65 ILCS 5/11-129-4
2021 Illinois Compiled Statutes|Chapter 65 - MUNICIPALITIES|65 ILCS 5/ - Illinois Municipal Code.|Article 11 - Corporate Powers and Functions

 (from Ch. 24, par. 11-129-4)Sec. 11-129-4.         Within 10 days after an ordinance for any project  under this Division 129 has been passed, it shall be published at least  once in one or more newspapers published in the municipality, or, if no  newspaper is published therein, then in one or more newspapers with a  general circulation within the municipality. In municipalities with less  than 500 population in which no newspaper is published, publication may  instead be made by posting a notice in 3 prominent places within the  municipality.If the ordinance authorizes the issuance of revenue bonds for the  purpose of purchasing an existing waterworks system and if the revenue  thereof (after proper adjustments and elimination of nonrecurring  charges under public ownership based upon the average annual receipts  and expenditures for the 3 calendar years next preceding the date of the  adoption of the ordinance as shown by the annual reports for those years  made by the owners to the Illinois Commerce Commission) is sufficient  (1) to pay all operating and maintenance expenses, (2) to pay into a  depreciation fund a reasonable amount as a depreciation reserve, and (3)  to provide for the payment when due of the principal of and interest  upon the bonds proposed to be issued to purchase the waterworks system,  the ordinance authorizing the issuance of those revenue bonds shall be  in effect immediately upon its adoption and publication, or posting, as  provided in this section, notwithstanding any provision in this Code or  any other law to the contrary.If the ordinance authorizes the issuance of revenue bonds for the  purpose of extending or improving an existing waterworks system, after  its acquisition, or a presently municipally owned and operated  waterworks system, and if the ordinance specifies that those extensions  or improvements are to be paid for, either in whole or in part, by a  loan or grant, or both, from any federal agency, the ordinance  authorizing the issuance of those revenue bonds shall be in effect  immediately upon its adoption and publication, or posting, as provided  in this section, notwithstanding any provision in this Code or any other  law to the contrary.The fact as to the sufficiency of the revenue in case of the purchase  of an existing waterworks system, or of the intention of the corporate  authorities to pay the cost of the proposed extensions or improvements  to an existing system proposed to be purchased, or to a presently  municipally owned system, by a loan or grant, or both, from a federal  agency shall be determined by the ordinance authorizing the revenue  bonds and that determination when so expressed in that ordinance shall  be conclusive.In all other cases, if no petition is filed with the municipal clerk,  as provided in this section, within 30 days after the publication, or  posting, of the ordinance, then, after the expiration of those 30 days,  the ordinance shall be in effect. The publication or posting of an ordinance  which does not take effect immediately shall be accompanied by a notice  of (1) the specific number of voters required to sign a petition requesting  the question of authorizing the issuance of revenue bonds for the purpose  of building, purchasing, improving or extending the waterworks or water  supply system to be submitted to the electors; (2) the time in which such  petition must be filed; and (3) the date of the prospective referendum.  The municipal clerk shall provide a petition form to any individual requesting  one. But if within this period of 30 days a petition is filed with the  municipal clerk signed by electors of the municipality numbering 10% or  more of the number of registered voters in the municipality, asking that  the question of building, purchasing, improving, or extending the  waterworks or water supply system and the issuance of revenue bonds  therefor, as provided in  the ordinance, be submitted to the electors of  the municipality, the clerk shall certify the proposition for submission at  an election in accordance with the general election law.If a majority of the votes cast on the question are in  favor thereof, the ordinance shall be in effect. But if a majority of  the votes cast on the question are unfavorable, the municipality shall  proceed no further and the ordinance shall not take effect.    (Source: P.A. 87-767.)