Full Text of SB1853 94th General Assembly
SB1853enr 94TH GENERAL ASSEMBLY
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| AN ACT concerning education.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The School Code is amended by changing Sections | 5 |
| 1A-8, 1B-8, 1E-25, 1E-35, 1F-20, 1F-62, 17-1, 19-1, 19-8, 20-2, | 6 |
| 20-3, and 20-5 as follows:
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| (105 ILCS 5/1A-8) (from Ch. 122, par. 1A-8)
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| Sec. 1A-8. Powers of the Board in Assisting Districts | 9 |
| Deemed in Financial
Difficulties. To promote the financial | 10 |
| integrity of school districts, the
State Board of Education | 11 |
| shall be provided the necessary powers to promote
sound | 12 |
| financial management and continue operation of the public | 13 |
| schools.
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| The State Superintendent of Education may require a school | 15 |
| district, including any district subject to Article 34A of this | 16 |
| Code, to share financial information relevant to a proper | 17 |
| investigation of the district's financial condition and the | 18 |
| delivery of appropriate State financial, technical, and | 19 |
| consulting services to the district if the district (i) has | 20 |
| been designated, through the State Board of Education's School | 21 |
| District Financial Profile System, as on financial warning or | 22 |
| financial watch status, (ii) has failed to file an annual | 23 |
| financial report, annual budget, deficit reduction plan, or | 24 |
| other financial information as required by law, or (iii) has | 25 |
| been identified, through the district's annual audit or other | 26 |
| financial and management information, as in serious financial | 27 |
| difficulty in the current or next school year. In addition to | 28 |
| financial, technical, and consulting services provided by the | 29 |
| State Board of Education, at the request of a school district, | 30 |
| the State Superintendent may provide for an independent | 31 |
| financial consultant to assist the district review its | 32 |
| financial condition and options.
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| The State Board of Education, after proper investigation of | 2 |
| a district's
financial condition, may certify that a district, | 3 |
| including any district
subject to Article 34A, is in financial | 4 |
| difficulty
when any of the following conditions occur:
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| (1) The district has issued school or teacher orders | 6 |
| for wages as permitted in Sections
8-16, 32-7.2 and 34-76 | 7 |
| of this Code , or the district has issued funding bonds
to | 8 |
| retire teacher orders in 3 of the 5 last years ;
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| (2) The district has issued tax anticipation warrants | 10 |
| or tax
anticipation notes in anticipation of a second | 11 |
| year's taxes when warrants or
notes in anticipation of | 12 |
| current year taxes are still outstanding, as
authorized by | 13 |
| Sections 17-16, 34-23, 34-59 and 34-63 of this Code , or has | 14 |
| issued short-term debt against 2 future revenue sources, | 15 |
| such as, but not limited to, tax anticipation warrants and | 16 |
| general State Aid certificates or tax anticipation | 17 |
| warrants and revenue anticipation notes ;
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| (3) The district has for 2 consecutive years shown an | 19 |
| excess
of expenditures and other financing uses over | 20 |
| revenues and other financing
sources and beginning fund | 21 |
| balances on its annual financial report for the
aggregate | 22 |
| totals of the Educational, Operations and Maintenance,
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| Transportation, and Working Cash Funds;
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| (4) The district refuses to provide financial | 25 |
| information or cooperate with the State Superintendent in | 26 |
| an investigation of the district's financial condition.
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| The district had an enrollment of no
fewer than 4,000 | 28 |
| pupils during the 1997-1998 school year, has been | 29 |
| previously
certified to be in
financial
difficulty and | 30 |
| requests to be recertified as a result of continuing | 31 |
| financial
problems.
No
recertification may be made under | 32 |
| this item (4) after December 31, 1999.
