Illinois General Assembly - Full Text of HB5485
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Full Text of HB5485  96th General Assembly

HB5485 96TH GENERAL ASSEMBLY

  
  

 


 
96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB5485

 

Introduced 2/5/2010, by Rep. Renée Kosel

 

SYNOPSIS AS INTRODUCED:
 
65 ILCS 5/11-139-12   from Ch. 24, par. 11-139-12

    Amends the Illinois Municipal Code. Provides that in certain eminent domain proceedings the fair cash market value of waterworks and sewerage system facilities is the depreciated value of the land and easements upon which the facilities are situated and all facilities and fixtures constructed or installed by the utility company (rather than the net earnings attributable to those facilities). Requires the acquiring municipality to reimburse the utility company for payments made by the utility in connection with the dedication or donation of any waterworks or sewerage system to the utility company.


LRB096 16763 RLJ 32059 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5485 LRB096 16763 RLJ 32059 b

1     AN ACT concerning local government.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Illinois Municipal Code is amended by
5 changing Section 11-139-12 as follows:
 
6     (65 ILCS 5/11-139-12)  (from Ch. 24, par. 11-139-12)
7     Sec. 11-139-12. For the purpose of acquiring,
8 constructing, extending, or improving any combined waterworks
9 and sewerage system under this Division 139, or any property
10 necessary or appropriate therefor, any municipality has the
11 right of eminent domain, as provided by the Eminent Domain Act.
12     The fair cash market value of an existing waterworks and
13 sewerage system, or portion thereof, acquired under this
14 Division 139, which existing system is a special use property,
15 shall may be determined in accordance with the following
16 valuation principles.
17     The fair cash market value of existing facilities, whether
18 real or personal, shall be the depreciated value of the land
19 and easements upon which the facilities are situated and all
20 facilities and fixtures constructed or installed by the utility
21 company. In addition, the acquiring municipality shall
22 reimburse the utility company for payments made by the utility
23 in connection with the dedication or donation of any waterworks

 

 

HB5485 - 2 - LRB096 16763 RLJ 32059 b

1 or sewerage system to the utility company. may be determined by
2 utilizing the net earnings which are attributable to the
3 facilities in question for the preceding fiscal year on the
4 date the condemnation petition is filed, over the remaining
5 useful life of the facilities. Said earnings may be capitalized
6 under an annuity capitalization method and discounted to
7 present value. The fair cash market value of any extensions,
8 additions or improvements of the existing system made
9 subsequent to the date that the condemnation petition is filed
10 may be determined by utilizing the probable net earnings
11 attributable to the facilities in question over the remaining
12 life of the facilities. The probable earnings may be
13 capitalized under an annuity capitalization method and
14 discounted to present value.
15     The value of the land and easements upon which the
16 facilities are situated may be determined in accordance with
17 the foregoing principles, giving due account to the special use
18 of the property for water and sewerage purposes.
19     For the purposes of this Section no prior approval of the
20 Illinois Commerce Commission, or any other body having
21 jurisdiction over the existing system, shall be required.
22 (Source: P.A. 94-1055, eff. 1-1-07.)