093_SB0635

 
                                     LRB093 05255 MKM 05342 b

 1        AN ACT concerning municipalities.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The Illinois Municipal  Code  is  amended  by
 5    changing Section 8-12-2 as follows:

 6        (65 ILCS 5/8-12-2) (from Ch. 24, par. 8-12-2)
 7        Sec. 8-12-2. (a) Pursuant to the authority of the General
 8    Assembly  to  provide  for  the  public  health,  safety, and
 9    welfare, the General Assembly hereby finds and declares  that
10    it  is the public policy and a public purpose of the State to
11    offer assistance to a financially distressed city so that  it
12    may  provide  for  the  health,  safety,  and  welfare of its
13    citizens, pay when due principal and  interest  on  its  debt
14    obligations,  meet  financial  obligations  to its employees,
15    vendors and  suppliers,  and  provide  for  proper  financial
16    accounting   procedures,  budgeting  and taxing practices, as
17    well as strengthen the human and economic development of  the
18    city.
19        (b)  It  is  the  purpose  of  this Division to provide a
20    secure financial basis  for  the  continued  operation  of  a
21    financially  distressed  city.   The intention of the General
22    Assembly, in enacting this legislation is to establish sound,
23    efficient, and generally accepted accounting,  budgeting  and
24    taxing    procedures   and  practices  within  a  financially
25    distressed city, to provide powers to  a  financial  advisory
26    authority  established for a financially distressed city, and
27    to impose restrictions upon a financially distressed city  in
28    order to assist that city in assuring its financial integrity
29    while  leaving  municipal  services  policies  to  the  city,
30    consistent  with  the  requirements for satisfying the public
31    policy and purposes herein set forth.
 
                            -2-      LRB093 05255 MKM 05342 b
 1        (c)  It also is the purpose of this Division to authorize
 2    a city that which has been  certified  and  designated  as  a
 3    financially  distressed city under the procedure set forth in
 4    Section 8-12-4, and that which  has  by  ordinance  requested
 5    that a financial advisory authority be appointed for the city
 6    and  that  the  city  receive  assistance as provided in this
 7    Division, and that which has filed certified copies  of  that
 8    ordinance  in the manner provided by Section 8-12-4, to enter
 9    into such agreements as are necessary to  receive  assistance
10    as  provided in this Division and in applicable provisions of
11    the Illinois Development Finance Authority Act.
12    (Source: P.A. 86-1211.)