HB4017 104TH GENERAL ASSEMBLY

LRB104 12646 LNS 23374 b

104TH GENERAL ASSEMBLY
State of Illinois
2025 and 2026
HB4017

Introduced 3/11/2025, by Rep. Curtis J. Tarver, II

SYNOPSIS AS INTRODUCED:

See Index

Amends the School Finance Authority Act of the School Code. Reinstates the School Finance Authority and reverts any powers, duties, rights, or property granted to the Chicago Board of Education upon the abolition of the original Authority established by the Article back to the Authority. Provides that any powers, duties, rights, or property granted to the Board before the abolition of the original Authority and after the reinstatement of the Authority under the amendatory Act shall remain vested in the Board. Updates the expiration dates of terms of the Chairman, the 2 Directors of the Authority appointed by the Governor, and the 2 Directors of the Authority appointed by the Mayor. Requires the Board to adopt and submit for approval a financial plan on or before March 1, 2027 and adopt and submit for approval a budget on or before February 1, 2027 with respect to the remaining portion of the fiscal year ending in 2027. Requires the Board, beginning in fiscal year 2029 and every second year thereafter, to adopt a financial plan covering a period of 2 fiscal years. Requires the Board to submit a staffing plan for the fiscal year ending in 2027 to the Authority within 90 days after the effective date of the amendatory Act. Makes other changes.

STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT MAY APPLY

A BILL FOR

AN ACT concerning education.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The School Code is amended by changing Sections 34A-102, 34A-103, 34A-201, 34A-302, 34A-403, 34A-404, 34A-405.2, 34A-602, 34A-604, and 34A-606 as follows:

(105 ILCS 5/34A-102) (from Ch. 122, par. 34A-102)

Sec. 34A-102. Findings and purpose.

(a) The General Assembly finds:

(i) A fundamental goal of the people of the State, as expressed in Section 1 of Article X of the Illinois Constitution, is the educational development of all persons to the limits of their capacities. When a board of education faces financial difficulties, continued operation of the public school system is threatened.

(ii) A sound financial structure is essential to the continued operation of any school system. It is vital to commercial, educational, and cultural interests that the public schools remain in operation. To achieve that goal, public school systems must have effective access to the private market to borrow short and long term funds.

(iii) To promote the financial integrity of boards of education of cities having a population exceeding 500,000, it is necessary to provide for the creation of school finance authorities with the powers necessary to promote sound financial management and to assure the continued operation of the public schools.

(b) It is the purpose of this Article to provide a secure financial basis for the continued operation of the public schools. In addition, it is the further purpose of this Article to facilitate implementation of school reform in the continued operation of the public schools in accordance with the provisions of this amendatory Act of 1991 and in accordance with the reinstatement of the Authority by this amendatory Act of the 104th General Assembly. The intention of the General Assembly, in enacting this legislation, is to establish procedures, provide powers, and impose restrictions to assure the financial and educational integrity of the public schools while leaving principal responsibility for the educational policies of the public schools to the boards of education within the State, consistent with the requirements for satisfying the public policy and purpose herein set forth.

(Source: P.A. 85-1418; 86-1477.)

(105 ILCS 5/34A-103) (from Ch. 122, par. 34A-103)

Sec. 34A-103. Definitions. As used in this Article:

(a) "Authority" means the "(Name of City) School Finance Authority";

(b) "Board" means any board of education to which this Article is applicable;

(c) "Budget" means the budget of the Board as defined in Section 34-43 of this Act, as from time to time in effect;

(d) "Chairman" means the chairman of the Authority appointed pursuant to paragraph (c) of Section 34A-301 of this Article;

(e) "City" means the city wherein the school district of such Board is located;

(f) "Financial Plan" means the financial plan of the Board to be developed pursuant to Section 34A-403 of this Article, as from time to time in effect;

(g) "Fiscal Year" means the fiscal year of the Board;

(h) "Governor" means the Governor of the State of Illinois;

(i) "School year" means the school year of the Board;

(j) "Approved System-Wide Educational Reform Goals and Objectives Plan" means the system-wide educational reform goals and objectives plan that has been accepted and approved by the Authority;

(k) "Investment Obligations" means any of the following which at the time of investment are legal investments under the laws of the State for the money proposed to be invested therein:

(i) Direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America;

