IL SB1537

Amends the Public Utilities Act to add Section 5-119 governing pricing of water assets purchased by Illinois governmental purchasers, including state agencies, municipalities, counties, water districts, and other political subdivisions.

Prohibits valuation of water assets from distinguishing against or penalizing governmental purchasers based on their tax-exempt status, lack of income or property tax obligations, taxing authority, ratemaking power, or other public sector advantages compared to private purchasers.

Prohibits using replacement cost new minus depreciation as a valuation factor when that amount exceeds the fair market value that a willing private sector buyer would pay for the water assets.

Exempts existing contracts in place at the effective date that expressly require valuation accounting for public purchaser benefits or replacement cost methodology from the new pricing restrictions.

Takes effect immediately upon becoming law and includes a severability clause.