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90_SB1887
105 ILCS 5/34A-411 from Ch. 122, par. 34A-411
Amends the School Code. Extends the period in which the
powers of the School Finance Authority are suspended to July
1, 2010 from July 1, 1999.
LRB9011668THdv
LRB9011668THdv
1 AN ACT in relation to termination and reinstatement of
2 the School Finance Authority's power under this Article.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The School Code is amended by changing
6 Section 34A-411 as follows:
7 (105 ILCS 5/34A-411) (from Ch. 122, par. 34A-411)
8 Sec. 34A-411. Termination and reinstatement of
9 Authority's power under this Article.
10 (a) The powers and responsibilities granted to or
11 imposed upon the Authority and the Board under Sections
12 34A-401 through 34A-410 of this Article shall not be
13 exercised after the Authority has certified to the Governor
14 and the Mayor that the Board has completed 6 successive
15 Fiscal Years of balanced Budgets pursuant to the accounting
16 and other principles prescribed by the Authority.
17 Notwithstanding the foregoing sentence, Sections 34A-402,
18 34A-404, 34A-405, and 34A-408 shall continue in full force
19 and effect after such certification of the completion of 6
20 successive Fiscal Years of balanced Budgets.
21 (b) Upon determination by the Authority and
22 certification of the Authority to the Governor and the Mayor
23 that the Board has failed to adopt a balanced Budget by
24 August 15th immediately preceding the commencement of each
25 Fiscal Year or failed to achieve a balanced Budget for two
26 successive Fiscal Years, subsequent to a time in which the
27 powers and responsibilities of the Authority and the Board
28 are not exercised pursuant to paragraph (a) of this Section,
29 the Authority and Board shall resume the exercise of their
30 respective powers and responsibilities pursuant to each
31 Section of this Article.
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1 (c) Notwithstanding the provisions of subsections (a)
2 and (b) of this Section or any other provision of law to the
3 contrary, the powers and responsibilities granted to or
4 imposed upon the Authority and the Board under Sections
5 34A-401 through 34A-410 and Section 34A-606 are suspended
6 until July 1, 2010 1999.
7 (Source: P.A. 88-511; 89-15, eff. 5-30-95.)