Illinois Compiled Statutes 65 ILCS 5/8-12-7 – The governing body of the Authority shall be a board consisting of 5 …
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Terms Used In Illinois Compiled Statutes 65 ILCS 5/8-12-7
- Advice and consent: Under the Constitution, presidential nominations for executive and judicial posts take effect only when confirmed by the Senate, and international treaties become effective only when the Senate approves them by a two-thirds vote.
- Authority: means the "(Name of Financially Distressed City) Financial Advisory Authority". See Illinois Compiled Statutes 65 ILCS 5/8-12-3
- Chairperson: means the chairperson of the Authority appointed pursuant to Section 8-12-7. See Illinois Compiled Statutes 65 ILCS 5/8-12-3
- 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. See Illinois Compiled Statutes 65 ILCS 5/8-12-3
The governing body of the Authority shall be a board consisting of 5 Directors. Directors shall be appointed by the Governor, with the advice and consent of the Senate. At least 2 Directors must be residents of the financially distressed city. The Governor shall select one of the Directors to serve as Chairperson during the term of his or her appointment.