(ii) Bonds, debentures, or notes or other evidence of indebtedness issued or guaranteed by any of the following agencies: CoBank; Bank for Cooperatives; Federal Intermediate Credit Banks; Federal Land Banks; Federal Home Loan Banks; the Federal National Mortgage Association; the United States Postal Service; the Government National Mortgage Association; the Federal Financing National Mortgage Association; the Federal Financing Bank; or any other agency or instrumentality of the United States of America now existing or hereafter created;

(iii) New Housing Authority Bonds issued by public agencies or municipalities and fully secured as to the payment of both principal and interest by a pledge of annual contributions under an Annual Contributions Contract or Contracts with the United States of America, or Project Notes issued by public agencies or municipalities and fully secured as to the payment of both principal and interest by a requisition or payment agreement with the United States of America;

(iv) Direct and general obligations of, or obligations guaranteed by, the State, to the payment of the principal of and interest on which the full faith and credit of the State is pledged;

(v) Negotiable or non-negotiable time deposits evidenced by certificates of deposit issued by banks, trust companies or national banking associations (which may include the trustee) which are members of the Federal Deposit Insurance Corporation and savings and loan associations which are members of the Federal Savings and Loan Insurance Corporation, provided that such time deposits in any such bank, trust company, national banking association or savings and loan association are continuously secured by obligations described in clause clauses (i), (ii), (iii), or (iv) of this definition, provided further that such obligations at all times have a market value at least equal to the maturity value of the deposits so secured, including accrued interest; and

(vi) Repurchase agreements with banks (which may include the trustee) described in clause (v) of this definition and government bond dealers reporting to, trading with, and recognized as primary dealers by a Federal Reserve Bank, the underlying securities of which are obligations described in clause clauses (i) or (ii) of this definition, provided that the underlying securities are required to be continuously maintained at a market value not less than the amount so invested;

(l) "Mayor" means the Mayor of the City;

(m) "Obligations" means bonds and notes of the Authority;

(n) "State" means the State of Illinois.

(Source: P.A. 85-1418; 86-1477.)

(105 ILCS 5/34A-201) (from Ch. 122, par. 34A-201)

Sec. 34A-201. General powers. The purposes of the Authority shall be to exercise financial control over the Board, and to furnish financial assistance so that the Board can provide public education within the Board's jurisdiction while permitting the Board to meet its obligations to its creditors and the holders of its notes and bonds. Except as expressly limited by this Article, the Authority shall have all powers necessary to meet its responsibilities and to carry out its purposes and the purposes of this Article, including, but not limited to, the following powers:

(a) to sue and be sued;

(b) to provide for its organization and internal management and, subject to agreements with or for the benefit of holders of its Obligations, to make rules and regulations governing the use of its property and facilities;

(c) to make and execute contracts, leases, subleases, and all other instruments or agreements necessary or convenient for the exercise of the powers and functions granted by this Article;

(d) to purchase real or personal property necessary or convenient for its purposes; to execute and deliver deeds for real property held in its own name; to mortgage, pledge, or otherwise grant security interests in such properties; and to sell, lease, or otherwise dispose of such of its property as, in the judgment of the Authority, is no longer necessary for its purposes;

(e) to appoint officers, agents, and employees of the Authority, define their duties and qualifications, and fix their compensation and employee benefits;

(f) to lend or otherwise transfer to the Board such sums of money as are not required for other purposes;

(g) to borrow money and to issue Obligations pursuant to this Article, to fund, refund, or advance refund the same, to provide for the rights of the holders of its Obligations, and to repay any advances;

(h) subject to the provisions of any contract with or for the benefit of the holders of its Obligations, to purchase or redeem its Obligations or to purchase the notes, bonds, or obligations of the Board or the notes, bonds, or obligations of the City;

(i) to procure insurance against any loss in such amounts and from such insurers as it deems desirable;

(j) to engage the services of consultants for rendering professional and technical assistance and advice on matters within the Authority's power;

(k) to contract for and to accept any gifts, grants, or loans of funds or property or financial or other aid in any form from the federal government, the State state government, a unit of local government, a school district, or any agency or instrumentality thereof, or from any other private or public source, and to comply with the terms and conditions thereof;

(l) as security for the payment of the principal of and interest on its Obligations and for the performance of any agreements made in connection therewith, to grant a security interest or lien upon all or any part of its property or revenues;

(m) to pay the expenses of its operations; and

(n) to do any and all things necessary or convenient to carry out its purposes and exercise the powers given to the Authority by this Article.

