(65 ILCS 5/8-12-5) (from Ch. 24, par. 8-12-5)
Sec. 8-12-5.
For each financially distressed city to which this
Division is applicable as provided in Section 8-12-4, there is established
a body both corporate and politic to be known as the "(Name of Financially
Distressed City) Financial Advisory Authority" which, in such name, shall
exercise all authority vested in such Authority by this Division. The
Authority shall constitute an agency of State government, and as such may
receive and expend amounts appropriated by the General Assembly to the
Authority to enable it to exercise and perform its powers and
responsibilities under this Division. The financially distressed city
shall not be liable for any costs or expenses incurred by the Authority in
the conduct of its powers and responsibilities under this Division.
(Source: P.A. 86-1211.)
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