Section 155.20  Participation

a)         Beginning July 1, 2002, each payment made under a program administered by the State Board of Education shall be disbursed by the Comptroller through the electronic transfer of funds.  Entities required to receive funds electronically shall include but not be limited to:

1)         school districts;

2)         regional superintendents of schools;

3)         other public educational agencies such as cooperatives, joint agreements, and charter schools;

4)         other payees such as nonpublic schools, universities, hospitals, township treasurers, community-based organizations, and day care centers; and

5)         individuals.

b)         At the option of the local school board, a school district may request its regional superintendent of schools to receive all payments due to the district.  Each school board that wishes payments to be directed to the regional office of education shall adopt a resolution to this effect.  A school district shall make this request in writing no later than May 31 of the fiscal year preceding the fiscal year in which the arrangement is to begin and shall forward to the regional superintendent a copy of the resolution adopted by the local board.

1)         If the regional superintendent wishes to accept receipt of one or more districts' funds, he or she shall do so no later than June 10 of the fiscal year preceding the fiscal year in which the arrangement is to begin by submitting to the State Superintendent of Education a copy of each school board's resolution.

2)         If the regional superintendent does not accept receipt of a district's funds, he or she shall send written notification to this effect to the district superintendent no later than ten days after receiving the district's request so that the district may comply with the requirements of Section 155.30 of this Part prior to the beginning of the new fiscal year.

c)         The State Superintendent of Education shall direct the Comptroller to transfer each payment to an account identified by a participant pursuant to Section 155.30 of this Part, unless:

1)         an entity participates in the public funds investment account administered by the State Treasurer and an approved application has been provided to the State Superintendent by the Treasurer;

2)         a State agency, by completing a form supplied by the State Superintendent, instructs the State Superintendent to remit funds due to the agency via intergovernmental transfer;

3)         the State Board is required to direct funds to a specified financial institution in conformance with an agreement executed under Section 820-50(b) of the Illinois Finance Authority Act [20 ILCS 3501/820-50(b)], Section 13 of the Local Government Debt Reform Act [30 ILCS 350/13], or other applicable law; or

4)         the expected duration of a financial relationship is so short or the expected number of payments is so small as to make the establishment of an arrangement for the electronic transfer of funds undesirable in the judgment of the State Superintendent.

(Source:  Amended at 29 Ill. Reg. 10131, effective June 30, 2005)