The powers granted to the Authority under this Section that were passed to and vested in the Board upon the Authority's abolition before the effective date of this amendatory Act of the 104th General Assembly shall be reinstated to the Authority on the effective date of this amendatory Act of the 104th General Assembly, and the Board shall not have any of the powers set forth in this Section.

(Source: P.A. 81-1221.)

(105 ILCS 5/34A-302) (from Ch. 122, par. 34A-302)

Sec. 34A-302. Terms, vacancies, and removal. This Section applies to the Authority reinstated by this amendatory Act of the 104th General Assembly. Of the initial Directors appointed by the Governor, with the approval of the Mayor, one each shall be selected for terms expiring on January 31, 2027 1981 and January 31, 2028 1982. Of the initial Directors appointed by the Mayor with the approval of the Governor, one each shall be selected for terms expiring on January 31, 2027 1981 and January 31, 2028 1982. The initial Chairman shall be selected for a term expiring on January 31, 2029 1983. Thereafter, each Director shall hold office for a term of 3 years, and until his successor has been appointed as provided in Section 34A-301. Any vacancy which shall arise, shall be filled as provided in Section 34A-301. Any Director appointed to fill a vacancy shall serve until the expiration of his predecessor's term, and until his successor has been appointed as provided in Section 34A-301. A vacancy shall occur upon resignation, death, conviction of a felony, or removal from office of a Director. Directors shall be eligible for reappointment. Any Director may be removed for incompetence, malfeasance, or neglect of duty, at the instance of the occupant of the office entitled to appoint that Director, or in the case of the Chairman at the instance of the occupant of each office so entitled.

(Source: P.A. 81-1221.)

(105 ILCS 5/34A-403) (from Ch. 122, par. 34A-403)

Sec. 34A-403. Financial Plans. The Board shall develop, adopt, and submit to the Authority on or before March 1, 2027 1980, for approval by the Authority, an initial Financial Plan with respect to the remaining portion of the Fiscal Year ending in 2027 1980 and for the 2 two succeeding Fiscal Years. The Board shall develop and adopt subsequent Financial Plans in accordance with this Section. Beginning with the Fiscal Year beginning in 2030 1993, and every second year thereafter, the Board shall adopt a Financial Plan covering a period of 2 fiscal years. After adoption by the Board, the Board shall submit each plan to the Authority for its approval not later than 30 days prior to the commencement of the first Fiscal Year to which the Financial Plan relates, except that the Financial Plan to be developed for the Fiscal Years beginning in 1993 and 1994 shall be submitted to the Authority within 90 days of the effective date of this amendatory Act of 1993. The Authority shall approve or reject the Financial Plan within 15 days of its receipt of the Financial Plan from the Board. No Financial Plan shall have force or effect without approval of the Authority. Each Financial Plan shall be developed, submitted, approved, and monitored in accordance with the following procedures:

(a) The Board shall determine and submit to the Authority, at a time and in a manner prescribed by the Authority, estimates of revenues available to the Board during the period for which the Financial Plan is to be in effect. The Authority shall approve, reject, or amend the revenue estimates. If In the event the Board fails, for any reason, to submit to the Authority estimates of revenue as required by this paragraph, the Authority may prepare such estimates. The Financial Plan submitted by the Board shall be based upon revenue estimates approved or prepared by the Authority. As soon as practicable following the establishment of the Authority, the President of the Board shall, at the request of the Chairman of the Authority, make available to the Chairman of the Authority copies of the audited financial statements and of the books and records of account of the Board for the preceding 5 fiscal years of the Board.

(b) Each Financial Plan for each Fiscal Year or part thereof to which it relates, shall contain (i) a description of revenues and expenditures, provision for debt service, cash resources and uses, and capital improvements, each in such manner and detail as the Authority shall prescribe, (ii) a description of the means by which the Budget will be brought into balance in accordance with Section 34A-402 of this Article, and (iii) such other matters that the Authority, in its discretion, requires. The initial Financial Plan shall also include a description of the means by which any outstanding short-term indebtedness shall be paid or refunded by the Board. The Authority may prescribe any reasonable time, standards, procedures, or forms consistent with this Section for preparation and submission of the Financial Plan.

(c) The Authority shall approve the initial and each subsequent Financial Plan if, in its judgment, the plan is complete, is reasonably capable of being achieved, and meets the requirement set forth in Section 34A-402 of this Article. Otherwise, the Authority shall reject the Financial Plan. If the Financial Plan is rejected In the event of rejection, the Authority may prescribe a procedure and standards for revision of the Financial Plan by the Board.

