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Illinois Compiled Statutes
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LOCAL GOVERNMENT (50 ILCS 320/) Local Government Financial Planning and Supervision Act. 50 ILCS 320/1
(50 ILCS 320/1) (from Ch. 85, par. 7201)
Sec. 1.
Short title.
This Act may be cited as the Local Government Financial Planning and Supervision Act.
(Source: P.A. 86-1211.)
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50 ILCS 320/2
(50 ILCS 320/2) (from Ch. 85, par. 7202)
Sec. 2.
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
such entity.
(Source: P.A. 86-1211.)
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50 ILCS 320/3
(50 ILCS 320/3) (from Ch. 85, par. 7203)
Sec. 3.
Definitions.
As used in this Act, unless the context requires
otherwise:
(a) "Commission" means a financial planning and supervision commission
created pursuant to this Act.
(b) "Fiscal emergency" means the existence of any one or more of the
following conditions:
(1) The existence of a continuing default in the | | payment of principal and interest on any debt obligation for more than 180 days.
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(2) The failure to make payment of over 20% of all
| | payroll to employees of the unit of local government in the amounts and at the times required by law, ordinances, resolutions, or agreements, which failure of payment has continued for more than 30 days after such time for payment, unless at least 2/3 of the employees affected by such failure to pay, acting individually or by their duly authorized representative, consent in writing to an extension.
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(3) The insolvency of the unit of local government,
| | being a financial condition such that the unit is (A) generally not paying its debts as they come due unless they are the subject of a bona fide dispute or (B) unable to pay its debts as they become due.
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(c) "Governing body" means the board or other body of officers having
authority to levy taxes, make appropriations, authorize the expenditure of
public funds or approve claims for any unit of local government.
(d) "Unit of local government" shall have the meaning provided as specified
in Article VII, Section 1 of the Illinois Constitution, and further means
only those units of local government which have a population under 25,000.
(Source: P.A. 86-1211.)
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50 ILCS 320/4
(50 ILCS 320/4) (from Ch. 85, par. 7204)
Sec. 4.
Petition.
(a) This subsection (a) applies through December 31, 1992. Any unit of
local government upon a 2/3 vote of the members of its governing body may
petition the Governor for the establishment of a financial planning and
supervision commission if the governing body of the unit of local
government determines that a fiscal emergency, as defined in Section 3,
exists or will exist within 60 days. A copy of the petition shall be filed
with the Illinois Finance Authority requesting the
assistance
of the Authority in conducting an analysis of the financial condition of
the unit of local government. A petition shall include the conditions of
fiscal emergency, a list of all amounts and types of indebtedness or claims
known to the unit of local government, and which creditors are subject to
the stay provisions of Section 7 of this Act.
(b) This subsection (b) applies on and after January 1, 1993.
Any unit of local government upon a 2/3 vote of the members of its
governing body may petition the Governor for the establishment of a
financial planning and supervision commission if the governing body of the
unit of local government determines that a fiscal emergency, as defined in
Section 3, exists or will exist within 60 days. A petition shall include
the conditions of fiscal emergency and a list of all creditors of the unit
of local government, which list shall indicate the names, addresses,
amounts and types of indebtedness or claims of such creditors, and which of
such creditors are subject to the stay provisions of Section 7 of this Act.
(Source: P.A. 93-205, eff. 1-1-04.)
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50 ILCS 320/5
(50 ILCS 320/5) (from Ch. 85, par. 7205)
Sec. 5. Establishment of commission.
(a) This subsection (a) applies through December 31, 1992.
(1) Upon receipt of a petition for establishment of a | | financial planning and supervision commission, the Governor may direct the establishment of such a commission if the Governor determines that a fiscal emergency exists.
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(2) Prior to making such determination, the Governor
| | shall give reasonable notice and opportunity for a hearing to all creditors of the petitioning unit of local government who are subject to the stay provisions of Section 7 of this Act. The determination shall be entered not less than 60 days after the filing of the petition. A determination of fiscal emergency by the Governor shall be a final administrative decision subject to the provisions of the Administrative Review Law. The court on such review may grant exceptions to the stay provisions of Section 7 of this Act as adequate protection of creditors' interests or equity may require. The commission shall convene within 30 days of the entry by the Governor of his or her determination of the fiscal emergency.
