65 ILCS 5/ Illinois Municipal Code.

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65 ILCS 5/11-123-10

(65 ILCS 5/11-123-10) (from Ch. 24, par. 11-123-10)

Sec. 11-123-10.

Every city or village may occupy, hold, and use any land
acquired by the municipality under this Division 123 or under any act providing
for harbor construction. A specified municipality may occupy, hold, and
use any submerged land of the State of Illinois filled in or reclaimed by
the municipality in connection with or in construction of a utility for
the uses and purposes provided for in this Division 123. A specified municipality
may lease any of this land for a period not longer than 50 years to any
person upon such terms and conditions as are prescribed by ordinance, but
the ordinance shall provide that the rental value of the land shall be revalued
near the end of each 10 years of the rental period and that the rental for
the ensuing 10 years shall be adjusted and fixed in accordance with that evaluation.

Before such a lease becomes effective, it shall be approved in writing
by the Secretary of Transportation of the state, and, in case of approval, it
shall be authenticated by the seal of that department.

All money received by a specified municipality from the lease of land forming
a part of any harbor development shall be credited to a fund entitled the
harbor fund of that particular harbor development. All money expended by
the municipality for any purpose in relation to that land or in relation
to the construction and maintenance of any utility, may be charged to the
harbor fund, and that fund shall be used for no other purpose.

(Source: P.A. 81-840.)

65 ILCS 5/11-123-11

(65 ILCS 5/11-123-11) (from Ch. 24, par. 11-123-11)

Sec. 11-123-11.

Every city or village may levy and collect in each of 4 consecutive
years a tax of .0125% of the value, as equalized or assessed by the
Department of Revenue, of all taxable property therein,
for the current year. This tax shall be in addition to all taxes
authorized by law to be levied and collected in that municipality. The
proceeds of this additional tax shall be used for harbor construction
purposes only and shall be credited to the harbor fund for that
particular harbor development.

The foregoing limitation upon tax rate in cities and villages of less
than 1,000,000 population may be increased or decreased according to the
referendum provisions of the General Revenue Law of Illinois.

(Source: P.A. 81-1509.)

65 ILCS 5/11-123-12

(65 ILCS 5/11-123-12) (from Ch. 24, par. 11-123-12)

Sec. 11-123-12.

Any city or village may lease any part or all of any
utility owned by it in the manner and subject to the limitations provided
in Sections 11-76-1 and 11-76-2.

(Source: Laws 1961, p. 576.)

65 ILCS 5/11-123-13

(65 ILCS 5/11-123-13) (from Ch. 24, par. 11-123-13)

Sec. 11-123-13.

Every city and village may locate and establish dock lines
and harbor lines in the public waters or rivers within the limits or
jurisdiction of, or bordering on the city or village.

(Source: Laws 1961, p. 576.)

65 ILCS 5/11-123-14

(65 ILCS 5/11-123-14) (from Ch. 24, par. 11-123-14)

Sec. 11-123-14.

Every city and village owning and operating, or owning and
leasing any portion of a utility, shall keep the accounts for the utilities
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 or of the municipal ownership and
leasing, as the case may be. These accounts shall be so kept as to show:
(1) the actual cost of the municipality of the utilities owned; (2) all
costs of maintenance, extension, and improvement; (3) all operating
expenses of every description, in case of municipal operation, whether of
the whole or of a part of the utilities; (4) if water or other service is
furnished for the use of the utilities without charge, as nearly as
possible, the value of that service, and also the value of any service
rendered by the utilities to any reasonable allowances for interest,
depreciation, and other municipal department without charge; (5) insurance;
and (6) estimates of the amount of taxes that would be chargeable against
the utilities if owned by a private corporation. The corporate authorities
of the municipality shall have printed annually for public distribution, a
report showing the financial standing and results, in the form specified in
this section, of the municipal ownership and operation, or of municipal
ownership and leasing. This report shall be published 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. In municipalities with less than 500 population in which
no newspaper is published, publication may instead be made by posting a
notice in 3 prominent places within the municipality.

The accounts of the utilities 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 in
such manner as the corporate authorities may direct, and he shall receive
for his services such compensation, to be paid out of the revenue from the
utilities, as the corporate authorities may prescribe.

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