50 ILCS 320/1
Short title
Short title. This Act may be cited as the Local Government Financial Planning and Supervision Act. (Source: P.A. 86-1211.)
Illinois Compiled Statutes 50 ILCS 320 — Local Government Financial Planning and Supervision Act.
Illinois · statute · 50 ILCS 320 · 14 active provisions
50 ILCS 320/2
Policy and purpose
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…
50 ILCS 320/3
Definitions
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 paymen…
50 ILCS 320/4
Petition
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…
50 ILCS 320/5
Establishment of commission
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. (2) Prior…
50 ILCS 320/6
Action by commission; financial advisor; liability
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.…
50 ILCS 320/7
Judgment or lien; indebtedness
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,…
50 ILCS 320/8
Financial plan
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…
50 ILCS 320/9
Powers of commission and financial advisor
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 appropriatio…
50 ILCS 320/10
State aid
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…
50 ILCS 320/11
Expenses of commission members
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.)
50 ILCS 320/12
Expenses incurred by commission
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 f…
50 ILCS 320/13
Termination of commission
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 o…
50 ILCS 320/14
Application of Act
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.)