(65 ILCS 5/11-136-5) (from Ch. 24, par. 11-136-5)
Sec. 11-136-5.
Whenever bonds are issued under this Division 136 the
revenue received from the operation of the properties under the control
of the commission shall be set aside as collected and deposited in a
separate fund to be used only (1) in paying the cost of the operation
and maintenance of those properties, (2) in providing an adequate
depreciation fund, and (3) in paying the principal of and interest upon
the revenue bonds issued by the commission, as provided by this Division
136.
In case the commission has charge of the operation of a complete
waterworks system or sewer system including the distribution mains, the
commission shall establish rates and charges for water or sewer service
or both which shall be sufficient at all times to pay the cost of
operation and maintenance, to provide an adequate depreciation fund, and
to pay the principal of and interest upon all revenue bonds issued as
provided by this Division 136. The rates for water and sewer service
need not be the same nor do rates for the same type of service have to
be identical in the several municipalities constituting the commission
but shall be equitably based upon the net plant account and the expenses
of operation in each municipality. Charges and rates shall be
established, revised, and maintained by ordinance and become payable as
the commission may determine by ordinance.
In case the commission has charge of the operation of sources of
supply of water, the municipalities specified in Section 11-136-1
represented by the commission shall contract with the commission for
water. These municipalities shall establish such charges and rates for
water supplied by them to consumers as will be sufficient at all times
(1) to pay the cost of operation and maintenance of the respective
waterworks systems of the municipalities, (2) to provide an adequate
depreciation fund therefor, and (3) to pay the charges and rates
established by the commission for the sale of water by the commission to
those municipalities, and the commission shall establish such charges
and rates for water supplied to those municipalities as will be
sufficient at all times (1) to pay the cost of operation and maintenance
of the common source of supply of water, (2) to provide an adequate
depreciation fund therefor, and (3) to pay the principal of and interest
on the revenue bonds issued by the commission, under the provisions of
this Division 136. Contracts entered into between the commission and
the specified municipalities shall include covenants for the
establishment of rates and charges as provided in this section.
Municipality contributions to the Illinois Municipal Retirement Fund,
by commissions created under this Division 136 which have been included
under that Fund, shall be considered a cost of operation and maintenance
for the purposes of this Section.
Any holder of a bond or of any of its coupons, issued under this
Division 136, in any civil action, mandamus, or other proceedings, may
enforce and compel performance of all duties required by this Division
136 to be performed by such a commission or by any of the
municipalities, including the making of rates and charges, the
collecting of sufficient revenue, and the application thereof, as
provided in this Division 136.
All contracts for the construction of a waterworks system or sources
of supply of water, or sewer systems, or any combination thereof, to be
let by such a commission, shall be entered into only after advertising
for bids, pursuant to a resolution to be adopted for that purpose by the
commission. A notice inviting bids shall be published in a newspaper
published and having a general circulation in the county or counties in
which the municipalities represented by the commission are located, not
more than 30 nor less than 15 days in advance of the receipt of the
bids. The notice shall be published at least twice. In the resolution
directing the advertising for bids the commission also shall establish
all requirements necessary for the bidding, for the awarding of
contracts, and for the approval of contractors' faithful performance
bonds.
(Source: P.A. 80-425.)
|