As used in this Division: (1) "Authority" means the "(Name of Financially Distressed City) Financial Advisory Authority"
65 ILCS 5/8-12-3
in effect(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.)
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://www.ilga.gov/legislation/ilcs/ilcs.aspFetched: 10/17/2026