IL HB5485

Amends the Illinois Municipal Code section on eminent domain proceedings for waterworks and sewerage systems to change how fair cash market value is determined.

Requires fair cash market value to be calculated as the depreciated value of land, easements, and all facilities and fixtures constructed or installed by the utility company (rather than net earnings-based valuation).

Removes the previous method of valuing facilities based on net earnings capitalized under an annuity capitalization method and discounted to present value.

Requires acquiring municipalities to reimburse utility companies for any payments the utility made in connection with dedicating or donating waterworks or sewerage systems to the utility company.

Eliminates the requirement for prior approval from the Illinois Commerce Commission or other jurisdictional bodies for these valuations.