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(3) (A) The Commission shall consist of 7 Directors.
(B) One Director shall be appointed by the chief
| | executive officer of the unit of local government.
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(C) One Director shall be appointed by the
| | majority vote of the governing body of the unit of local government.
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(D) Five Directors shall be appointed by the
| | Governor, with the advice and consent of the Senate. The Governor shall select one of the Directors to serve as Chairperson during the term of his or her appointment. Of the initial Directors so appointed, 3 shall be appointed to serve for terms expiring 3 years from the date of their appointment, and 2 shall be appointed to serve for terms expiring 2 years from the date of their appointment. Thereafter, each Director appointed by the Governor shall be appointed to hold office for a term of 3 years and until his or her successor has been appointed as provided in Section 8-12-7 of the Illinois Municipal Code. Directors shall be eligible for reappointment. Any vacancy which shall arise shall be filled by appointment by the Governor, with the advice and consent of the Senate, for the unexpired term and until a successor Director has been appointed as provided in Section 8-12-7 of the Illinois Municipal Code. A vacancy shall occur upon resignation, death, conviction of a felony, or removal from office of a Director. A Director may be removed for incompetency, malfeasance, or neglect of duty at the instance of the Governor. If the Senate is not in session or is in recess when appointments subject to its confirmation are made, the Governor shall make temporary appointments which shall be subject to subsequent Senate approval.
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(b) This subsection (b) applies on and after January 1, 1993.
(1) Upon receipt of a petition for establishment of a
| | financial planning and supervision commission, the Governor may direct the establishment of such a commission if the Governor determines that a fiscal emergency exists.
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(2) Prior to making such determination, the Governor
| | shall give reasonable notice and opportunity for a hearing to all creditors of the petitioning unit of local government. The determination shall be entered not less than 60 days after the filing of the petition. A determination of fiscal emergency by the Governor shall be a final administrative decision subject to the provisions of the Administrative Review Law. The court on such review may grant exceptions to the stay provisions of Section 7 of this Act as adequate protection of creditors' interests or equity may require. The commission shall convene within 30 days of the entry by the Governor of his or her determination of the fiscal emergency.
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(3) A commission shall consist of 11 members:
(A) Eight members as follows: the Governor, the
| | State Comptroller, the Director of Revenue, the Director of the Governor's Office of Management and Budget, the State Treasurer, the Executive Director of the Illinois Finance Authority, the Director of the Department of Commerce and Economic Opportunity and the presiding officer of the governing body of the unit of local government, or their respective designees. A designee, when present, shall be counted in determining whether a quorum is present at any meeting of the commission and may vote and participate in all proceedings and actions of the commission. The designations shall be in writing, executed by the member making the designation, and filed with the secretary of the commission. The designations may be changed from time to time in like manner, but due regard shall be given to the need for continuity. The Governor shall appoint a chairman of the commission from among the 8 members described in this subparagraph (A).
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(B) Three members nominated and appointed as
| | follows: the governing body and chief governing officer of the unit of local government shall submit in writing to the chairman of the commission the nomination of 5 persons agreed to by them and meeting the qualifications set forth in this Act. Nominations shall accompany the petition for establishment of the financial planning and supervision commission. If the chairman is not satisfied that at least 3 of the nominees are well qualified, he shall notify the governing body of the unit of local government to submit in writing, within 5 days, additional nominees, not exceeding 3. The chairman shall appoint 3 members from all the nominees so submitted or a lesser number that he considers well qualified. Each of the 3 appointed members shall serve for a term of one year, subject to removal by the chairman for misfeasance, nonfeasance or malfeasance in office. Upon the expiration of the term of an appointed member, or in the event of the death, resignation, incapacity or removal, or other ineligibility to serve of an appointed member, the chairman shall appoint a successor pursuant to the process of original appointment.