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| No school district shall be certified by the State Board of | 34 |
| Education to be in financial difficulty by
reason of any of the | 35 |
| above circumstances arising as a result of the failure
of the | 36 |
| county to make any distribution of property tax money due the |
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| district
at the time such distribution is due; or if the | 2 |
| district clearly demonstrates
to the satisfaction of the State | 3 |
| Board of Education at the time of its
determination that such | 4 |
| condition no longer exists. If the State Board of
Education | 5 |
| certifies that a district in a city with 500,000 inhabitants or
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| more is in financial difficulty, the State Board shall so | 7 |
| notify the
Governor and the Mayor of the city in which the | 8 |
| district is located. The
State Board of Education may require | 9 |
| school districts certified in
financial difficulty, except | 10 |
| those districts subject to Article 34A, to
develop, adopt and | 11 |
| submit a financial plan within 45 days after
certification of | 12 |
| financial difficulty. The financial plan shall be
developed | 13 |
| according to guidelines presented to the district by the State
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| Board of Education within 14 days of certification. Such | 15 |
| guidelines shall
address the specific nature of each district's | 16 |
| financial difficulties. Any
proposed budget of the district | 17 |
| shall be consistent with the financial plan
submitted to and
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| approved by the State Board of Education .
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| A district certified to be in financial difficulty, other | 20 |
| than a district
subject to Article 34A, shall report to the | 21 |
| State Board of Education at
such times and in such manner as | 22 |
| the State Board may direct, concerning the
district's | 23 |
| compliance with each financial plan. The State Board may review
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| the district's operations, obtain budgetary data and financial | 25 |
| statements,
require the district to produce reports, and have | 26 |
| access to any other
information in the possession of the | 27 |
| district that it deems relevant. The
State Board may issue | 28 |
| recommendations or directives within its powers to
the district | 29 |
| to assist in
assure compliance with the financial plan. The | 30 |
| district
shall produce such budgetary data, financial | 31 |
| statements, reports and other
information and comply with such | 32 |
| directives. If the State Board of Education
determines that a | 33 |
| district has failed to comply with its financial plan, the
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| State Board of Education may rescind approval of the plan and | 35 |
| appoint a
Financial Oversight Panel for the district as | 36 |
| provided in Section 1B-4. This
action shall be taken only after |
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| the district has been given notice and an
opportunity to appear | 2 |
| before the State Board of Education to discuss its
failure to | 3 |
| comply with its financial plan.
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| No bonds, notes, teachers orders, tax anticipation | 5 |
| warrants or other
evidences of indebtedness shall be issued or | 6 |
| sold by a school district or
be legally binding upon or | 7 |
| enforceable against a local board of education
of a district | 8 |
| certified to be in financial difficulty unless and until the
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| financial plan required under this Section has been approved by | 10 |
| the State
Board of Education.
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| Any financial watch list distributed by the State Board of | 12 |
| Education
pursuant to this Section shall designate those school | 13 |
| districts on the
watch list that would not otherwise be on the | 14 |
| watch list were it not for the
inability or refusal of the | 15 |
| State of Illinois to make timely
disbursements of any payments | 16 |
| due school districts or to fully reimburse
school districts for | 17 |
| mandated categorical programs pursuant to
reimbursement | 18 |
| formulas provided in this School Code.
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| (Source: P.A. 89-235, eff. 8-4-95; 90-802, eff. 12-15-98.)
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| (105 ILCS 5/1B-8) (from Ch. 122, par. 1B-8)
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| Sec. 1B-8. There is created in the State Treasury a
special | 22 |
| fund to be known as the School District Emergency
Financial | 23 |
| Assistance Fund (the "Fund"). The School District Emergency
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| Financial Assistance Fund shall consist of appropriations, | 25 |
| loan repayments, grants from the
federal government , and | 26 |
| donations from any public or private source. Moneys in
the Fund
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| may be appropriated only to the Illinois Finance Authority and
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| the State Board for
those
the purposes authorized under
of this | 29 |
| Article and Article 1F of this Code
and for the purposes of | 30 |
| Section 1F-62 of this Code .
