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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(65 ILCS 5/8-12-3) (from Ch. 24, par. 8-12-3)
Sec. 8-12-3.
As used in this Division:
(1) "Authority" means the "(Name of Financially Distressed City) Financial
Advisory Authority".
(2) "Financially distressed city" means any municipality which is a home
rule unit and which (i) is certified by the Department of Revenue as being
in the highest 5% of all home rule municipalities in terms of the aggregate
of the rate per cent of all taxes levied pursuant to statute or ordinance
upon all taxable property of the municipality and as being in the lowest 5%
of all home rule municipalities in terms of per capita tax yield, and (ii)
is designated by joint resolution of the General Assembly as a financially
distressed city.
(3) "Home rule municipality" means a municipality which is a home
rule unit as provided in Section 6 of Article VII of the Illinois
Constitution.
(4) "Budget" means an annual appropriation ordinance or annual budget
as described in Division 2 of Article 8, as from time to time in effect in
the financially distressed city.
(5) "Chairperson" means the chairperson of the Authority appointed
pursuant to Section 8-12-7.
(6) "Financial Plan" means the financially distressed city's financial plan
as developed pursuant to Section 8-12-15, as from time to time in effect.
(7) "Fiscal year" means the fiscal year of the financially distressed city.
(8) "Obligations" means bonds, notes or other evidence of indebtedness
issued by the Illinois Finance Authority in
connection with
the provision of financial aid to a financially distressed city pursuant to
this Division and applicable provisions of the Illinois
Finance Authority Act.
(Source: P.A. 93-205, eff. 1-1-04.)
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