UTILITY ACQUISITION NOTICE

Amends the Public Utilities Act. Provides that a water or sewer utility owned by the State or any political subdivision thereof and being acquired by a large public utility must inform the public of the terms of its acquisition by the large public utility by holding a public meeting prior to the acquisition and mailing a notice to the public residing in the area that the water or sewer utility operates (rather than publishing a notice in a newspaper of general circulation in the area that the water or sewer utility operates). Provides that the notice shall include (i) information about the public meeting being held prior to the acquisition, (ii) information on what public body will be making the decision regarding the sale of the water or sewer utility, and (iii) an estimate of the potential rate increases that may be incurred in the next 5 years due to the acquisition, including the maximum rate increase that the large public utility estimates rate payers would incur each year for the next 5 years. Provides that, for a period of 5 years after the acquisition of the water or sewer utility, the Illinois Commerce Commission shall deny any proposed rate increase that exceeds the maximum estimated rate increase provided in the notice.