The appropriation may be
allocated | 31 |
| and expended by the State Board as
grants to provide technical | 32 |
| and consulting services to school districts to assess their | 33 |
| financial condition and by the Illinois Finance Authority as
or
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| loans to school districts which are the subject of an
approved | 35 |
| petition for emergency financial assistance under
Section 1B-4 |
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| or 1F-62 of this Code. Neither the State Board of Education nor | 2 |
| the Illinois Finance Authority may collect any fees for | 3 |
| providing these services . From the amount allocated to each | 4 |
| such school
district the State Board shall identify a sum | 5 |
| sufficient to
cover all approved costs of the Financial | 6 |
| Oversight Panel
established for the respective school | 7 |
| district. If the State Board and State
Superintendent of | 8 |
| Education have not approved emergency financial assistance in
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| conjunction with the appointment of a Financial Oversight | 10 |
| Panel, the Panel's
approved costs shall be paid from deductions | 11 |
| from the district's general State
aid.
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| The Financial Oversight Panel may prepare and file
with the | 13 |
| State Superintendent a proposal for emergency
financial | 14 |
| assistance for the school district and for its
the
operations | 15 |
| budget of the Panel . No expenditures shall be
authorized by the | 16 |
| State Superintendent until he or she has approved
the proposal | 17 |
| of the Panel, either as submitted or in such
lesser amount | 18 |
| determined by the State Superintendent.
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| The maximum amount of an emergency financial assistance | 20 |
| loan
which may be allocated to any school district under this
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| Article, including moneys necessary for the operations of
the | 22 |
| Panel, shall not exceed $4,000
$1000 times the number of pupils
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| enrolled in the school district during the school year
ending | 24 |
| June 30 prior to the date of approval by the State
Board of the | 25 |
| petition for emergency financial assistance, as
certified to | 26 |
| the local board and the Panel by the State
Superintendent.
An | 27 |
| emergency financial assistance grant shall not exceed $1,000
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| $250 times the
number of such pupils. A district may receive | 29 |
| both a loan and a grant.
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| The payment of an emergency State financial assistance | 31 |
| grant or loan
shall be subject to appropriation by the General | 32 |
| Assembly.
Emergency State financial assistance allocated and | 33 |
| paid to a school
district under this Article may be applied to | 34 |
| any fund or funds from which
the local board of education of | 35 |
| that district is authorized to make
expenditures by law.
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| Any emergency financial assistance proposed by the
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| Financial Oversight Panel and approved by the State
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| Superintendent may be paid in its entirety during the
initial | 3 |
| year of the Panel's existence or spread in equal or
declining | 4 |
| amounts over a period of years not to exceed the
period of the | 5 |
| Panel's existence. All
loan payments made from the School | 6 |
| District Emergency Financial
Assistance Fund for a
school | 7 |
| district shall be required to be repaid, with simple interest | 8 |
| over
the term of the loan at a rate equal to 50% of the one-year | 9 |
| Constant Maturity
Treasury (CMT) yield as last published by the | 10 |
| Board of Governors of the Federal
Reserve System before the | 11 |
| date on which the district's loan is
approved
by the State | 12 |
| Board of Education, not later than the
date the
Financial | 13 |
| Oversight Panel ceases to exist. The Panel shall
establish and | 14 |
| the Illinois Finance Authority
State Superintendent shall
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| approve the terms and conditions, including the schedule, of
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| repayments. The schedule shall provide for repayments
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| commencing July 1 of each year or upon each fiscal year's | 18 |
| receipt of moneys from a tax levy for emergency financial | 19 |
| assistance . Repayment shall be incorporated into the
annual | 20 |
| budget of the school district and may be made from any fund or | 21 |
| funds
of the district in which there are moneys available. | 22 |
| Default on repayment is subject to the Illinois Grant Funds | 23 |
| Recovery Act. When moneys are repaid
as provided herein they | 24 |
| shall not be made available to the local board for
further use | 25 |
| as emergency financial assistance under this Article at any
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| time thereafter. All repayments required to be made by a school | 27 |
| district
shall be received by the State Board and deposited in | 28 |
| the School District
Emergency Financial Assistance Fund.
