(65 ILCS 5/11-129-4) (from Ch. 24, par. 11-129-4)
Sec. 11-129-4.
Within 10 days after an ordinance for any project
under this Division 129 has been passed, it shall be published at least
once 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.
If the ordinance authorizes the issuance of revenue bonds for the
purpose of purchasing an existing waterworks system and if the revenue
thereof (after proper adjustments and elimination of nonrecurring
charges under public ownership based upon the average annual receipts
and expenditures for the 3 calendar years next preceding the date of the
adoption of the ordinance as shown by the annual reports for those years
made by the owners to the Illinois Commerce Commission) is sufficient
(1) to pay all operating and maintenance expenses, (2) to pay into a
depreciation fund a reasonable amount as a depreciation reserve, and (3)
to provide for the payment when due of the principal of and interest
upon the bonds proposed to be issued to purchase the waterworks system,
the ordinance authorizing the issuance of those revenue bonds shall be
in effect immediately upon its adoption and publication, or posting, as
provided in this section, notwithstanding any provision in this Code or
any other law to the contrary.
If the ordinance authorizes the issuance of revenue bonds for the
purpose of extending or improving an existing waterworks system, after
its acquisition, or a presently municipally owned and operated
waterworks system, and if the ordinance specifies that those extensions
or improvements are to be paid for, either in whole or in part, by a
loan or grant, or both, from any federal agency, the ordinance
authorizing the issuance of those revenue bonds shall be in effect
immediately upon its adoption and publication, or posting, as provided
in this section, notwithstanding any provision in this Code or any other
law to the contrary.
The fact as to the sufficiency of the revenue in case of the purchase
of an existing waterworks system, or of the intention of the corporate
authorities to pay the cost of the proposed extensions or improvements
to an existing system proposed to be purchased, or to a presently
municipally owned system, by a loan or grant, or both, from a federal
agency shall be determined by the ordinance authorizing the revenue
bonds and that determination when so expressed in that ordinance shall
be conclusive.
In all other cases, if no petition is filed with the municipal clerk,
as provided in this section, within 30 days after the publication, or
posting, of the ordinance, then, after the expiration of those 30 days,
the ordinance shall be in effect. The publication or posting of an ordinance
which does not take effect immediately shall be accompanied by a notice
of (1) the specific number of voters required to sign a petition requesting
the question of authorizing the issuance of revenue bonds for the purpose
of building, purchasing, improving or extending the waterworks or water
supply system to be submitted to the electors; (2) the time in which such
petition must be filed; and (3) the date of the prospective referendum.
The municipal clerk shall provide a petition form to any individual requesting
one. But if within this period of 30 days a petition is filed with the
municipal clerk signed by electors of the municipality numbering 10% or
more of the number of registered voters in the municipality, asking that
the question of building, purchasing, improving, or extending the
waterworks or water supply system and the issuance of revenue bonds
therefor, as provided in the ordinance, be submitted to the electors of
the municipality, the clerk shall certify the proposition for submission at
an election in accordance with the general election law.
If a majority of the votes cast on the question are in
favor thereof, the ordinance shall be in effect. But if a majority of
the votes cast on the question are unfavorable, the municipality shall
proceed no further and the ordinance shall not take effect.
(Source: P.A. 87-767.)
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