Illinois § 17-400 Conditions prohibiting municipal system participation

Illinois Statutes

§ 17-400 — Conditions prohibiting municipal system participation

Illinois·Topic REGULATION·Ch. 220 UTILITIES·Act 220 ILCS 5/ Public Utilities Act.·Art. Article XVII - Electric Cooperatives And Municipal Systems

At no time shall a municipal system make an election under Sections 17-200 or 17-300 of this Article if such election places at risk:

(1)Any status held by the municipal system or municipal corporation or political subdivision which provides exemption from State or federal tax statutes; or (2) Any debt, credit instrument or other contractual financial obligation held by, or on behalf of the municipal system which was entered into under an exemption from State or federal tax statutes.

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At no time shall a municipal system make an election under Sections 17-200 or 17-300 of this Article if such election places at risk: (1) Any status held by the municipal system or municipal corporation or political subdivision which provides exemption from State or federal tax statutes; or (2) Any debt, credit instrument or other contractual financial obligation held by, or on behalf of the municipal system which was entered into under an exemption from State or federal tax statutes.

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