(d) The Board shall report to the Authority, at such times and in such manner as the Authority may direct, concerning the Board's compliance with each Financial Plan. The Authority may review the Board's operations, obtain budgetary data and financial statements, require the Board to produce reports, and have access to any other information in the possession of the Board that it deems relevant. The Authority may issue recommendations or directives within its powers to the Board to assure compliance with the Financial Plan. The Board shall produce such budgetary data, financial statements, reports, and other information and comply with such directives.

(e) After approval of each Financial Plan, the Board shall regularly reexamine the revenue and expenditure estimates on which it was based and revise them as necessary. The Board shall promptly notify the Authority of any material change in the revenue or expenditure estimates in the Financial Plan. The Board may submit to the Authority, or the Authority may require the Board to submit, modified Financial Plans based upon revised revenue or expenditure estimates or for any other good reason. The Authority shall approve or reject each modified Financial Plan pursuant to paragraph (c) of this Section.

(Source: P.A. 88-511.)

(105 ILCS 5/34A-404) (from Ch. 122, par. 34A-404)

Sec. 34A-404. Budgets. The Board shall develop and adopt and submit to the Authority on or before February 1, 2027 1980, for approval by the Authority, a revised Budget for the remaining portion of the Fiscal Year ending in 2027 1980 and, thereafter, an annual Budget for each Fiscal Year. After adoption by the Board, the Board shall submit each Budget to the Authority for its approval not later than 30 days prior to the commencement of the Fiscal Year to which the Budget relates. The Authority shall approve or reject the Budget within 15 days of its receipt from the Board. No Budget shall have force or effect without approval of the Authority. Each Budget shall be developed, submitted, approved, and monitored in accordance with the following procedures:

(a) Each Budget submitted by the Board shall be based upon revenue estimates approved or prepared by the Authority, as provided in paragraph (a) of Section 34A-403 of this Article.

(b) Each Budget shall contain such information and detail as may be prescribed by the Authority. The Authority may also prescribe any reasonable time, standards, procedures or forms for preparation and submission of the Budget. Any deficit for the Fiscal Year ending in 2028 1981 and for any Fiscal Year thereafter shall be included as a current expense item for the succeeding Fiscal Year.

(c)(1) The Authority shall approve each Budget if, in its judgment, the Budget is complete, is reasonably capable of being achieved, will meet the requirement set forth in Section 34A-402 of this Article, and will be consistent with the Financial Plan in effect. Otherwise, the Authority shall reject the Budget. In the event of rejection, the Authority may prescribe a procedure and standards for revision of the Budget by the Board.

(2) For any Fiscal Year, the Authority may approve a provisional budget that, in its judgment, will satisfy the standards of subdivision (c)(1) of this Section if, notwithstanding the provisions of the Illinois Educational Labor Relations Act or any other law to the contrary, the amount appropriated therein for all spending for operations shall not at any time, on an annualized basis, exceed an Expenditure Limitation established by the Authority. The Authority may establish and enforce, including by exercise of its powers under Section 34A-409(b), such monitoring and control measures as it deems necessary to assure that the commitments, obligations, expenditures, and cash disbursements of the Board continue to conform on an ongoing basis with any Expenditure Limitation. No commitment, contract, or other obligation of the Board in excess of the Expenditure Limitation shall be legally binding, and any member of the Board or any local school council, or officer, employee or agent thereof, who violates the provisions of this Section shall be subject to the provisions of Sections 34-52 and 34A-608. An Expenditure Limitation established by the Authority shall remain in effect for that Fiscal Year or until revoked by the Authority.

(d) The Board shall report to the Authority at such times and in such manner as the Authority may direct, concerning the Board's compliance with each Budget. The Authority may review the Board's operations, obtain budgetary data and financial statements, require the Board to produce reports, and have access to any other information in the possession of the Board that the Authority deems relevant. The Authority may issue recommendations or directives within its powers to the Board to assure compliance with the Budget. The Board shall produce such budgetary data, financial statements, reports and other information and comply with such directives.

(e) After approval of each Budget, the Board shall promptly notify the Authority of any material change in the revenue or expenditure estimates in the Budget. The Board may submit to the Authority, or the Authority may require the Board to submit, a supplemental Budget. The Authority shall approve or reject each supplemental Budget pursuant to paragraph (c) of this Section.

(Source: P.A. 100-201, eff. 8-18-17.)

(105 ILCS 5/34A-405.2)

Sec. 34A-405.2. Staffing levels.

