IL SB0515

Lowers the threshold for a "large public utility" from 30,000 to 15,000 customer connections for investor-owned water or sewer utilities seeking to acquire smaller water or sewer systems under the fair market valuation process

Allows large public utilities to use a three-appraiser system to establish the fair market value of acquired water or sewer utilities, with the average of the appraisals setting the value for ratemaking purposes

Limits the rate base to the lesser of the purchase price or the appraised fair market value, with protections capping rate impacts on existing customers at 2.5% for single acquisitions and 5% cumulative before the next rate case

Requires acquired utilities owned by state or local governments to hold public meetings and publish newspaper notices about acquisition terms and customer bill payment options

Mandates contractors working on acquired utilities be "responsible bidders" under the Illinois Procurement Code, requires project labor agreements for new facilities, and obligates the acquiring utility to offer positions to qualified employees of the acquired system