Illinois General Assembly - Full Text of Public Act 096-1468
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Public Act 096-1468


 

Public Act 1468 96TH GENERAL ASSEMBLY



 


 
Public Act 096-1468
 
SB3749 EnrolledLRB096 20584 RLJ 36282 b

    AN ACT concerning local government.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Illinois Municipal Code is amended by
changing Section 11-139-12 as follows:
 
    (65 ILCS 5/11-139-12)  (from Ch. 24, par. 11-139-12)
    Sec. 11-139-12. For the purpose of acquiring,
constructing, extending, or improving any combined waterworks
and sewerage system under this Division 139, or any property
necessary or appropriate therefor, any municipality has the
right of eminent domain, as provided by the Eminent Domain Act.
    The fair cash market value of an existing waterworks and
sewerage system, or portion thereof, acquired under this
Division 139, which existing system is a special use property,
may be determined by considering Section 15 of Article I of the
Illinois Constitution, the Eminent Domain Act, and the Uniform
Standards of Professional Appraisal Practice and giving due
consideration to the income, cost, and market approaches to
valuation based on the type and character of the assets being
acquired. In making the valuation determination, the
historical and projected revenue attributable to the assets,
the costs of the assets, and the condition and remaining useful
life of the assets may be considered while giving due account
to the special use nature of the property as used for water and
sewerage purposes. in accordance with the following valuation
principles.
    Additionally, in determining the fair cash market value of
existing utility facilities, whether real or personal,
consideration may be given to the depreciated value of all
facilities and fixtures constructed by the utility company and
payments made by the utility company in connection with the
acquisition or donation of any waterworks or sanitary sewage
system.
    The fair cash market value of existing facilities, whether
real or personal, may be determined by utilizing the net
earnings which are attributable to the facilities in question
for the preceding fiscal year on the date the condemnation
petition is filed, over the remaining useful life of the
facilities. Said earnings may be capitalized under an annuity
capitalization method and discounted to present value. The fair
cash market value of any extensions, additions or improvements
of the existing system made subsequent to the date that the
condemnation petition is filed may be determined by utilizing
the probable net earnings attributable to the facilities in
question over the remaining life of the facilities. The
probable earnings may be capitalized under an annuity
capitalization method and discounted to present value.
    The value of the land and easements upon which the
facilities are situated may be determined in accordance with
the foregoing principles, giving due account to the special use
of the property for water and sewerage purposes.
    For the purposes of this Section no prior approval of the
Illinois Commerce Commission, or any other body having
jurisdiction over the existing system, shall be required.
(Source: P.A. 94-1055, eff. 1-1-07.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/20/2010