithful discharge of his duties as such
custodian, and this bond shall be fixed and approved by the corporate
authorities of the municipality.
All of the funds received as income from waterworks purchased or
constructed in whole or in part under the provisions of this Division 130,
and all of the funds received from the sale of revenue bonds issued to
construct such a waterworks system, shall be kept separate and apart from
the other funds of the municipality. The treasurer shall maintain separate
accounts in which shall be placed (1) the interest and sinking fund, (2)
the depreciation fund and (3) the operating and maintenance fund. He shall
also provide for refunding outstanding certificates payable out of water
revenue.
(Source: Laws 1961, p. 576.)
|