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| In establishing the terms and conditions for the
repayment | 30 |
| obligation of the school district the Panel shall
annually | 31 |
| determine whether a separate local property tax levy is
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| required. The board of any school district with a tax rate
for | 33 |
| educational purposes for the prior year of less than
120% of | 34 |
| the maximum rate for educational purposes authorized
by Section | 35 |
| 17-2 shall provide for a separate
tax levy for emergency | 36 |
| financial assistance repayment
purposes. Such tax levy shall |
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| not be subject to referendum approval. The
amount of the levy | 2 |
| shall be equal to the
amount necessary to meet the annual | 3 |
| repayment obligations of
the district as established by the | 4 |
| Panel, or 20% of the
amount levied for educational purposes for | 5 |
| the prior year,
whichever is less. However, no district shall | 6 |
| be
required to levy the tax if the district's operating tax
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| rate as determined under Section
18-8 or 18-8.05 exceeds 200% | 8 |
| of the district's tax rate for educational
purposes for the | 9 |
| prior year.
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| (Source: P.A. 92-855, eff. 12-6-02.)
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| (105 ILCS 5/1E-25)
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| Sec. 1E-25. General powers. The purposes of the Authority | 13 |
| shall be
to exercise financial control over the district and to | 14 |
| furnish financial
assistance so that the district can provide | 15 |
| public education within the
district's jurisdiction while | 16 |
| permitting the district to meet its obligations
to its | 17 |
| creditors and the holders of its debt. Except as
expressly | 18 |
| limited by this Article, the Authority shall have all powers
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| granted to a voluntary or involuntary Financial Oversight Panel | 20 |
| and to
a Financial Administrator under Article 1B of this Code | 21 |
| and all other powers
necessary to meet its responsibilities and | 22 |
| to carry out its purposes
and the purposes of this Article, | 23 |
| including without limitation all of the
following powers,
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| provided that the Authority shall have no power to violate any | 25 |
| statutory
provision, to impair any contract or obligation of | 26 |
| the district, or to
terminate any employee without following | 27 |
| the statutory procedures for
such terminations set forth in | 28 |
| this Code:
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| (1) To sue and to be sued.
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| (2) To make and execute contracts, leases, subleases | 31 |
| and all other
instruments or agreements necessary or | 32 |
| convenient for the exercise of
the powers and functions | 33 |
| granted by this Article.
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| (3) To purchase real or personal property necessary or | 35 |
| convenient
for its purposes; to execute and deliver deeds |
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| for real property held in
its own name; and to sell, lease, | 2 |
| or otherwise dispose of such of
its property as, in the | 3 |
| judgment of the Authority, is no longer
necessary for its | 4 |
| purposes.
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| (4) To appoint officers, agents, and employees of the | 6 |
| Authority,
including a chief executive officer, a chief | 7 |
| fiscal officer, and a chief
educational officer to | 8 |
| administer and manage, under the direction of the | 9 |
| Authority, the operations and educational programs of the | 10 |
| district, in accordance with this Article and all other | 11 |
| provisions of this Code ; to define their duties and | 12 |
| qualifications; and to
fix their compensation and employee | 13 |
| benefits.
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| (5) To transfer to the district such sums of money
as | 15 |
| are not required for other purposes.
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| (6) To borrow money and to issue obligations pursuant | 17 |
| to this
Article; to fund, refund, or advance refund the | 18 |
| same; to provide for the
rights of the holders of its | 19 |
| obligations; and to repay any advances.
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| (7) Subject to the provisions of any contract with or | 21 |
| for the
benefit of the holders of its obligations, to | 22 |
| purchase or redeem its
obligations.
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| (8) To procure all necessary goods and services for the | 24 |
| Authority
in compliance with the purchasing laws and | 25 |
| requirements applicable to
the district.
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| (8.5) To take action on behalf of the district as the | 27 |
| Authority deems necessary and in accordance with this | 28 |
| Article and all other provisions of this Code, based on the | 29 |
| recommendation of the chief executive officer, chief | 30 |
| educational officer, or chief fiscal officer, and the | 31 |
| district shall be bound by such action in all respects as | 32 |
| if the action had been approved by the district itself.
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| (9) To do any and all things necessary or convenient to | 34 |
| carry out
its purposes and exercise the powers given to it | 35 |
| by this
Article.