(a) No hiring or appointment of any person in any position by the Board, the general superintendent, any other officer or employee of the Board, or any local school council shall be made or entered into unless it is consistent with the Financial Plan and Budget in effect and the staffing plan approved by the Authority under this Section. The hiring or appointment of any person shall not be binding on the Board unless and until it is in compliance with this Section.

(b) The Board shall submit to the Authority for approval by the Authority a staffing plan for the upcoming school year at the same time as the submission of the Budget, except that the staffing plan for the fiscal year ending in 2027 1994 shall be submitted to the Authority within 90 days after the effective date of this amendatory Act of the 104th General Assembly of 1993. The staffing plan shall be accompanied by a cost analysis and such other information as the Authority may require. The Authority may adopt, and from time to time amend, rules regulations to implement this Section and may prescribe standards, procedures, and forms for submission of the staffing plan.

(c) The Authority shall approve the staffing plan if, in its judgment, the information required to be submitted is complete and the staffing plan is consistent with the Budget and Financial Plan in effect. Otherwise, the Authority shall reject the staffing plan; in the event of rejection, the Authority shall prescribe a procedure and standards for revision of the staffing plan. The Authority shall act on the staffing plan at the same time as the approval of the Budget, except that the staffing plan for the fiscal year ending in 1994 shall be acted upon at the same time as approval of the Financial Plan for that fiscal year.

(d) The Board shall report to the Authority, at such times and in such manner as the Authority may direct, concerning the Board's compliance with each staffing plan. The Authority may review the Board's operations, obtaining budgetary data and financial statements, may require the Board to produce reports, and shall have access to any other information in the possession of the Board that it deems relevant. The Authority may issue recommendations or directives within its powers to the Board to assure compliance with the staffing plan. The Board shall produce such budgetary data, financial statements, reports, and other information and shall comply with such directives.

(e) After approval of each staffing plan, the Board shall regularly reexamine the estimates on which it was based and revise them as necessary. The Board shall promptly notify the Authority of any material change in the estimates in the staffing plan. The Board may submit to the Authority, or the Authority may require the Board to submit, modifications to the staffing plan based upon revised revenue or expenditure estimates or for any other good reason. The Authority shall approve or reject each modified staffing plan pursuant to subsection (c) of this Section.

(Source: P.A. 88-511.)

(105 ILCS 5/34A-602) (from Ch. 122, par. 34A-602)

Sec. 34A-602. Indemnification. Limitations of actions after abolition; indemnification.

(a) (Blank). Abolition of the Authority pursuant to Section 34A-605 shall bar any remedy available against the Authority, its Directors, employees, or agents, for any right or claim existing, or any liability incurred, prior to such abolition unless the action or other proceeding thereon is commenced prior to the expiration of 2 years after the date of such abolition.

(b) The Authority may indemnify any Director, officer, employee, or agent who was or is a party, or is threatened to be made a party to any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative, by reason of the fact that the person he was a Director, officer, employee, or agent of the Authority, against expenses (including attorney's attorneys' fees), judgments, fines, and amounts paid in settlement actually and reasonably incurred by the Director, officer, employee, or agent him in connection with such action, suit, or proceeding, if the Director, officer, employee, or agent he acted in good faith and in a manner the Director, officer, employee, or agent he reasonably believed to be in, or not opposed to the best interests of the Authority and, with respect to any criminal action or proceeding, had no reasonable cause to believe the Director's, officer's, employee's, or agent's his conduct was unlawful. The termination of any action, suit, or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith in a manner which the person he reasonably believed to be in or not opposed to the best interest of the Authority, and, with respect to any criminal action or proceeding, had reasonable cause to believe that the person's his conduct was unlawful.

To the extent that a Director, officer, employee, or agent of the Authority has been successful, on the merits or otherwise, in the defense of any such action, suit, or proceeding referred to in this subsection or in defense of any claim, issue, or matter therein, the Director, officer, employee, or agent he shall be indemnified against expenses (including attorney's fees) actually and reasonably incurred by the Director, officer, employee, or agent him in connection therewith. Any such indemnification shall be made by the Authority only as authorized in the specific case, upon a determination that indemnification of the Director, officer, employee, or agent is proper in the circumstances because the Director, officer, employee, or agent he has met the applicable standard of conduct. Such determination shall be made: (1) by the Board of Directors by a majority vote of a quorum consisting of Directors who are not parties to such action, suit, or proceeding; , or (2) if such a quorum is not obtainable, or, even if obtainable, a quorum of disinterested Directors so directs, by independent legal counsel in a written opinion.