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Each of the 3 appointed members shall be an
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(i) Who has knowledge and experience in
| | financial matters, financial management, or business organization or operations, including experience in the private sector in management of business or financial enterprise, or in management consulting, public accounting, or other professional activity; and
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(ii) Who has not at any time during the 2
| | years preceding the date of appointment held any elected public office.
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The governing body and chief governing officer of the
| | unit of local government, to the extent possible, shall nominate members whose residency, office, or principal place of professional or business activity is situated within the unit of local government.
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An appointed member of the commission shall not
| | become a candidate for elected public office while serving as a member of the commission.
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(4) Immediately after his appointment of the initial
| | 3 appointed members of the commission, the chairman shall call the first meeting of the commission and shall cause written notice of the time, date and place of the first meeting to be given to each member of the commission at least 48 hours in advance of the meeting.
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(5) The commission members shall select one of their
| | number to serve as treasurer of the commission.
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(Source: P.A. 93-205, eff. 1-1-04; 94-793, eff. 5-19-06.)
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50 ILCS 320/6
(50 ILCS 320/6) (from Ch. 85, par. 7206)
Sec. 6.
Action by commission; financial advisor; liability.
(a) The commission may adopt and alter bylaws and rules for
the conduct of its affairs, and for the manner, subject to this Act, in
which its powers and functions shall be exercised and embodied.
(b) Six members of the commission constitute a quorum of the commission.
The affirmative vote of 6 members of the commission is necessary for any
action taken by vote of the commission. No vacancy in the membership of
the commission shall impair the rights of a quorum by such vote to exercise
all the rights and perform all the duties of the commission. Members of
the commission, and their designees, are not disqualified from voting by
reason of the functions of the other office they hold and are not
disqualified from exercising the functions of any other office with respect
to the unit of local government, its officers, or the commission.
(c) The commission may retain a financial advisor. As used in this
Act, "financial advisor" means a firm of certified public accountants
with demonstrated professional competence in matters relating to this Act,
engaged by the commission pursuant to a written contract, a copy of which
shall be provided to each member of the commission and each member of the
governing body of the unit of local government.
(d) The financial advisor, the members of the commission, or any other
person authorized to act on behalf of or assist them shall not be
personally liable or subject to any action, judgment, or claim for damages
resulting from the exercise of or failure to exercise the powers, duties,
and functions granted to them in regard to their functioning under this
Act, but the commission, the financial advisor, and such other persons
shall be subject to mandamus proceedings to compel performance of their
duties under this Act.
(e) At the request of the commission the administrative head of any State
department or agency shall temporarily assign personnel skilled in
procedures relevant to assisting the commission or the financial advisor
in its duties.
(f) Each appointed member of the commission shall file with the
commission a signed written statement setting forth the general nature of
sales of goods, property, or services or of loans to the unit of local
government with respect to which that commission is established, in which
such member has a pecuniary interest or in which any member of his
immediate family, or any corporation, partnership, or enterprise of which
he is an officer, director, or partner, or of which he or a member of his
immediate family owns more than 7 1/2% interest, has a pecuniary interest,
and of which sale, loan and interest such member has knowledge. The
statement shall be supplemented from time to time to reflect changes in the
general nature of any such sales or loans.
(Source: P.A. 86-1211.)
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50 ILCS 320/7
(50 ILCS 320/7) (from Ch. 85, par. 7207)
Sec. 7.
Judgment or lien; indebtedness.
(a) No State agency, board, commission or department, no subdivision of
the State, and no unit of local government (including municipalities or
counties having a population of 25,000 or more, and all of the foregoing
being the "stayed creditors") may enforce any judgment or lien against, or
take any other action to collect any indebtedness, obligations or
liabilities from, a unit of local government covered by this Act during the
period provided in this Section. This prohibition of enforcement or action
is hereafter referred to as the "stay". The period of the stay shall begin
at the time of the determination of fiscal emergency by the Governor and
end at the earlier of (1) the time of reversal of such determination by a
court, (2) 2 years after the stay begins, or (3) when the commission
dissolves pursuant to Section 12 of this Act. The 2 year stay so provided
may be extended for an additional one year by the commission with the
consent of the majority (by number and by dollar amounts) of the stayed
creditors affected by the stay. The commission may upon application or
upon its own initiative grant exceptions to the stay provisions of this
Section as adequate protection of creditors' interests and equity may
require. Any such decision shall be a final administrative decision
subject to the provisions of the Administrative Review Law. The stay does
not discharge the unit of local government from its indebtedness,
obligations or liabilities.