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| (Source: P.A. 92-547, eff. 6-13-02.)
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| (105 ILCS 5/1E-35)
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| Sec. 1E-35. Chief educational officer. Upon expiration of | 3 |
| the
contract of the school district's superintendent who is | 4 |
| serving at the time the
Authority is established, the Authority | 5 |
| shall, following consultation with the
district, employ a chief | 6 |
| educational officer for the district.
The chief educational | 7 |
| officer shall report to the Authority or the chief
executive | 8 |
| officer appointed by the Authority.
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| The chief educational officer shall have authority to | 10 |
| determine the agenda and order of business at school board | 11 |
| meetings, as needed in order to carry forward and implement the | 12 |
| objectives and priorities of the Authority in the | 13 |
| administration and management of the district.
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| The chief educational officer shall have all of the powers | 15 |
| and duties of a
school district superintendent under this Code | 16 |
| and such other duties
as may be assigned by the Authority, in | 17 |
| accordance with this Code. The district
shall not thereafter | 18 |
| employ a
superintendent during the period that a chief | 19 |
| educational officer is serving in
the district. The chief | 20 |
| educational officer shall hold a certificate with a
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| superintendent endorsement issued under Article 21 of this | 22 |
| Code.
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| (Source: P.A. 92-547, eff. 6-13-02.)
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| (105 ILCS 5/1F-20)
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| Sec. 1F-20. Members of Authority; meetings.
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| (a) Upon establishment of a School Finance Authority
under | 27 |
| Section 1F-15 of this Code, the State Superintendent shall | 28 |
| within
15 days thereafter appoint 5 members to serve on a | 29 |
| School Finance Authority for
the district. Of the initial | 30 |
| members, 2 shall be appointed to serve a
term of 2 years and 3 | 31 |
| shall be appointed to serve a term of 3 years.
Thereafter, each | 32 |
| member shall serve for a term of 3 years and until his or her
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| successor has been appointed. The State Superintendent shall | 34 |
| designate one of
the members of the Authority to serve as its |
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| Chairperson. In the event
of vacancy or resignation, the State | 2 |
| Superintendent shall, within 10
days after receiving notice, | 3 |
| appoint a successor to serve out that
member's term. The State | 4 |
| Superintendent may remove a member for
incompetence, | 5 |
| malfeasance, neglect of duty, or other just cause.
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| Members of the Authority shall be selected primarily on the | 7 |
| basis
of their experience and education in financial | 8 |
| management,
with consideration given to persons knowledgeable | 9 |
| in education finance.
Two members of the Authority shall be | 10 |
| residents of the school district that the
Authority serves. A | 11 |
| member of the Authority may not be a member of the
district's | 12 |
| school board or an
employee of the district
nor may
a
member | 13 |
| have a direct financial interest in the district.
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| Authority members shall be paid a stipend approved by the | 15 |
| State Superintendent of not more than $100 per meeting and
| 16 |
| serve without compensation, but may
be reimbursed by the State | 17 |
| Board for travel and other necessary
expenses incurred in the | 18 |
| performance of their official duties.
Unless paid from bonds | 19 |
| issued under Section 1F-65 of this Code, the amount
reimbursed | 20 |
| members for their expenses shall be charged
to the school | 21 |
| district as part of any emergency financial
assistance and | 22 |
| incorporated as a part of the terms and conditions
for | 23 |
| repayment of the assistance or shall be deducted from the
| 24 |
| district's general State aid as provided in Section 1B-8 of | 25 |
| this Code.
| 26 |
| The Authority may elect such officers as it deems | 27 |
| appropriate.
| 28 |
| (b) The first meeting of the Authority shall be held at the | 29 |
| call of the
Chairperson.
The
Authority shall prescribe the | 30 |
| times and places for its meetings and the manner
in which | 31 |
| regular and special meetings may be called and shall comply | 32 |
| with the
Open Meetings Act.
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| Three members of the Authority shall constitute a quorum.
| 34 |
| When a vote is taken upon any measure before the Authority, a | 35 |
| quorum
being present, a majority of the votes of the members | 36 |
| voting on the
measure shall determine the outcome.
