Illinois Compiled Statutes 105 Schools: Article 1H - Financial Oversight Panels

• Illinois School Code. - 105 ILCS 5, Section 1H-1
  Short title. This Article may be cited as the Financial Oversight Panel Law. (Source: P.A. 97-429, eff. 8-16-11.)
• Illinois School Code. - 105 ILCS 5, Section 1H-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 in...
• Illinois School Code. - 105 ILCS 5, Section 1H-10
  Definitions. As used in this Article: "Budget" means the annual budget of the district required under Section 17-1 of this Code, as in effect from...
• Illinois School Code. - 105 ILCS 5, Section 1H-15
  Establishment of Financial Oversight Panels; duties of district. (a) A school district may petition the State Board for the establishment of a Financial Oversight Panel...
• Illinois School Code. - 105 ILCS 5, Section 1H-20
  Members of Panel; meetings. (a) Upon establishment of a Financial Oversight Panel under Section 1H-15 of this Code, the State Superintendent shall within 15 working...
• Illinois School Code. - 105 ILCS 5, Section 1H-25
  General powers. (a) The purposes of the Panel shall be to exercise financial control over the district and to furnish financial assistance so that the...
• Illinois School Code. - 105 ILCS 5, Section 1H-30
  Employees. The Panel may employ individuals under this Section if it is so warranted. These individuals may include any of the following: (1) A chief...
• Illinois School Code. - 105 ILCS 5, Section 1H-35
  School treasurer. (a) In Class I county school units and in each district that forms part of a Class II county school unit but that...
• Illinois School Code. - 105 ILCS 5, Section 1H-45
  Collective bargaining agreements. In conjunction with the district, the Panel shall have the power to negotiate collective bargaining agreements with the district's employees. Upon union...
• Illinois School Code. - 105 ILCS 5, Section 1H-50
  Deposits and investments. (a) The Panel shall have the power to establish checking and whatever other banking accounts it may deem appropriate for conducting its...
• Illinois School Code. - 105 ILCS 5, Section 1H-55
  Cash accounts and bank accounts. (a) The Panel shall require the district or any officer of the district, including the district's treasurer, to establish and...
• Illinois School Code. - 105 ILCS 5, Section 1H-60
  Financial, management, and budgetary structure. Upon direction of the Panel, the district shall reorganize the financial accounts, management, and budgetary systems of the district in...
• Illinois School Code. - 105 ILCS 5, Section 1H-65
  School district emergency financial assistance; grants and loans. The Panel may prepare and file with the State Superintendent a proposal for emergency financial assistance for...
• Illinois School Code. - 105 ILCS 5, Section 1H-70
  Tax anticipation warrants, tax anticipation notes, revenue anticipation certificates or notes, general State aid anticipation certificates, and lines of credit. With the approval of the...
• Illinois School Code. - 105 ILCS 5, Section 1H-75
  Tax for emergency Financial Oversight Panel financial aid. If the Panel is unable to secure short-term borrowing pursuant to Section 1H-70 of this Code, the...
• Illinois School Code. - 105 ILCS 5, Section 1H-85
  Obligations as legal investments. The obligations issued under the provisions of this Article are hereby made securities in which all public officers and bodies of...
• Illinois School Code. - 105 ILCS 5, Section 1H-90
  Reports. The Panel, upon taking office and annually thereafter, shall prepare and submit to the State Superintendent a report that includes the audited financial statement...
• Illinois School Code. - 105 ILCS 5, Section 1H-95
  Audit of Panel. The State Superintendent may require a separate audit of the Panel, otherwise the activities of the Panel must be included in the...
• Illinois School Code. - 105 ILCS 5, Section 1H-100
  Assistance by State agencies, units of local government, and school districts. The district shall render such services to and permit the use of its facilities...
• Illinois School Code. - 105 ILCS 5, Section 1H-105
  Property of Panel exempt from taxation. The property of the Panel is exempt from taxation. (Source: P.A. 97-429, eff. 8-16-11.)
• Illinois School Code. - 105 ILCS 5, Section 1H-110
  Sanctions. (a) No member, officer, employee, or agent of the district may commit the district to any contract or other obligation or incur any liability...
• Illinois School Code. - 105 ILCS 5, Section 1H-115
  Abolition of Panel. (a) Except as provided in subsections (b), (c), and (d) of this Section, the Panel shall be abolished 10 years after its...
• Illinois School Code. - 105 ILCS 5, Section 1H-120
  Indemnification; legal representation; limitations of actions after abolition. (a) The Panel may indemnify any member, officer, employee, or agent who was or is a party...

Last modified: February 18, 2015