Full Text of HB5485 96th General Assembly
HB5485ham002 96TH GENERAL ASSEMBLY
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Rep. Renée Kosel
Filed: 3/24/2010
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09600HB5485ham002 |
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LRB096 16763 RLJ 39619 a |
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| AMENDMENT TO HOUSE BILL 5485
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| AMENDMENT NO. ______. Amend House Bill 5485 by replacing | 3 |
| everything after the enacting clause with the following:
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| "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,
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| may be determined by considering Section 15 of Article I of the | 16 |
| Illinois Constitution, the Eminent Domain Act, and the Uniform |
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LRB096 16763 RLJ 39619 a |
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| Standards of Professional Appraisal Practice and giving due | 2 |
| consideration to the income, cost, and market approaches to | 3 |
| valuation based on the type and character of the assets being | 4 |
| acquired. In making the valuation determination, the | 5 |
| historical and projected revenue attributable to the assets, | 6 |
| the costs of the assets, and the condition and remaining useful | 7 |
| life of the assets may be considered while giving due account | 8 |
| to the special use nature of the property as used for water and | 9 |
| sewerage purposes. in accordance with the following valuation | 10 |
| principles. | 11 |
| Additionally, in determining the fair market value of | 12 |
| existing utility facilities, whether real or personal, | 13 |
| consideration may be given to the depreciated value of all | 14 |
| facilities and fixtures constructed by the utility company and | 15 |
| payments made by the utility company in connection with the | 16 |
| acquisition or donation of any waterworks or sanitary sewage | 17 |
| system. | 18 |
| The fair cash market value of existing facilities, whether | 19 |
| real or
personal, may be determined by utilizing the net | 20 |
| earnings which are attributable
to the facilities in question | 21 |
| for the preceding fiscal year on the date the
condemnation | 22 |
| petition is filed,
over the remaining useful life of the | 23 |
| facilities. Said earnings may be
capitalized under an annuity | 24 |
| capitalization method and discounted to present
value. The fair | 25 |
| cash market value of any extensions, additions or improvements
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| of the existing system made subsequent to the date that the |
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LRB096 16763 RLJ 39619 a |
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| condemnation
petition is filed may be determined by utilizing | 2 |
| the probable net earnings
attributable to the facilities in | 3 |
| question over the
remaining life of the facilities. The | 4 |
| probable earnings may be capitalized
under an annuity | 5 |
| capitalization method and discounted to present value. | 6 |
| The value of the land and easements upon which the | 7 |
| facilities are situated
may be determined in accordance with | 8 |
| the foregoing principles, giving
due account to the special use | 9 |
| of the property for water and sewerage purposes. | 10 |
| For the purposes of this Section no prior approval of the | 11 |
| Illinois Commerce
Commission, or any other body having | 12 |
| jurisdiction over the existing system,
shall be required. | 13 |
| (Source: P.A. 94-1055, eff. 1-1-07.)
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| Section 99. Effective date. This Act takes effect upon | 15 |
| becoming law.".
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