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(65 ILCS 5/8-12-2) (from Ch. 24, par. 8-12-2)
Sec. 8-12-2.
(a) Pursuant to the authority of the General Assembly to provide
for the public health, safety and welfare, the General Assembly hereby
finds and declares that it is the public policy and a public purpose of the
State to offer assistance to a financially distressed city so that it may
provide for the health, safety and welfare of its citizens, pay when due
principal and interest on its debt obligations, meet financial obligations
to its employees, vendors and suppliers, and provide for proper financial
accounting procedures, budgeting and taxing practices, as well as
strengthen the human and economic development of the city.
(b) It is the purpose of this Division to provide a secure financial
basis for the continued operation of a financially distressed city. The
intention of the General Assembly, in enacting this legislation is to
establish sound, efficient and generally accepted accounting, budgeting and
taxing procedures and practices within a financially distressed city, to
provide powers to a financial advisory authority established for a
financially distressed city, and to impose restrictions upon a financially
distressed city in order to assist that city in assuring its financial
integrity while leaving municipal services policies to the city, consistent
with the requirements for satisfying the public policy and purposes herein set
forth.
(c) It also is the purpose of this Division to authorize a city which
has been certified and designated as a financially distressed city under
the procedure set forth in Section 8-12-4, and which has by ordinance
requested that a financial advisory authority be appointed for the city and
that the city receive assistance as provided in this Division, and which
has filed certified copies of that ordinance in the manner provided by
Section 8-12-4, to enter into such agreements as are necessary to receive
assistance as provided in this Division and in applicable provisions of the
Illinois Finance Authority Act.
(Source: P.A. 93-205, eff. 1-1-04.)
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