Illinois Compiled Statutes 105 Schools: Article 1E - Downstate School Finance Authority

• Illinois School Code. - 105 ILCS 5, Section 1E-1
  Short title. This Article may be cited as the Downstate School Finance Authority Law. (Source: P.A. 92-547, eff. 6-13-02.)
• Illinois School Code. - 105 ILCS 5, Section 1E-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 1E-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 1E-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 1E-20
  Members of Authority; meetings. (a) When a petition for a School Finance Authority is allowed by the State Board under Section 1E-15 of this...
• Illinois School Code. - 105 ILCS 5, Section 1E-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 district...
• Illinois School Code. - 105 ILCS 5, Section 1E-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 1E-35
  Chief educational officer. Upon expiration of the contract of the school district's superintendent who is serving at the time the Authority is established, the Authority...
• Illinois School Code. - 105 ILCS 5, Section 1E-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 1E-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 1E-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 1E-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 1E-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 1E-65
  Power to issue bonds. (a) The Authority may incur indebtedness by the issuance of negotiable full faith and credit general obligation bonds of the...
• Illinois School Code. - 105 ILCS 5, Section 1E-70
  Terms of bonds. (a) Whenever the Authority desires or is required to issue Bonds as provided in this Article, it shall adopt a resolution...
• Illinois School Code. - 105 ILCS 5, Section 1E-75
  Tax levy. (a) Before or at the time of issuing any Bonds, the Authority shall provide by resolution for the levy and collection of...
• Illinois School Code. - 105 ILCS 5, Section 1E-80
  Debt service fund. The Authority shall establish a debt service fund for the Bonds to be maintained by a paying agent, escrow agent, depository,...
• Illinois School Code. - 105 ILCS 5, Section 1E-85
  Debt service reserve fund. (a) The Authority may create and establish a debt service reserve fund to be maintained by a paying agent, escrow...
• Illinois School Code. - 105 ILCS 5, Section 1E-90
  Bond anticipation notes. (a) After the issuance of Bonds has been authorized, the Authority shall have power to issue from time to time, pursuant...
• Illinois School Code. - 105 ILCS 5, Section 1E-95
  Vesting powers in trustee or other authorized agent. The resolution authorizing issuance of the Bonds shall vest in a trustee, paying agent, escrow agent,...
• Illinois School Code. - 105 ILCS 5, Section 1E-100
  Discharge of bonds. (a) If the Authority pays or causes to be paid to the holders of all Bonds then outstanding the principal, redemption...
• Illinois School Code. - 105 ILCS 5, Section 1E-105
  Pledge of the State. The State of Illinois pledges to and agrees with the holders of Bonds that the State will not limit or...
• Illinois School Code. - 105 ILCS 5, Section 1E-110
  Statutory lien. Any pledge, assignment, lien, or security interest for the benefit of the holders of Bonds or bond anticipation notes, if any, created...
• Illinois School Code. - 105 ILCS 5, Section 1E-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 1E-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 1E-125
  Complete authority. This Article, without reference to any other law, shall be deemed full and complete authority for the issuance of Bonds and bond...
• Illinois School Code. - 105 ILCS 5, Section 1E-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 1E-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 1E-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 1E-145
  Property of Authority exempt from taxation. The property of the Authority is exempt from taxation. (Source: P.A. 92-547, eff. 6-13-02.)
• Illinois School Code. - 105 ILCS 5, Section 1E-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 1E-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 1E-160
  Limitations of actions after abolition; indemnification; legal representation. (a) Abolition of the Authority pursuant to Section 1E-155 of this Code shall bar any remedy...
• Illinois School Code. - 105 ILCS 5, Section 1E-165
  Repeal. When the Authority established pursuant to this Article is abolished pursuant to Section 1E-155, this Article shall be repealed. (Source: P.A. 97-429, eff. 8-16-11.)

Last modified: February 18, 2015