Division

Financially Distressed City Law

65 ILCS 5/8-12-1— This Division 12 may be cited as the Financially Distressed City Law
65 ILCS 5/8-12-2
65 ILCS 5/8-12-3— As used in this Division: (1) "Authority" means the "(Name of Financially Distressed City) Financial Advisory Authority"
65 ILCS 5/8-12-4
65 ILCS 5/8-12-5
65 ILCS 5/8-12-6— Purposes and powers
65 ILCS 5/8-12-7— The governing body of the Authority shall be a board consisting of 5 Directors
65 ILCS 5/8-12-8— The initial Directors shall be appointed, as provided in Section 8-12-7, within 30 days after this Division first becomes applicable to the financially distressed city as provided in Section 8-12-4
65 ILCS 5/8-12-9— The Chairperson shall preside at meetings of the Directors
65 ILCS 5/8-12-10— Any State agency or unit of local government, within its respective function, may render such services to the Authority as the Authority may request
65 ILCS 5/8-12-11— The Directors shall serve without compensation, but each Director shall be entitled to reimbursement for actual and necessary expenses incurred in the performance of official duties as a Director
65 ILCS 5/8-12-12— (a) The Governor shall call the first meeting of the Authority
65 ILCS 5/8-12-13
65 ILCS 5/8-12-14
65 ILCS 5/8-12-15
65 ILCS 5/8-12-16
65 ILCS 5/8-12-17— (a) No contract or other obligation shall be entered into by the financially distressed city unless it is consistent with the Financial Plan and Budget in effect
65 ILCS 5/8-12-18— The financially distressed city shall meet its debt service obligations as they become due
65 ILCS 5/8-12-19— The Authority shall appoint and shall have the authority to remove a financial management officer
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
65 ILCS 5/8-12-21
65 ILCS 5/8-12-22
65 ILCS 5/8-12-23
65 ILCS 5/8-12-24