Illinois General Assembly - Illinois Compiled Statutes

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65 ILCS 5/8-12-19

(65 ILCS 5/8-12-19) (from Ch. 24, par. 8-12-19)

Sec. 8-12-19.

The Authority shall appoint and shall have the authority
to remove a financial management officer. The financial management officer
shall have the responsibility for advising on the preparation of the Budget
and Financial Plan of the financially distressed city and for monitoring
expenditures of the city.  The financial management officer shall be the
authorized signatory for all expenditures made from the proceeds of any
State loans provided for the benefit of the city pursuant to this Division
or any other law of this State, and for all expenditures made from
financial aid provided for the benefit of the city from Obligations issued
by the Illinois Finance Authority for such purposes
in
accordance with applicable provisions of the Illinois
Finance
Authority Act. The financial management officer shall be an employee of and
shall report to the Authority, may be granted authority by the Authority to
hire a specific number of employees to assist in meeting responsibilities,
and shall have access to all financial data and records of the city which
he or she deems necessary for the proper and efficient exercise of such
responsibilities.  Neither the Authority or the financial management
officer shall have any authority to hire, fire or appoint city employees or
to manage the day-to-day operations of the city.

(Source: P.A. 93-205, eff. 1-1-04.)