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91_SB1418
LRB9110272MWgc
1 AN ACT to amend the Illinois Municipal Code by changing
2 Sections 8-12-3 and 8-12-4.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Municipal Code is amended by
6 changing Sections 8-12-3 and 8-12-4 as follows:
7 (65 ILCS 5/8-12-3) (from Ch. 24, par. 8-12-3)
8 Sec. 8-12-3. As used in this Division:
9 (1) "Authority" means the "(Name of Financially
10 Distressed City) Financial Advisory Authority".
11 (2) "Financially distressed city" means any municipality
12 which is a home rule unit and which (i) is certified by the
13 Department of Revenue as being in the highest 5% of all home
14 rule municipalities in terms of the aggregate of the rate per
15 cent of all taxes levied pursuant to statute or ordinance
16 upon all taxable property of the municipality and as being in
17 the lowest 5% of all home rule municipalities in terms of per
18 capita tax yield, and (ii) is designated by joint resolution
19 of the General Assembly as a financially distressed city.
20 (3) (Blank) "Home rule municipality" means a
21 municipality which is a home rule unit as provided in Section
22 6 of Article VII of the Illinois Constitution.
23 (4) "Budget" means an annual appropriation ordinance or
24 annual budget as described in Division 2 of Article 8, as
25 from time to time in effect in the financially distressed
26 city.
27 (5) "Chairperson" means the chairperson of the Authority
28 appointed pursuant to Section 8-12-7.
29 (6) "Financial Plan" means the financially distressed
30 city's financial plan as developed pursuant to Section
31 8-12-15, as from time to time in effect.
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1 (7) "Fiscal year" means the fiscal year of the
2 financially distressed city.
3 (8) "Obligations" means bonds, notes or other evidence
4 of indebtedness issued by the Illinois Development Finance
5 Authority in connection with the provision of financial aid
6 to a financially distressed city pursuant to this Division
7 and applicable provisions of the Illinois Development Finance
8 Authority Act.
9 (Source: P.A. 86-1211.)
10 (65 ILCS 5/8-12-4) (from Ch. 24, par. 8-12-4)
11 Sec. 8-12-4. In order to receive assistance as provided
12 in this Division, a home rule municipality shall first, by
13 ordinance passed by its corporate authorities, request (i)
14 that the Department of Revenue certify that it is in the
15 highest 5% of all home rule municipalities in terms of the
16 aggregate of the rate per cent of all taxes levied pursuant
17 to statute or ordinance upon all taxable property of the
18 municipality and in the lowest 5% of all home rule
19 municipalities in terms of per capita tax yield, and (ii)
20 that the General Assembly by joint resolution designate it as
21 a financially distressed city. A home rule municipality which
22 is so certified and designated as a financially distressed
23 city and which desires to receive assistance as provided in
24 this Division shall, by ordinance passed by its corporate
25 authorities, request that a financial advisory authority be
26 appointed for the city and that the city receive assistance
27 as provided in this Division, and shall file a certified copy
28 of that ordinance with the Governor, with the Clerk of the
29 House of Representatives and with the Secretary of the
30 Senate. Upon the filing of the certified copies of that
31 ordinance as required by this Section this Division and all
32 of its provisions shall then and thereafter be applicable to
33 the financially distressed city, shall govern and control its
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1 financial accounting, budgeting and taxing procedures and
2 practices, and, subject to the limitations of subsection (a)
3 of Section 8-12-22, shall remain in full force and effect
4 with respect thereto until such time as the financial
5 advisory authority established under Section 8-12-5 is
6 abolished as provided in subsection (c) of Section 8-12-22.
7 (Source: P.A. 86-1211.)
8 Section 99. Effective date. This Act takes effect upon
9 becoming law.