Illinois Compiled Statutes 105 Schools: Article 34A - School Finance Authority

• Illinois School Code. - 105 ILCS 5, Section 34A-101
  Short title. This Article shall be known and may be cited as the "School Finance Authority Act." (Source: P.A. 81-1221.)
• Illinois School Code. - 105 ILCS 5, Section 34A-102
  Findings and purpose. (a) The General Assembly finds: (i) A fundamental goal of the people of the State, as expressed in Section 1 of...
• Illinois School Code. - 105 ILCS 5, Section 34A-103
  Definitions. As used in this Article: (a) "Authority" means the "(Name of City) School Finance Authority"; (b) "Board" means any board of education to...
• Illinois School Code. - 105 ILCS 5, Section 34A-104
  Establishment of Authority. For each school district organized under Article 34 there is established a body both corporate and politic and a unit of...
• Illinois School Code. - 105 ILCS 5, Section 34A-201
  General powers. The purposes of the Authority shall be to exercise financial control over the Board, and to furnish financial assistance so that the...
• Illinois School Code. - 105 ILCS 5, Section 34A-201.1
  (Repealed). (Source: P.A. 89-15, eff. 5-30-95. Repealed by P.A. 89-698, eff. 1-14-97.)
• Illinois School Code. - 105 ILCS 5, Section 34A-201a
  (Repealed). (Source: Repealed by P.A. 88-511.)
• Illinois School Code. - 105 ILCS 5, Section 34A-202
  Deposits and Investments. (a) The Authority shall have the power to establish checking and whatever other banking or savings and loan association accounts it...
• Illinois School Code. - 105 ILCS 5, Section 34A-301
  Board of Directors. The governing body of the Authority shall be a board consisting of 5 Directors appointed as follows: (a) Two Directors appointed...
• Illinois School Code. - 105 ILCS 5, Section 34A-302
  Terms, vacancies and removal. Of the initial Directors appointed by the Governor, with the approval of the Mayor, one each shall be selected for...
• Illinois School Code. - 105 ILCS 5, Section 34A-303
  Chairman and other officers. The Chairman shall preside at meetings of the Directors. The Directors may establish such offices and appoint such officers for...
• Illinois School Code. - 105 ILCS 5, Section 34A-304
  Assistance by state agencies, units of local government or school districts. The Board shall render such services to, and permit the use of its...
• Illinois School Code. - 105 ILCS 5, Section 34A-305
  Compensation. The Directors shall serve without compensation, but each Director shall be entitled to reimbursement for actual and necessary expenses incurred in the performance...
• Illinois School Code. - 105 ILCS 5, Section 34A-306
  Meetings and records. (a) The Governor shall call the first meeting of the Authority. Thereafter, the Directors shall prescribe the times and places for...
• Illinois School Code. - 105 ILCS 5, Section 34A-401
  Approval of Financial Plan and Budget. In carrying out the purposes of this Article and pursuant to Sections 34A-402 through 34A-411, as hereinafter provided,...
• Illinois School Code. - 105 ILCS 5, Section 34A-401.1
  Limitation. Notwithstanding the provisions of any other law to the contrary, the Authority shall have no power to reject the Financial Plans, Budgets and...
• Illinois School Code. - 105 ILCS 5, Section 34A-402
  Balanced budget. The Board's budget for its fiscal year ending in 1982 and for each subsequent fiscal year shall be balanced in accordance with...
• Illinois School Code. - 105 ILCS 5, Section 34A-403
  Financial Plans. The Board shall develop, adopt and submit to the Authority on or before March 1, 1980, for approval by the Authority, an...
• Illinois School Code. - 105 ILCS 5, Section 34A-403.1
  Fiscal year 1994 contracts. Notwithstanding any provision of this Article to the contrary, the failure of a Board to have a Financial Plan approved...
• Illinois School Code. - 105 ILCS 5, Section 34A-404
  Budgets. The Board shall develop and adopt and submit to the Authority on or before February 1, 1980, for approval by the Authority, a...
• Illinois School Code. - 105 ILCS 5, Section 34A-405
  Contracts. (a) No contract or other obligation shall be entered into by the Board unless it is consistent with the Financial Plan and Budget...
• Illinois School Code. - 105 ILCS 5, Section 34A-405.1
  Interim operations. Notwithstanding any other provision of law to the contrary, for the period September 1 through September 12, 1993, the following provisions apply:...
• Illinois School Code. - 105 ILCS 5, Section 34A-405.2
  Staffing levels. (a) No hiring or appointment of any person in any position by the Board, the general superintendent, any other officer or employee...
• Illinois School Code. - 105 ILCS 5, Section 34A-406
  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 34A-406.1
  During the 1984-85 school year only, the number of education fund positions for both teacher-certificated and career service personnel employed by the Chicago Board...
• Illinois School Code. - 105 ILCS 5, Section 34A-406.2
  Interim Operations for Fiscal Year 1994 Pending Budget Adoption and Approval. Notwithstanding any other provision of law to the contrary, for the fiscal year...