Reasonable expenses incurred in defending an action, suit, or proceeding shall be paid by the Authority in advance of the final disposition of such action, suit, or proceeding, as authorized by the Board of Directors in the specific case, upon receipt of an undertaking by or on behalf of the Director, officer, employee, or agent to repay such amount, unless it shall ultimately be determined that the Director, officer, employee, or agent he is entitled to be indemnified by the Authority as authorized in this Section.

Any Director, officer, employee, or agent against whom any action, suit, or proceeding is brought may employ the Director's, officer's, employee's, or agent's his or her own attorney to appear on the Director's, officer's, employee's, or agent's his or her behalf.

The right to indemnification accorded by this Section shall not limit any other right to indemnification to which the Director, officer, employee, or agent may be entitled. Any rights hereunder shall inure to the benefit of the heirs, executors, and administrators of any Director, officer, employee, or agent of the Authority.

The Authority may purchase and maintain insurance on behalf of any person who is or was a Director, officer, employee, or agent of the Authority against any liability asserted against the Director, officer, employee, or agent him and incurred by the Director, officer, employee, or agent him in any such capacity, or arising out of the Director's, officer's, employee's, or agent's his status as such, whether or not the Authority would have the power to indemnify the Director, officer, employee, or agent him against such liability under the provisions of this Section.

(Source: P.A. 82-97.)

(105 ILCS 5/34A-604) (from Ch. 122, par. 34A-604)

Sec. 34A-604. Reinstatement Abolition of Authority; Board powers, duties, rights, and property. The Authority shall be reinstated on the effective date of this amendatory Act of the 104th General Assembly. All powers and duties granted to the Authority under this Article shall also be reinstated. Any rights and property that were passed to and vested in the Board upon the abolition of the original Authority established by this Article or that were granted to the Board under this Article after the abolition of the original Authority shall be reinstated to the Authority on the effective date of this amendatory Act of the 104th General Assembly. The Board shall not have any powers, duties, rights, or property granted to the Authority under this Article. Any powers, duties, rights, or property granted to the Board under this Article prior to the abolition of the original Authority or after the reinstatement of the Authority under this amendatory Act of the 104th General Assembly shall remain vested in the Board. abolished one year after all its Obligations have been fully paid and discharged or otherwise provided for. Upon the abolition of the Authority, all of its rights and property shall pass to and be vested in the Board.

(Source: P.A. 96-705, eff. 1-1-10.)

(105 ILCS 5/34A-606) (from Ch. 122, par. 34A-606)

Sec. 34A-606. Reports.

(a) The Directors, upon taking office and annually thereafter, shall prepare and submit to the Governor, Mayor, General Assembly, and City Council a report which shall include the audited financial statement for the preceding Fiscal Year of the Board, an approved Financial Plan or a statement of reasons for the failure to adopt such a Financial Plan, a statement of the major steps necessary to accomplish the objectives of the Financial Plan, and a request for any legislation necessary to achieve the objectives of the Financial Plan.

(b) Annual reports shall be submitted on or before May 1 of each year.

(c) The requirement for reporting to the General Assembly shall be satisfied by filing copies of the report with the Board, the Governor, the Mayor, and as required by Section 3.1 of the General Assembly Organization Act, and filing such additional copies with the State Government Report Distribution Center for the General Assembly as is required under paragraph (t) of Section 7 of the State Library Act.

(d) Each annual report required to be submitted through May 1, 1995, shall also include: (i) a description of the activities of the Authority; (ii) an analysis of the educational performance of the Board for the preceding school year; (iii) an Approved System-Wide Educational Reform Goals and Objectives Plan or a statement of reasons for the failure to adopt such an Approved System-Wide Educational Reform Goals and Objectives Plan; (iv) a statement of the major steps necessary to accomplish the goals of the Approved System-Wide Educational Reform Goals and Objectives Plan; (v) a commentary with respect to those Board policies and rules and those provisions of this The School Code and collective bargaining agreements between the Board and its employees which, in the opinion of the Authority, are obstacles and a hindrance to fulfillment of any Approved System-Wide Educational Reform Goals and Objectives Plan; and (vi) a request for any legislative action necessary to achieve the goals of the Approved System-Wide Educational Reform Goals and Objectives Plan.

(Source: P.A. 100-1148, eff. 12-10-18.)