(65 ILCS 5/8-12-13) (from Ch. 24, par. 8-12-13)
Sec. 8-12-13.
In carrying out the purposes of this Division, and pursuant
to Sections 8-12-14 through 8-12-24, as hereinafter provided, the Authority
shall have the power to approve or to reject the Financial Plans, Budgets
and contracts which are inconsistent with the Financial Plan and Budget of
the financially distressed city; provided, however, that the Authority
shall have no authority to impair any existing contract or obligation of
the city; and provided further, that with respect to any multi-year
employment contract or collective bargaining agreement authorized or
entered into by the city in accordance with applicable statutes and
ordinances, the Authority's power to approve or reject the same shall be
limited to the first year of such contract or agreement as provided in
Section 8-12-17.
(Source: P.A. 86-1211.)
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