(50 ILCS 320/9)
(from Ch. 85, par. 7209)
Powers of commission and financial advisor.
(a) The financial planning and supervision commission, or when
authorized by the commission, the financial advisor, shall have the
following powers, duties and functions:
(1) To review all budgets, tax levy ordinances, bond
and note ordinances or resolutions, and appropriation ordinances of the unit of local government in order to determine whether they are consistent with the financial plan and, when considered in connection with revenue estimates, whether a balanced budget will result.
(2) To order the unit of local government to meet and
negotiate with its creditors.
(3) To inspect and secure copies of any document,
ordinance, resolution, or instrument pertaining to the effective financial accounting and reporting system, debt obligations, debt limits, financial plan, balanced appropriation ordinances, report of examination or audit, statement or invoice, or other worksheet or record of the municipality; provided that any attorney-client privilege shall remain inviolate.
(4) To inspect and secure copies of any document,
instrument, certification, records of proceedings, or other worksheet or records of any official or employee of the unit of local government or any other local governmental unit in the State.
(5) To consult with the creditors of the unit of
local government. To consult with the officials of the unit of local government regarding any necessary or appropriate steps to bring the books of account, accounting systems, and financial procedures and reports of the unit of local government into compliance with systems of accounting recommended by the State Comptroller pursuant to "An Act concerning accounting systems for units of local government", approved September 3, 1985, and regarding desirable modifications and supplementary systems and procedures pertinent to the unit of local government.
(6) To provide assistance to the unit of local
government in the structuring or the terms of, and the placement of sale of, debt obligations of the unit of local government.
(7) To perform all other powers, duties, and
functions as provided under this Act.
(8) To make and enter into all contracts and
agreements necessary or incidental to the performance of its duties and the exercise of its powers under this Act.
(9) To consult with officials of the unit of local
government and make recommendations for cost reductions or revenue increases to achieve balanced budgets and carry out the financial plan.
(b) In the event that the financial planning and supervision commission
determines that the proposed budget, tax levy, bond or note issuance or
revenue estimates do not comply with the financial plan of the unit of
local government, the financial planning and supervision commission shall
be authorized to:
(1) Make any revisions to the financial plan,
appropriation ordinances, tax levy ordinance, bond or note ordinance or appropriation ordinance deemed necessary or advisable for submission to the governing body of the unit of local government for approval and implementation;
(2) Review and determine the extent of any deficiency
(3) Require the unit of local government to provide
documentation to substantiate to the extent and in the manner deemed necessary or advisable any item of revenue or expenditure;
(4) Recommend that the unit of local government file
a petition under Chapter 9 of the United States Bankruptcy Code. Not later than 30 days after the conclusion of its investigation, the commission shall make a written report to the unit of local government of all findings, determinations and recommendations.
(c) The governing body of the unit of local government and the officers
and employees of any other governmental unit in this State are authorized
and directed to diligently and promptly assist the financial planning and
supervision commission in the prosecution of its duties, including the
furnishing of any and all materials, including justification documents, as
may be required.
(d) Annually on or before the first day of April during the fiscal
emergency period, the commission shall make reports and recommendations to
the General Assembly concerning progress of the unit of local government in
eliminating fiscal emergency conditions, failures of the unit of local
government to comply with this Act, and recommendations for further actions
to attain the objectives of this Act, including legislative action to make
provisions of law more effective for their purposes or to enhance revenue
raising or financing capabilities of the local governmental unit. The
commission may make such interim reports as it may determine to be
appropriate for such purposes and shall make such additional reports as may
be requested by resolution of either house of the General Assembly.
(Source: P.A. 86-1211.)