(b) Notwithstanding subsection (a), any indebtedness, obligation or
liability incurred by a unit of local government after the beginning of the
period of the stay shall not be subject to that stay.
(Source: P.A. 86-1211.)
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50 ILCS 320/8
(50 ILCS 320/8) (from Ch. 85, par. 7208)
Sec. 8.
Financial plan.
(a) Within 120 days after the first meeting of the commission, the
presiding officer of the governing body of the unit of local government, in
conjunction with the financial advisor provided by the commission, shall
submit to the commission a detailed financial plan, as approved or amended
by ordinance or resolution of the governing body, containing the following:
(1) Actions to be taken by the unit of local | |
(A) Eliminate all fiscal emergency conditions
| | determined to exist pursuant to this Act;
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(B) Satisfy any judgments, past due accounts
| | payable, and all past due and payable payroll and fringe benefits;
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(C) Eliminate the deficits in all deficit funds;
(D) Restore to construction funds and other
| | special funds moneys from such funds that were used for purposes not within the purposes of such funds, or missing from the construction funds or such special funds and not accounted for;
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(E) Balance the budgets, avoid future deficits in
| | any funds, and maintain current payments of payroll, fringe benefits, and all accounts;
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(F) Avoid any fiscal emergency condition in the
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(G) Restore the ability of the unit of local
| | government to market long-term general obligation bonds under provisions of law applicable to such local governmental units generally.
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(2) The legal authorities permitting the unit of
| | local government to take the action enumerated pursuant to paragraph (1) of this subsection (a).
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(3) The approximate dates of the commencement,
| | progress upon, and completion of the actions enumerated in paragraph (1) of this subsection (a) and a reasonable period of time expected to be required to implement the plan. The unit of local government, in consultation with the commission and the financial advisor, shall prepare a reasonable time schedule for progress toward and achievement of the requirements for the financial plan, and the financial plan shall be consistent with that time schedule.
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(4) The amount and purpose of any issue of debt
| | obligations that will be issued, together with assurances that any such debt obligations that will be issued will not exceed debt limits supported by appropriate certifications by the treasurer of the local governmental unit.
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(5) Assurances that the unit of local government will
| | establish monthly levels of expenditures and encumbrances.
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(6) Assurances that the municipality will conform to
| | statutes with respect to budgets and appropriation ordinances.
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(7) The detail, the form, and the supporting
| | information that the commission may direct.
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(b) The financial plan developed pursuant to subsection (a) of this
Section shall be filed with the financial advisor and the financial
planning and supervision commission. After consultation with the financial
advisor, and upon completing the procedures and findings required by
subsection (c) of this Section, the commission shall either approve or
reject any initial or subsequent financial plan. If the commission rejects
the initial or any subsequent financial plan, it shall forthwith inform the
governing body of the unit of local government of the reasons for its
rejection. Within 30 days after the rejection of any plan, the presiding
officer, with the approval of the governing body by the passage of an
ordinance or resolution, shall submit another plan meeting the requirements
of this Section to the commission and the financial advisor for approval or
rejection by the commission.
(c) Prior to the approval of any initial or subsequent financial plan, the
commission shall give reasonable notice and opportunity for a hearing to
all creditors of the unit of local government. Any initial or subsequent
financial plan passed by the unit of local government shall be approved by
the commission if it complies with the requirements of this Section, and if
the commission finds that (1) the plan is bona fide and can reasonably be
expected to be implemented within the period specified in the plan, (2) the
plan is a good faith plan reasonably anticipated to alleviate the fiscal
emergency of the unit of local government and (3) the plan is in the best
interest of the unit of local government and its creditors.
