The Authority shall not have the power to affect the taxing authority or to consolidate or reduce the restricted debt service funds of the city.
65 ILCS 5/8-12-20
Upon direction of the Authority, the financially distressed city shall reorganize its financial accounts and its management and budgetary systems in whatever manner the Authority deems appropriate to achieve greater financial responsibility and control
Known as the Financially Distressed City Law
The act spans §§ 65-5-8-12-1 to 65-5-8-12-9 (24 sections).
P.A. 86-1211.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.