Illinois Compiled Statutes 105 Schools: Article 1F - Downstate School Finance Authority for Elementary Districts

• Illinois School Code. - 105 ILCS 5, Section 1F-1
  Short title. This Article may be cited as the Downstate School Finance Authority for Elementary Districts Law. (Source: P.A. 92-855, eff. 12-6-02.)
• Illinois School Code. - 105 ILCS 5, Section 1F-5
  Findings; purpose; intent. (a) The General Assembly finds all of the following: (1) A fundamental goal of the people of this State, as expressed...
• Illinois School Code. - 105 ILCS 5, Section 1F-10
  Definitions. As used in this Article: "Authority" means a School Finance Authority created under this Article. "Bonds" means bonds authorized to be issued by...
• Illinois School Code. - 105 ILCS 5, Section 1F-15
  Establishment of Authority; duties of district. (a) A Financial Oversight Panel created under Article 1B of this Code for a district may petition the...
• Illinois School Code. - 105 ILCS 5, Section 1F-20
  Members of Authority; meetings. (a) Upon establishment of a School Finance Authority under Section 1F-15 of this Code, the State Superintendent shall within 15 days...
• Illinois School Code. - 105 ILCS 5, Section 1F-25
  General powers. The purposes of the Authority shall be to exercise financial control over the district and to furnish financial assistance so that the...
• Illinois School Code. - 105 ILCS 5, Section 1F-30
  Chief executive officer. The Authority may appoint a chief executive officer who, under the direction of the Authority, shall supervise the Authority's staff, including...
• Illinois School Code. - 105 ILCS 5, Section 1F-35
  Chief educational officer. The Authority may at a regular or special meeting find that cause exists to cancel the contract of the school district's...
• Illinois School Code. - 105 ILCS 5, Section 1F-40
  Chief fiscal officer. The Authority may appoint a chief fiscal officer who, under the direction of the Authority, shall have all of the powers...
• Illinois School Code. - 105 ILCS 5, Section 1F-45
  Collective bargaining agreements. The Authority shall have the power to negotiate collective bargaining agreements with the district's employees in lieu of and on behalf...
• Illinois School Code. - 105 ILCS 5, Section 1F-50
  Deposits and investments. (a) The Authority shall have the power to establish checking and whatever other banking accounts it may deem appropriate for conducting...
• Illinois School Code. - 105 ILCS 5, Section 1F-55
  Cash accounts and bank accounts. (a) The Authority shall require the district or any officer of the district, including the district's treasurer, to establish...
• Illinois School Code. - 105 ILCS 5, Section 1F-60
  Financial, management, and budgetary structure. Upon direction of the Authority, the district shall reorganize the financial accounts, management, and budgetary systems of the district...
• Illinois School Code. - 105 ILCS 5, Section 1F-62
  School District Emergency Financial Assistance Fund; grants and loans. (a) Moneys in the School District Emergency Financial Assistance Fund established under Section 1B-8 of this...
• Illinois School Code. - 105 ILCS 5, Section 1F-90
  Tax anticipation warrants. An Authority shall have the same power to issue tax anticipation warrants as a school board under Section 17-16 of this...
• Illinois School Code. - 105 ILCS 5, Section 1F-115
  State or district not liable on obligations. Obligations shall not be deemed to constitute (i) a debt or liability of the State, the district,...
• Illinois School Code. - 105 ILCS 5, Section 1F-120
  Obligations as legal investments. The obligations issued under the provisions of this Article are hereby made securities in which all public officers and bodies...
• Illinois School Code. - 105 ILCS 5, Section 1F-130
  Reports. (a) The Authority, upon taking office and annually thereafter, shall prepare and submit to the Governor, General Assembly, and State Superintendent a report...
• Illinois School Code. - 105 ILCS 5, Section 1F-135
  Audit of Authority. The Authority shall be subject to audit in the manner provided for the audit of State funds and accounts. A copy...
• Illinois School Code. - 105 ILCS 5, Section 1F-140
  Assistance by State agencies, units of local government, and school districts. The district shall render such services to and permit the use of its...
• Illinois School Code. - 105 ILCS 5, Section 1F-145
  Property of Authority exempt from taxation. The property of the Authority is exempt from taxation. (Source: P.A. 92-855, eff. 12-6-02.)
• Illinois School Code. - 105 ILCS 5, Section 1F-150
  Sanctions. (a) No member, officer, employee, or agent of the district may commit the district to any contract or other obligation or incur any...
• Illinois School Code. - 105 ILCS 5, Section 1F-155
  Abolition of Authority. The Authority shall be abolished 10 years after its creation or one year after all its obligations issued under the provisions...
• Illinois School Code. - 105 ILCS 5, Section 1F-160
  Limitations of actions after abolition; indemnification; legal representation. (a) Abolition of the Authority pursuant to Section 1F-155 of this Code shall bar any remedy...
• Illinois School Code. - 105 ILCS 5, Section 1F-165
  Repeal. When the Authority established pursuant to this Article is abolished pursuant to Section 1F-155, this Article shall be repealed. (Source: P.A. 97-429, eff. 8-16-11.)

Last modified: February 18, 2015