Full Text of HB1725 102nd General Assembly
HB1725eng 102ND GENERAL ASSEMBLY |
| | HB1725 Engrossed | | LRB102 13839 CMG 19190 b |
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| 1 | | AN ACT concerning education.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The School Code is amended by adding Section | 5 | | 5-38 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 | 10 | | accounting records of the township school treasurer as of the | 11 | | last day of a calendar quarter. | 12 | | "Annual total compensation" means the total cost to | 13 | | taxpayers for the services of the identified individual during | 14 | | the most recently completed fiscal year. | 15 | | "Investment instrument" means an individual investment | 16 | | security as provided for under the Uniform Commercial Code or | 17 | | the aggregate value of all shares held in an individual | 18 | | investment 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 |
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| 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 | 4 | | the trustees of schools to perform the statutory role of | 5 | | treasurer for school districts within the township. | 6 | | (b) Trustees of schools in Class II county school units | 7 | | shall maintain an Internet website on which all of the | 8 | | following 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 | 10 | | units shall submit to each school district that they serve, | 11 | | within 30 days after the end of each calendar quarter, an | 12 | | investments 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 | 21 | | becoming law.
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