Illinois HB 2863: UTILITY ACQUISITION NOTICE

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 Full Text of HB2863

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HB2863 EngrossedLRB104 08243 AAS 18293 b

1 AN ACT concerning regulation.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembly:

4 Section 5. The Public Utilities Act is amended by changing 

5Section 9-210.5 as follows:

6 (220 ILCS 5/9-210.5)

7 (Section scheduled to be repealed on June 1, 2028)

8 Sec. 9-210.5. Valuation of water and sewer utilities. 

9 (a) In this Section:

10 "Disinterested" means that the person directly 

11 involved (1) is not a director, officer, or an employee of 

12 the large public utility or the water or sewer utility or 

13 its direct affiliates or subsidiaries for at least 12 

14 months before becoming engaged under this Section; (2) 

15 shall not derive a material financial benefit from the 

16 sale of the water or sewer utility other than fees for 

17 services rendered, and (3) shall not have a member of the 

18 person's immediate family, including a spouse, parents or 

19 spouse's parents, children or spouses of children, or 

20 siblings and their spouses or children, be a director, 

21 officer, or employee of either the large public utility or 

22 water or sewer utility or the water or sewer utility or its 

23 direct affiliates or subsidiaries for at least 12 months 

HB2863 Engrossed- 2 -LRB104 08243 AAS 18293 b

1 before becoming engaged under this Section or receive a 

2 material financial benefit from the sale of the water or 

3 sewer utility other than fees for services rendered.

4 "District" means a service area of a large pub