(50 ILCS 320/2)
(from Ch. 85, par. 7202)
Policy and purpose.
(a) It is the public policy of this State, in order to
provide for the public health, safety and welfare, to provide assistance to
units of local government in the formulation and implementation of proper
financial accounting procedures, budgeting and taxing practices.
(b) The purpose of this Act is to assure fiscal integrity of all units of
local government so that they may provide for the health, safety and
welfare of their citizens, pay when due principal and interest on their
debt obligations and meet financial obligations to their employees, vendors
and suppliers. The failure of a unit of local government to so act is
hereby determined to affect adversely the health and safety and welfare not
only of the people of the unit of local government, but also of the people
of the State of Illinois.
(c) This Act is an Omnibus Bond Act within the meaning of Section 8 of
the Statute on Statutes. No provision of this Act shall be deemed to apply
if such application shall result in the impairment of a contract made prior
to the effective date of this Act with any person, other than the
governmental entities named in Section 7 of this Act. Any person not such
a governmental entity shall continue to be able to enforce any rights
assigned to or otherwise pledged to or for the benefit of such person by
(Source: P.A. 86-1211.)