(105 ILCS 5/34A-403)
(from Ch. 122, par. 34A-403)
The Board shall develop, adopt and submit
to the Authority on or before March 1, 1980, for approval by the Authority,
an initial Financial Plan with respect to the remaining portion of the
Fiscal Year ending in 1980 and for the two succeeding Fiscal Years. The
Board shall develop and adopt subsequent Financial Plans in accordance with
this Section. Beginning with the Fiscal
Year beginning in 1993, and every second year thereafter, the Board shall adopt
a Financial Plan covering a period of 2 fiscal years. After adoption by
the Board, the Board shall submit each plan to the Authority for its approval
not later than 30 days prior to the commencement of the first Fiscal
which the Financial Plan relates, except that the Financial Plan to be
developed for the Fiscal Years beginning in 1993 and 1994 shall be submitted to
the Authority within 90 days of the effective date of this amendatory Act of
The Authority shall approve or reject the Financial Plan within 15
days of its
receipt of the Financial Plan from the Board. No Financial Plan shall have
force or effect without approval of the Authority. Each Financial Plan shall
be developed, submitted, approved and monitored in accordance with the
(a) The Board shall determine and submit to the Authority, at a time and
in a manner prescribed by the Authority, estimates of revenues available
to the Board during the period for which the Financial Plan is to be in
effect. The Authority shall approve, reject or amend the revenue estimates.
In the event the Board fails, for any reason, to submit to the Authority
estimates of revenue as required by this paragraph, the Authority may prepare
such estimates. The Financial Plan submitted by the Board shall be based
upon revenue estimates approved or prepared by the Authority.
As soon as practicable following the establishment of the Authority, the
President of the Board shall, at the request of the Chairman of the Authority,
make available to the Chairman of the Authority copies of the audited financial
statements and of the books and records of account of the Board for the
preceding 5 fiscal years of the Board.
(b) Each Financial Plan for each Fiscal Year or part thereof to which
it relates, shall contain (i) a description of revenues and expenditures,
provision for debt service, cash resources and uses, and capital improvements,
each in such manner and detail as the Authority shall prescribe, (ii) a
description of the means by which the Budget will be brought into balance
in accordance with Section 34A-402 of this Article,
and (iii) such other matters that the Authority, in its discretion, requires.
The initial Financial Plan shall also include a description of the means
by which any outstanding short-term indebtedness shall be paid or refunded
by the Board. The Authority may prescribe any reasonable time, standards,
procedures or forms consistent with this Section for preparation and
submission of the Financial Plan.
(c) The Authority shall approve the initial and each subsequent Financial
Plan if, in its
judgment, the plan is complete, is reasonably capable of being achieved,
and meets the requirement set forth in Section 34A-402 of this Article.
Otherwise, the Authority shall reject the Financial
Plan. In the event of rejection, the Authority may prescribe a procedure
and standards for revision of the Financial Plan by the Board.
(d) The Board shall report to the Authority, at such times and in such
manner as the Authority may direct, concerning the Board's compliance with
each Financial Plan. The Authority may review the Board's operations, obtain
budgetary data and financial statements, require the Board to produce reports,
and have access to any other information in the possession of the Board
that it deems relevant. The Authority may issue recommendations or directives
within its powers to the Board to assure compliance with the Financial Plan.
The Board shall produce such budgetary data, financial statements, reports
and other information and comply with such directives.
(e) After approval of each Financial Plan, the Board shall regularly
reexamine the revenue and expenditure estimates on which it was based and
revise them as necessary. The Board shall promptly notify the Authority of any
material change in the revenue or expenditure estimates in the Financial Plan.
The Board may submit to the Authority, or the Authority may require the Board
to submit, modified Financial Plans based upon revised revenue or expenditure
estimates or for any other good reason. The Authority shall approve or reject
each modified Financial Plan pursuant to paragraph (c) of this Section.
(Source: P.A. 88-511.)