HB1725 EngrossedLRB102 13839 CMG 19190 b


  
1    AN ACT concerning education.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The School Code is amended  by adding Section 
55-38 as follows:
 
6    (105 ILCS 5/5-38 new)
7    Sec. 5-38. Publication of information.
8    (a) As used in this Section: 
9    "Accounting book value" means the value carried on the 
10accounting records of the township school treasurer as of the 
11last day of a calendar quarter. 
12    "Annual total compensation" means the total cost to 
13taxpayers for the services of the identified individual during 
14the most recently completed fiscal year. 
15    "Investment instrument" means an individual investment 
16security as provided for under the Uniform Commercial Code or 
17the aggregate value of all shares held in an individual 
18investment fund or pooled account.
19    "Investment rate of return" means: 
20        (1) for fixed interest-bearing securities, the stated 
21    or calculated annual interest rate; and 
22        (2) for cash accounts and all other investment 
23    instruments, the actual income earned during the 
 
 
HB1725 Engrossed- 2 -LRB102 13839 CMG 19190 b

1    previously ending quarter, multiplied by 4, then divided 
2    by the accounting book value, expressed as a percentage. 
3    "Township school treasurer" means an individual hired by 
4the trustees of schools to perform the statutory role of 
5treasurer for school districts within the township.
6    (b) Trustees of schools in Class II county school units 
7shall maintain an Internet website on which all of the 
8following information shall be available for public viewing: 
9        (1) The name, term of office, and means of public 
10    contact for each trustee. 
11        (2) The dates, times, and locations of all trustees of 
12    schools meetings to be held during the current fiscal 
13    year. 
14        (3) The agenda for each trustees of schools meeting, 
15    posted at least 48 hours in advance of the meeting. 
16        (4) The approved minutes of all trustees of schools 
17    meetings held within the current and previous 2 fiscal 
18    years, posted no later than 100 days after the meeting 
19    date.
20        (5) The annual total compensation of each trustee and 
21    township school treasurer, itemized by salary and wages, 
22    retirement contributions, insurance premiums, vehicle and 
23    mileage allowances, deferred compensation, all other 
24    compensation, and total compensation for each individual. 
25    The fiscal year for which the amounts apply shall also be 
26    reported.
 
 
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1        (6) The address and contact information for the 
2    township school treasurer's office.
3        (7) The audited financial statements for the prior 3 
4    fiscal years.
5        (8) The budget for the current fiscal year, posted no 
6    later than September 30 of each year.
7        (9) Contracts in effect with a value over $25,000.
8        (10) Collective bargaining agreements in effect.
9    (c) Township school treasurers in Class II county school 
10units shall submit to each school district that they serve, 
11within 30 days after the end of each calendar quarter, an 
12investments report that includes all of the following:
13        (1) A list of each cash account and investment 
14    instrument held by the treasurer as of the last day of the 
15    calendar quarter and the accounting book value, investment 
16    rate of return, and maturity date, if any, of each.
17        (2) A copy of the trustees of schools investment 
18    policy under which the township school treasurer operated 
19    during the quarter. 
 
 
20    Section 99. Effective date. This Act takes effect upon 
21becoming law.