Illinois General Assembly - Illinois Compiled Statutes

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65 ILCS 5/8-12-24

(65 ILCS 5/8-12-24) (from Ch. 24, par. 8-12-24)

Sec. 8-12-24.

A home rule unit which is a financially distressed city
to which this Division is applicable as provided in Section 8-12-4 may not
employ financial or fiscal accounting or budgetary procedures or systems,
nor place into effect any Financial Plan or Budget, nor enter into any
contract or make any expenditure, nor otherwise conduct its financial and
fiscal affairs or take other action in a manner inconsistent with the
provisions of this Division, until such time as the powers and
responsibilities of the Authority are terminated as provided in Section
8-12-22.  This Section is a limitation under subsection (i) of Section 6 of
Article VII of the Illinois Constitution on the concurrent exercise by home
rule units which are financially distressed cities to which this Division
is applicable as provided in Section 8-12-4 of powers and functions
exercised by the State.

(Source: P.A. 86-1211.)