• Illinois School Code. - 105 ILCS 5, Section 34A-407
  Approval of chief financial officer. The Board shall appoint a chief financial officer subject to the approval of the Authority. Either the Authority or...
• Illinois School Code. - 105 ILCS 5, Section 34A-408
  Financial and managerial audits. (a) The Authority may examine the business records and audit the accounts of the Board or require that the Board...
• Illinois School Code. - 105 ILCS 5, Section 34A-409
  Cash accounts and bank accounts. (a) The Authority shall require the Board or any officer of the Board, including the Board's treasurer or any...
• Illinois School Code. - 105 ILCS 5, Section 34A-410
  Financial, management and budgetary structure. Upon direction of the Authority, the Board shall reorganize the financial accounts, management and Budgetary systems of the Board...
• Illinois School Code. - 105 ILCS 5, Section 34A-411
  Termination and reinstatement of Authority's power under this Article. (a) The powers and responsibilities granted to or imposed upon the Authority and the Board...
• Illinois School Code. - 105 ILCS 5, Section 34A-412
  (Repealed). (Source: Repealed by P.A. 88-511.)
• Illinois School Code. - 105 ILCS 5, Section 34A-413
  (Repealed). (Source: Repealed by P.A. 88-511.)
• Illinois School Code. - 105 ILCS 5, Section 34A-414
  (Repealed). (Source: Repealed by P.A. 88-511.)
• Illinois School Code. - 105 ILCS 5, Section 34A-415
  (Repealed). (Source: Repealed by P.A. 88-511.)
• Illinois School Code. - 105 ILCS 5, Section 34A-501
  Power to issue Bonds. (a) The Authority may incur indebtedness by the issuance of its negotiable full faith and credit general obligation bonds (the...
• Illinois School Code. - 105 ILCS 5, Section 34A-501.1
  Additional bond authority. Subject to the limitation in additional amount authorized by this amendatory Act of 1993 in Section 34A-501, the Authority shall incur...
• Illinois School Code. - 105 ILCS 5, Section 34A-502
  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 34A-503
  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 34A-504
  Debt service fund. (a) The Authority shall establish a debt service fund for the Bonds to be maintained by a corporate trustee (which may...
• Illinois School Code. - 105 ILCS 5, Section 34A-505
  Debt service reserve fund. (a) The Authority may create and establish a debt service reserve fund to be maintained by a corporate trustee (which...
• Illinois School Code. - 105 ILCS 5, Section 34A-506
  Bond Anticipation Notes. (a) After the issuance of Bonds shall have been authorized, the Authority shall have power to issue from time to time,...
• Illinois School Code. - 105 ILCS 5, Section 34A-507
  Resolution vesting powers in trustee. The resolution authorizing issuance of the Bonds shall vest in a trustee such rights, powers and duties in trust...
• Illinois School Code. - 105 ILCS 5, Section 34A-508
  Property of Authority exempt from taxation. The property of the Authority shall be exempt from taxation. (Source: P.A. 81-1221.)
• Illinois School Code. - 105 ILCS 5, Section 34A-509
  Discharge of Bonds. (a) If the Authority shall pay or cause to be paid to the holders of all Bonds and coupons, if any,...
• Illinois School Code. - 105 ILCS 5, Section 34A-510
  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 34A-511
  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 34A-512
  Complete authority. This Act, without reference to any other statute, shall be deemed full and complete authority for the issuance of the Bonds and...
• Illinois School Code. - 105 ILCS 5, Section 34A-601
  Hearings. To the extent feasible, the Authority shall provide for and encourage participation by the public in the development and review of financial and...
• Illinois School Code. - 105 ILCS 5, Section 34A-602
  Limitations of actions after abolition; indemnification. (a) Abolition of the Authority pursuant to Section 34A-605 shall bar any remedy available against the Authority, its...
• Illinois School Code. - 105 ILCS 5, Section 34A-603
  State, City or Board not liable on Obligations. Obligations issued under the provisions of this Article shall not be deemed to constitute a debt...
• Illinois School Code. - 105 ILCS 5, Section 34A-604
  Abolition of Authority. The Authority shall be abolished one year after all its Obligations have been fully paid and discharged or otherwise provided for. Upon...
• Illinois School Code. - 105 ILCS 5, Section 34A-605
  Obligations as legal investments. The Obligations are hereby made securities in which all public officers and bodies of this State and all political subdivisions...
• Illinois School Code. - 105 ILCS 5, Section 34A-606
  Reports. (a) The Directors, upon taking office and annually thereafter, shall prepare and submit to the Governor, Mayor, General Assembly, and City Council a...
• Illinois School Code. - 105 ILCS 5, Section 34A-607
  Audit of Authority. The Authority shall be subject to audit in the manner now or hereafter provided for the audit of State funds and...
• Illinois School Code. - 105 ILCS 5, Section 34A-608
  Sanctions. (a) No member, officer, employee, or agent of the Board shall commit the Board to any contract or other obligation or incur any...

Last modified: February 18, 2015