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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB5322 Introduced , by Rep. Mary E. Flowers SYNOPSIS AS INTRODUCED:
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| 105 ILCS 5/10-20.73 new | | 105 ILCS 5/34-18.66 new | |
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Amends the School Code. Provides that if a school district has excess cash reserves, the school district must either: (i) reduce the amount of the tax levy for the following levy year by the amount of the excess cash reserves; or (ii) submit a report to the State Board of Education detailing the purpose and utilization timeline for those excess cash reserves. Provides that "excess cash reserves" means the amount of money in a working cash fund that exceeds 100% of the operating costs of the school district based on the preceding school year. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY | STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT |
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| | HB5322 | | LRB101 17459 CMG 66869 b |
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| 1 | | AN ACT concerning education.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The School Code is amended by adding Section |
| 5 | | 10-20.73 as follows:
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| 6 | | (105 ILCS 5/10-20.73 new) |
| 7 | | Sec. 10-20.73. Excess cash reserve abatement. If a school |
| 8 | | district has excess cash reserves, the school district must |
| 9 | | either: (i) reduce the amount of the tax levy for the following |
| 10 | | levy year by the amount of the excess cash reserves; or (ii) |
| 11 | | submit a report to the State Board of Education detailing the |
| 12 | | purpose and utilization timeline for those excess cash |
| 13 | | reserves. |
| 14 | | In this Section, "excess cash reserves" means the amount of |
| 15 | | money in a working cash fund that exceeds 100% of the operating |
| 16 | | costs of the school district based on the preceding school |
| 17 | | year.
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| 18 | | Section 10. The School Code is amended by adding Section |
| 19 | | 34-18.66 as follows:
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| 20 | | (105 ILCS 5/34-18.66 new) |
| 21 | | Sec. 34-18.66. Excess cash reserve abatement. If the school |