(50 ILCS 320/7) (from Ch. 85, par. 7207)
Sec. 7.
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, or
take any other action to collect any indebtedness, obligations or
liabilities from, a unit of local government covered by this Act during the
period provided in this Section. This prohibition of enforcement or action
is hereafter referred to as the "stay". The period of the stay shall begin
at the time of the determination of fiscal emergency by the Governor and
end at the earlier of (1) the time of reversal of such determination by a
court, (2) 2 years after the stay begins, or (3) when the commission
dissolves pursuant to Section 12 of this Act. The 2 year stay so provided
may be extended for an additional one year by the commission with the
consent of the majority (by number and by dollar amounts) of the stayed
creditors affected by the stay. The commission may upon application or
upon its own initiative grant exceptions to the stay provisions of this
Section as adequate protection of creditors' interests and equity may
require. Any such decision shall be a final administrative decision
subject to the provisions of the Administrative Review Law. The stay does
not discharge the unit of local government from its indebtedness,
obligations or liabilities.
(b) Notwithstanding subsection (a), any indebtedness, obligation or
liability incurred by a unit of local government after the beginning of the
period of the stay shall not be subject to that stay.
(Source: P.A. 86-1211.)
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