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| (Source: P.A. 92-855, eff. 12-6-02.)
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| (105 ILCS 5/1F-62)
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| Sec. 1F-62. School District Emergency Financial Assistance | 4 |
| Fund;
grants and loans. | 5 |
| (a) Moneys in the School District Emergency Financial | 6 |
| Assistance Fund
established under Section 1B-8 of this Code may | 7 |
| be allocated and
expended by the State Board as grants to | 8 |
| provide technical and consulting services to school districts | 9 |
| to assess their financial condition and by the Illinois Finance | 10 |
| Authority for emergency financial assistance loans to a School | 11 |
| Finance
an
Authority that petitions for
emergency financial
| 12 |
| assistance.
An emergency financial assistance loan to a School | 13 |
| Finance
an Authority or borrowing from
sources other than the | 14 |
| State shall not be
considered as part of the calculation of a | 15 |
| district's debt for purposes of
the limitation specified in | 16 |
| Section 19-1 of this Code. From the amount allocated to each | 17 |
| School Finance Authority, the State Board shall identify a sum | 18 |
| sufficient to cover all approved costs of the School Finance | 19 |
| Authority. If the State Board and State Superintendent have not | 20 |
| approved emergency financial assistance in conjunction with | 21 |
| the appointment of a School Finance Authority, the Authority's | 22 |
| approved costs shall be paid from deductions from the | 23 |
| district's general State aid. | 24 |
| The School Finance Authority may prepare and file with the | 25 |
| State
Superintendent a proposal for emergency financial | 26 |
| assistance for the school district and for its operations | 27 |
| budget. No expenditures shall be
authorized by the State | 28 |
| Superintendent until he or she has approved
the proposal of the | 29 |
| School Finance Authority, either as submitted or in such lesser | 30 |
| amount determined by the State Superintendent.
| 31 |
| (b) The amount of an emergency financial assistance
loan | 32 |
| that may be allocated to a School Finance
an Authority under | 33 |
| this Article,
including moneys necessary for the operations of | 34 |
| the School Finance Authority, and borrowing
from sources other | 35 |
| than the State shall not
exceed, in the aggregate, $4,000 times |
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| the number of pupils enrolled in the
district
during the school | 2 |
| year ending June 30 prior to the date of approval by
the State | 3 |
| Board of the petition for emergency financial assistance, as
| 4 |
| certified to the school board and the School Finance Authority | 5 |
| by the State
Superintendent.
However, this limitation does not | 6 |
| apply to borrowing by the district secured
by
amounts levied by | 7 |
| the district prior to establishment of the School Finance
| 8 |
| Authority. An emergency financial assistance grant shall not | 9 |
| exceed $1,000 times the number of such pupils. A district may | 10 |
| receive both a loan and a grant.
| 11 |
| (c) The payment of a State emergency financial assistance | 12 |
| grant or loan
shall be subject to appropriation by the General | 13 |
| Assembly. State
emergency financial assistance allocated and | 14 |
| paid to a School Finance
an Authority
under this Article may be | 15 |
| applied to any fund or funds from which the
School Finance
| 16 |
| Authority is authorized to make expenditures by
law.
| 17 |
| (d) Any State emergency financial assistance proposed by | 18 |
| the
School Finance Authority and approved by the State | 19 |
| Superintendent may be paid in its
entirety during the initial | 20 |
| year of the School Finance Authority's existence or spread in
| 21 |
| equal or declining amounts over a period of years not to exceed | 22 |
| the
period of the School Finance Authority's existence. The | 23 |
| State Superintendent shall not
approve any loan to the School | 24 |
| Finance Authority unless the School Finance Authority has been
| 25 |
| unable to borrow sufficient funds to operate the district.
| 26 |
| All loan payments made from the School District Emergency
| 27 |
| Financial Assistance Fund to a School Finance
an Authority | 28 |
| shall be required to be
repaid not later than the date the | 29 |
| School Finance Authority ceases to exist, with simple
interest | 30 |
| over the term of the loan at a rate equal to
50% of the one-year | 31 |
| Constant Maturity Treasury (CMT) yield as last published
by the | 32 |
| Board of Governors of the Federal Reserve System
before the
| 33 |
| date on which the School Finance Authority's loan is approved | 34 |
| by the State
Board.
| 35 |
| The School Finance Authority shall establish and the | 36 |
| Illinois Finance Authority
State Superintendent shall
approve |
|
|
|
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LRB094 05832 NHT 35886 b |
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| 1 |
| the terms and conditions of the loan, including the schedule of
| 2 |
| repayments.
