Synopsis As Introduced Amends the Illinois Municipal Code. Provides that a municipality that supplies water to 2 or more municipalities must submit a report no later than 60 days after the effective date of the amendatory Act and then annually on or before January 1 to each municipality to which it supplies water. Provides that the report must contain the water rates for each municipality that is supplied water and, if the water rates differ between the municipalities that receive water, a justification as to why water rates are different between municipalities. Provides that if the municipality changes water rates causing water rates to be different between the municipalities, the municipality must submit a report to each municipality to which it supplies water no later than 5 business days after the change in water rates unless the change is reflected in the annual report. Limits home rule powers.