HB 4499

Abstract

Creates the Chicago Bankruptcy Neutral Evaluation Act. Makes legislative findings. Defines terms. Authorizes the City of Chicago and the Chicago Public Schools to initiate a neutral evaluation process if the entity is unable to meet its financial obligations. Provides for the selection and qualification of an evaluator, the evaluation process, cessation of an evaluation, declaration of a fiscal emergency, and definition of liabilities. Provides that records prepared for or used in connection with the Chicago Bankruptcy Neutral Evaluation Act are exempt from disclosure. Amends the Open Meetings Act. Provides that the City of Chicago and the Chicago Public Schools may hold closed meetings related to the Chicago Bankruptcy Neutral Evaluation Act. Amends the Freedom of Information Act. Makes conforming changes. Effective immediately.