(d) The determination of the commission under this Section to approve or
deny approval of the financial plan shall be a final administrative
decision subject to the provisions of the Administrative Review Law.
(e) Any financial plan may be amended subsequent to its adoption in the
same manner as the passage and approval of the initial or subsequent plan
pursuant to this Section.
(Source: P.A. 86-1211.)
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50 ILCS 320/9
(50 ILCS 320/9) (from Ch. 85, par. 7209)
Sec. 9.
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.
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(2) To order the unit of local government to meet and
| | negotiate with its creditors.
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(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.
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(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.
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(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.
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(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.
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(7) To perform all other powers, duties, and
| | functions as provided under this Act.
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(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.
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(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.
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(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;
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(2) Review and determine the extent of any deficiency
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(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;
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(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.
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(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.)
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50 ILCS 320/10
(50 ILCS 320/10) (from Ch. 85, par. 7210)
Sec. 10.
State aid.
(a) This subsection (a) applies through December 31, 1992.
(1) During the period of time that a unit of local | | government is covered by this Act, the State shall not be required to distribute to the unit of local government any monies to which the unit of local government might otherwise be entitled except in accordance with the direction of the commission.
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(2) Any State assistance in the form of a loan or
| | grant from appropriated funds shall be subject to the expenditure control of the commission.
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(3) The commission may request the Illinois Finance
| | Authority to issue bonds, notes, or other evidences of indebtedness, the proceeds of which are to be used to make loans to the unit of local government for purposes of enabling that unit of local government to restructure its current indebtedness and to provide and pay for its essential municipal services. Such request may not precede the adoption of the financial plan required by Section 8 of this Act and shall be in accordance with the provisions of the Illinois Finance Authority Act.
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(b) This subsection (b) applies on and after January 1, 1993. During
the period of time that a unit of local government is covered by this Act,
the State shall not be required to distribute to the unit of local
government any monies to which the unit of local government might otherwise
be entitled.
(Source: P.A. 93-205, eff. 1-1-04.)
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50 ILCS 320/11
(50 ILCS 320/11) (from Ch. 85, par. 7211)
Sec. 11.
Expenses of commission members.
The members of the financial
planning and supervision commission shall serve without compensation, but
shall be paid by the commission their necessary and actual expenses
incurred while engaged in the business of the commission.
(Source: P.A. 86-1211.)
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50 ILCS 320/12
(50 ILCS 320/12) (from Ch. 85, par. 7212)
Sec. 12. Expenses incurred by commission. Any expense or obligation
incurred by the financial planning and supervision commission under this
Act shall be payable solely from appropriations made for that purpose by the
General Assembly.
The commission is authorized to maintain monies appropriated for its use
in a local account for such purposes to be held outside the State Treasury.
Disbursements from this account shall require the approval and signatures
of the chairman of the commission and the treasurer of the commission.
The commission shall be authorized to request the State Comptroller and
State Treasurer to issue State warrants against appropriations made for its
use, in anticipation of commission expenses, for deposit into the local
account.
The compensation and expenses of a financial advisor retained by the
commission shall be paid from monies appropriated to the Department of
Commerce and Economic Opportunity for that purpose. Those appropriations
shall only be committed, obligated, and expended by the Department of
Commerce and Economic Opportunity as the result of an order signed by the
chairman of the commission identifying the selected "financial advisor"
pursuant to subsection (c) of Section 6 of this Act and stating the maximum
compensation awarded to the financial advisor under the contract. A copy
of the order shall be filed with the State Comptroller prior to any
disbursement of funds.
(Source: P.A. 94-793, eff. 5-19-06.)
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50 ILCS 320/13
(50 ILCS 320/13) (from Ch. 85, par. 7213)
Sec. 13.
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;
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(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;
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(3) The unit of local government has met the
| | objectives of the financial plan described in Section 8.
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(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.)
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50 ILCS 320/14
(50 ILCS 320/14) (from Ch. 85, par. 7214)
Sec. 14.
Application of Act.
A unit of local government may by
contract declare that the provisions of this Act shall not apply to any
indebtedness, obligation or liability incurred under such contract.
(Source: P.A. 86-1211.)
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