Illinois General Assembly - Illinois Compiled Statutes

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65 ILCS 5/8-12-4

(65 ILCS 5/8-12-4) (from Ch. 24, par. 8-12-4)

Sec. 8-12-4.

In order to receive assistance as provided in this
Division, a home rule municipality shall first, by ordinance passed by its
corporate authorities, request (i) that the Department of Revenue certify
that it is in the highest 5% of all home rule municipalities in terms of
the aggregate of the rate per cent of all taxes levied pursuant to statute
or ordinance upon all taxable property of the municipality and in the
lowest 5% of all home rule municipalities in terms of
per capita tax yield, and (ii) that the General Assembly by joint
resolution designate it as a financially distressed city. A home rule
municipality which is so certified and designated as a financially
distressed city and which desires to receive assistance as provided in this
Division shall, by ordinance passed by its corporate authorities, request
that a financial advisory authority be appointed for the city and that the
city receive assistance as provided in this Division, and shall file a
certified copy of that ordinance with the Governor, with the Clerk of the
House of Representatives and with the Secretary of the Senate. Upon the
filing of the certified copies of that ordinance as required by this
Section this Division and all of its provisions shall then and thereafter
be applicable to the financially distressed city, shall govern and control
its financial accounting, budgeting and taxing procedures and practices,
and, subject to the limitations of subsection (a) of Section 8-12-22, shall
remain in full force and effect with respect thereto until such
time as the financial advisory authority established under Section 8-12-5
is abolished as provided in subsection (c) of Section 8-12-22.

(Source: P.A. 86-1211.)