Illinois Compiled Statutes 105 Schools: Article 1B - School District Financial Oversight Panel And Emergency Financial Assistance

• Illinois School Code. - 105 ILCS 5, Section 1B-1
  Short title. This Article may be cited as the School District Financial Oversight Panel and Emergency Financial Assistance Law. (Source: P.A. 88-618, eff. 9-9-94.)
• Illinois School Code. - 105 ILCS 5, Section 1B-2
  Findings and purpose. (a) The General Assembly finds: (1) A fundamental goal of the people of the State, as expressed in Section 1 of...
• Illinois School Code. - 105 ILCS 5, Section 1B-3
  Definitions. As used in this Article: (a) "Financial Oversight Panel" or "Panel" means the Financial Oversight Panel created under Section 1B-4; (b) "Board" means...
• Illinois School Code. - 105 ILCS 5, Section 1B-4
  Establishment of Emergency Financial Assistance and Financial Oversight Panel. When approved by the State Board under this Article there is established a body both...
• Illinois School Code. - 105 ILCS 5, Section 1B-5
  When a petition for emergency financial assistance for a school district is allowed by the State Board under Section 1B-4, the State Superintendent shall...
• Illinois School Code. - 105 ILCS 5, Section 1B-6
  General powers. The purpose of the Financial Oversight Panel shall be to exercise financial control over the board of education, and, when approved by...
• Illinois School Code. - 105 ILCS 5, Section 1B-7
  Financial Administrator; Powers and Duties. The Financial Administrator appointed by the Financial Oversight Panel shall serve as the Panel's chief executive officer. The Financial...
• Illinois School Code. - 105 ILCS 5, Section 1B-7.5
  Hiring of a district superintendent or chief executive officer. (a) Upon expiration of the contract of the school district's superintendent who is serving at the...
• Illinois School Code. - 105 ILCS 5, Section 1B-7.10
  Hiring of a chief fiscal officer. (a) In lieu of a Financial Oversight Panel Financial Administrator under Section 1B-7 of this Code, a school district...
• Illinois School Code. - 105 ILCS 5, Section 1B-8
  There is created in the State Treasury a special fund to be known as the School District Emergency Financial Assistance Fund (the "Fund"). The School...
• Illinois School Code. - 105 ILCS 5, Section 1B-9
  Assistance by State agencies, units of local government or school districts. The local board shall render such services to, and permit the use of...
• Illinois School Code. - 105 ILCS 5, Section 1B-10
  Approval of Financial Plan, Budget and Contracts. In carrying out the purposes of this Article, the Panel shall have the power to approve or...
• Illinois School Code. - 105 ILCS 5, Section 1B-11
  Balanced Budget. The local board's budget for each fiscal year shall be balanced in accordance with an accounting system and procedure to be prescribed...
• Illinois School Code. - 105 ILCS 5, Section 1B-12
  Financial Plans. The local board shall develop, adopt and submit to the Panel for approval an initial financial plan with respect to the remaining...
• Illinois School Code. - 105 ILCS 5, Section 1B-13
  Budgets. The board shall develop, adopt and submit to the Panel for approval by the Panel the annual budget for each fiscal year required...
• Illinois School Code. - 105 ILCS 5, Section 1B-14
  Contracts and Other Obligations. (a) No contract or other obligation shall be entered into by the board unless it is consistent with the financial...
• Illinois School Code. - 105 ILCS 5, Section 1B-15
  Expenditures. The board shall meet its debt service obligations as they become due. No other expenditure shall be made by the board unless it...
• Illinois School Code. - 105 ILCS 5, Section 1B-16
  Cash accounts and bank accounts. (a) The Panel shall require the board or any officer of the board, including the board's treasurer or any...
• Illinois School Code. - 105 ILCS 5, Section 1B-17
  Hearings. To the extent feasible, the Financial Oversight Panel shall provide for and encourage participation by the public in the development and review of...
• Illinois School Code. - 105 ILCS 5, Section 1B-18
  Limitations of actions after abolition; indemnification. (a) Termination of the Financial Oversight Panel shall bar any remedy available against the Panel, its members, employees,...
• Illinois School Code. - 105 ILCS 5, Section 1B-19
  Abolition of Panel. The Financial Oversight Panel shall be abolished 10 years after approval of the petition providing for its creation, or at such...
• Illinois School Code. - 105 ILCS 5, Section 1B-20
  Sanctions. (a) No member, officer, employee, or agent of the board shall commit the board to any contract or other obligation or incur any...
• Illinois School Code. - 105 ILCS 5, Section 1B-21
  (Repealed). (Source: P.A. 94-1019, eff. 7-10-06. Repealed by P.A. 94-1105, eff. 6-1-07.)
• Illinois School Code. - 105 ILCS 5, Section 1B-22
  Additional Powers of the Panel. For Panels established under Section 1B-4 for a district which had its financial plan rescinded by the State Board...
• Illinois School Code. - 105 ILCS 5, Section 1B-25
  Establishment prohibited. No school district may have a Financial Oversight Panel established pursuant to this Article after Article 1H of this Code is established. (Source:...

Last modified: February 18, 2015