Illinois General Assembly - Illinois Compiled Statutes

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50 ILCS 320/4

(50 ILCS 320/4) (from Ch. 85, par. 7204)

Sec. 4.

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 a fiscal emergency, as defined in Section 3,
exists or will exist within 60 days. A copy of the petition shall be filed
with the Illinois Finance Authority requesting the
assistance
of the Authority in conducting an analysis of the financial condition of
the unit of local government.  A petition shall include the conditions of
fiscal emergency, a list of all amounts and types of indebtedness or claims
known to the unit of local government, and which creditors are subject to
the stay provisions of Section 7 of this Act.

(b) This subsection (b) applies on and after January 1, 1993.
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 a fiscal emergency, as defined in
Section 3, exists or will exist within 60 days.  A petition shall include
the conditions of fiscal emergency and a list of all creditors of the unit
of local government, which list shall indicate the names, addresses,
amounts and types of indebtedness or claims of such creditors, and which of
such creditors are subject to the stay provisions of Section 7 of this Act.

(Source: P.A. 93-205, eff. 1-1-04.)