Bill Text: IL SB2149 | 2011-2012 | 97th General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Creates the Financial Oversight Panel Law of the School Code. Allows a school district (other than the Chicago school district) to petition the State Board of Education for the establishment of a Financial Oversight Panel for the district. Allows the State Board to establish a Financial Oversight Panel without a petition from a district. Contains provisions concerning duties of the district; members and meetings of a Panel; powers of a Panel; officers of a Panel; collective bargaining agreements; deposits and investments; cash and bank accounts; the financial, management, and budgetary structure; the School District Emergency Financial Assistance Fund; grants and loans; the issuance of bonds; a tax levy; a debt service fund; a debt service reserve fund; bond anticipation notes; tax anticipation warrants; reports; a Panel audit; Panel property being exempt from taxation; sanctions; and abolition of a Panel. Makes related changes in the School Code and the Property Tax Code. Effective July 1, 2011.
Spectrum: Bipartisan Bill
Status: (Passed) 2011-08-16 - Public Act . . . . . . . . . 97-0429 [SB2149 Detail]
Download: Illinois-2011-SB2149-Amended.html
Bill Title: Creates the Financial Oversight Panel Law of the School Code. Allows a school district (other than the Chicago school district) to petition the State Board of Education for the establishment of a Financial Oversight Panel for the district. Allows the State Board to establish a Financial Oversight Panel without a petition from a district. Contains provisions concerning duties of the district; members and meetings of a Panel; powers of a Panel; officers of a Panel; collective bargaining agreements; deposits and investments; cash and bank accounts; the financial, management, and budgetary structure; the School District Emergency Financial Assistance Fund; grants and loans; the issuance of bonds; a tax levy; a debt service fund; a debt service reserve fund; bond anticipation notes; tax anticipation warrants; reports; a Panel audit; Panel property being exempt from taxation; sanctions; and abolition of a Panel. Makes related changes in the School Code and the Property Tax Code. Effective July 1, 2011.
Spectrum: Bipartisan Bill
Status: (Passed) 2011-08-16 - Public Act . . . . . . . . . 97-0429 [SB2149 Detail]
Download: Illinois-2011-SB2149-Amended.html
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| 1 | AMENDMENT TO SENATE BILL 2149
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| 2 | AMENDMENT NO. ______. Amend Senate Bill 2149, AS AMENDED, | ||||||
| 3 | with reference to page and line numbers of Senate Amendment No. | ||||||
| 4 | 1, as follows:
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| 5 | on page 6, line 10, after "official", by inserting ", except | ||||||
| 6 | that such person shall not be treated as an employee under this | ||||||
| 7 | Section if that person has negotiated with the Financial | ||||||
| 8 | Oversight Panel, in conjunction with the school district, a | ||||||
| 9 | contractual agreement for exclusion from this Section"; and
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| 10 | on page 22, line 8, by replacing "1E-165" with "1B-25, | ||||||
| 11 | 1E-165,"; and
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| 12 | on page 31, immediately below line 8, by inserting the | ||||||
| 13 | following:
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| 14 | "(105 ILCS 5/1B-25 new) | ||||||
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| 1 | Sec. 1B-25. Establishment prohibited. No school district | ||||||
| 2 | may have a Financial Oversight Panel established pursuant to | ||||||
| 3 | this Article after Article 1H of this Code is established.".
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