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East St. Louis Financial Advisory Authority - RG 526 | Illinois State Archives

Name: East St. Louis Financial Advisory Authority - RG 526

Historical Note:

The governor directed a twenty-four member Task Force on Municipal Bankruptcy to study the financial problems confronting distressed cities in October of 1988. The following year the East St. Louis Advisory Board was formed to address that city’s pressing needs. Legislation providing for the creation of the East St. Louis Financial Advisory Authority took effect in August of 1990. It was composed of five directors, two of whom were residents of East St. Louis and all of whom were appointed by the Governor and approved by the Senate (P.A. 86-1211, pp. 1919-1920). The authority was charged with diagnosing economic conditions, overseeing operations and expenditures, and structuring short and long term remedies.

At the Authority meeting on June 18, 2005, the Authority certified that East St. Louis had completed ten successive years of balanced budgets and the Authority would no longer have further force or effect on the city, per the Financially Distressed City Law (65 ILCS 5/8-12-22).  After all of the city’s debt restructuring bonds were paid, the Authority was abolished and operations were suspended indefinitely on December 20, 2013.

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