Illinois Compiled Statutes 65 ILCS 5/8-12-20 – Upon direction of the Authority, the financially distressed city …
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Terms Used In Illinois Compiled Statutes 65 ILCS 5/8-12-20
- Authority: means the "(Name of Financially Distressed City) Financial Advisory Authority". See Illinois Compiled Statutes 65 ILCS 5/8-12-3
- Financially distressed city: means any municipality which is a home rule unit and which (i) is certified by the Department of Revenue as being in the highest 5% of all home rule municipalities in terms of the aggregate of the rate per cent of all taxes levied pursuant to statute or ordinance upon all taxable property of the municipality and as being in the lowest 5% of all home rule municipalities in terms of per capita tax yield, and (ii) is designated by joint resolution of the General Assembly as a financially distressed city. See Illinois Compiled Statutes 65 ILCS 5/8-12-3
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. 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.