(50 ILCS 320/13)
(from Ch. 85, par. 7213)
Termination of commission.
(a) A financial planning and supervision commission with
respect to a unit of local government, and its functions under this Act,
shall continue in existence until such time as a determination is made
pursuant to subsection (b) of this Section that each of the following exists:
(1) The unit of local government has planned, and is
in the process of good faith implementation of, an effective financial accounting and reporting system in accordance with the requirements of this Act, and it is reasonably expected that such implementation will be completed within 2 years;
(2) The unit of local government has corrected and
eliminated all of the fiscal emergency conditions determined pursuant to this Act and no new fiscal emergency condition has occurred;
(3) The unit of local government has met the
objectives of the financial plan described in Section 8.
(b) The determination that all of such conditions for the termination of
the existence of the commission and its functions exist shall be made by
the commission and shall be certified to the General Assembly and the
governing body of the unit of local government.
(c) The commission shall prepare and submit with such certification a
final report of its activities, in such form as is appropriate for the
purpose of providing a record of its activities and assisting other
commissions created under this Act in the conduct of their functions. All
of the books and records of the commission shall be delivered to the
State Comptroller for retention and safekeeping.
(d) Upon termination of the commission, all moneys of the commission
still remaining in the possession of the commission shall be paid to the
State Treasurer and held in a separate fund for the payment and
satisfaction of all remaining obligations of the commission. Any excess
shall be paid over to the General Revenue Fund.
(e) If, at the time of termination of the commission, an effective
financial accounting and reporting system has not been fully implemented,
the Governor shall monitor the progress of implementation and shall
exercise his authority to secure full implementation at the earliest time
feasible but within 2 years from such termination.
(Source: P.A. 86-1211.)