Sec. 13. Termination of commission.

362 words·~2 min read·/il/chapter-50/act-320/13

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)A financial planning and supervision commission with respect to a unit of local government, and its functions under this Act, shall continue in existence until such time as a determination is made pursuant to subsection

(b)of this Section that each of the following exists:

(1)The unit of local government has planned, and is in the process of good faith

implementation of, an effective financial accounting and reporting system in accordance with the requirements of this Act, and it is reasonably expected that such implementation will be completed within 2 years;

(2)The unit of local government has corrected and eliminated all of the fiscal

emergency conditions determined pursuant to this Act and no new fiscal emergency condition has occurred;

(3)The unit of local government has met the objectives of the financial plan described

in Section 8.

(b)The determination that all of such conditions for the termination of the existence of the commission and its functions exist shall be made by the commission and shall be certified to the General Assembly and the governing body of the unit of local government.

(c)The commission shall prepare and submit with such certification a final report of its activities, in such form as is appropriate for the purpose of providing a record of its activities and assisting other commissions created under this Act in the conduct of their functions. All of the books and records of the commission shall be delivered to the State Comptroller for retention and safekeeping.

(d)Upon termination of the commission, all moneys of the commission still remaining in the possession of the commission shall be paid to the State Treasurer and held in a separate fund for the payment and satisfaction of all remaining obligations of the commission. Any excess shall be paid over to the General Revenue Fund.

(e)If, at the time of termination of the commission, an effective financial accounting and reporting system has not been fully implemented, the Governor shall monitor the progress of implementation and shall exercise his authority to secure full implementation at the earliest time feasible but within 2 years from such termination.