Illinois § 205-65 Separate fund for system income and revenue

Illinois Statutes

§ 205-65 — Separate fund for system income and revenue

Illinois § 205-65

JurisdictionIllinois

TopicGOVERNMENT

Ch. 60TOWNSHIPS

Act 60 ILCS 1/Township Code.

Art.Article 205 - Township Waterworks And Sewerage Systems

This text of Illinois § 205-65 (Separate fund for system income and revenue) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

60 Ill. Comp. Stat. 205-65 (2026).

Text

If revenue bonds are issued under this Article, the income and revenue derived from the operation of the system shall be deposited in a separate fund, in a separate bank or savings and loan association account, designated as the (Water, Sewer, or other name) Fund of (name of township). The fund shall be used only to pay the cost of operation and maintenance of the system, to pay the principal of and interest upon the revenue bonds of the township issued under this Article, and to provide a reasonable depreciation fund whose amount and application shall be fixed and determined in the ordinance providing for the issuance of the bonds.

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If revenue bonds are issued under this Article, the income and revenue derived from the operation of the system shall be deposited in a separate fund, in a separate bank or savings and loan association account, designated as the (Water, Sewer, or other name) Fund of (name of township). The fund shall be used only to pay the cost of operation and maintenance of the system, to pay the principal of and interest upon the revenue bonds of the township issued under this Article, and to provide a reasonable depreciation fund whose amount and application shall be fixed and determined in the ordinance providing for the issuance of the bonds.