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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(70 ILCS 2805/32n) (from Ch. 42, par. 443n)
Sec. 32n.
Any district issuing revenue bonds under this Act shall install and
maintain a proper system of accounts, showing the amount of revenue
received and its application. At least once a year the district 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 Article, or to anyone
acting for and on behalf of the taxpayer, water-user, or bondholder. The
treasurer of the district shall be custodian and ex-officio collector of
the funds derived from income received from waterworks purchased or
constructed under the provisions of this Act. 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 trustees.
All of the funds received as income from waterworks purchased or
constructed in whole or in part under the provisions of this Act, and all
of the funds received from the sale of revenue bonds shall be kept separate
and apart from the other funds of the district.
(Source: Laws 1945, p. 726.)
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