(a) The purpose of this Article is to provide a process for a city in financial distress to transition out of that distress either on its own initiative or with assistance from or under the direction of the Local Government Commission.
(b) For purposes of this Article, the following terms shall apply:
(1) City. - As defined in G.S. 160A-1.
(2) Commission. - The Local Government Commission.
(3) Council. - As defined in G.S. 160A-1.