Bill Information

An Act providing for financial assistance to a city of the first class together with a school district of the first class and declaring a financial emergency therein; creating a Financial Control Board and providing for its powers and duties; *** establishing a general debt service fund; providing for limitations on short-term borrowing, for a wage freeze, for certain covenants relating to the issuance of bonds and the securing of indebtedness, for enforcement and indemnification; creating a Municipal Assistance Corporation and providing for its powers and duties; providing for the exchange of notes or bonds of the corporation for short-term obligations of the city; establishing conditions on the extension of benefits to the city; and providing for remedies and penalties.