“Some Illinois municipalities, mired in debt with declining populations, could lose their ability to provide core services and pay debts amid a national economic downturn a situation made worse because the state’s laws lack the instruments to intervene and stave off insolvency, according to a professor and municipal finance expert. … Michael Belsky, executive director at the Center for Municipal Finance at the Harris School at the University of Chicago, said state lawmakers need to give these laws ‘teeth’ before the next economic downturn.”