The schedule shall provide for repayments | 3 |
| commencing July 1 of each
year or upon each fiscal year's | 4 |
| receipt of moneys from a tax levy for emergency financial | 5 |
| assistance . Repayment shall be incorporated into the annual | 6 |
| budget of the
district and may be made from any fund or funds | 7 |
| of the district in
which there are moneys available. Default on | 8 |
| repayment is subject to the Illinois Grant Funds Recovery Act.
| 9 |
| When moneys are repaid as provided
in this Section, they shall | 10 |
| not be made available to the School Finance Authority for
| 11 |
| further use as emergency financial assistance under this | 12 |
| Article at any
time thereafter. All repayments required to be | 13 |
| made by a School Finance
an Authority
shall be received by the | 14 |
| State Board and deposited in the School District
Emergency | 15 |
| Financial Assistance Fund.
| 16 |
| In establishing the terms and conditions for the repayment
| 17 |
| obligation of the School Finance Authority, the School Finance
| 18 |
| Authority shall annually determine
whether a separate local | 19 |
| property tax levy is required to meet that obligation.
The | 20 |
| School Finance Authority
shall provide for a separate tax
levy | 21 |
| for emergency financial assistance repayment purposes. This | 22 |
| tax
levy shall not be subject to referendum approval. The | 23 |
| amount of the levy
shall not exceed the amount necessary to | 24 |
| meet the annual
emergency financial repayment
obligations of | 25 |
| the district, including principal and interest, as established
| 26 |
| by the School Finance Authority.
| 27 |
| (Source: P.A. 92-855, eff. 12-6-02.)
| 28 |
| (105 ILCS 5/17-1) (from Ch. 122, par. 17-1)
| 29 |
| Sec. 17-1. Annual Budget. The board of education of each | 30 |
| school
district under 500,000 inhabitants shall, within or | 31 |
| before the first
quarter of each fiscal year, adopt and file | 32 |
| with the State Board of Education an annual balanced budget | 33 |
| which it deems
necessary to defray all necessary expenses and | 34 |
| liabilities of the
district, and in such annual budget shall | 35 |
| specify the objects and
purposes of each item and amount needed |
|
|
|
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LRB094 05832 NHT 35886 b |
|
| 1 |
| for each object or purpose.
| 2 |
| The budget shall be entered upon a School District Budget | 3 |
| form prepared
and provided by the State Board of Education and | 4 |
| therein shall contain
a statement of the cash on hand at the
| 5 |
| beginning of the fiscal year, an estimate of the cash expected | 6 |
| to be
received during such fiscal year from all sources, an | 7 |
| estimate of the
expenditures contemplated for such fiscal year, | 8 |
| and a statement of the
estimated cash expected to be on hand at | 9 |
| the end of such year. The
estimate of taxes to be received may | 10 |
| be based upon the amount of actual
cash receipts that may | 11 |
| reasonably be expected by the district during
such fiscal year, | 12 |
| estimated from the experience of the district in prior
years | 13 |
| and with due regard for other circumstances that may | 14 |
| substantially
affect such receipts. Nothing in this Section | 15 |
| shall be construed as
requiring any district to change or | 16 |
| preventing any district from
changing from a cash basis of | 17 |
| financing to a surplus or deficit basis of
financing; or as | 18 |
| requiring any district to change or preventing any
district | 19 |
| from changing its system of accounting.
| 20 |
| To the extent that a school district's budget is not | 21 |
| balanced, the district shall also adopt and file with the State | 22 |
| Board of Education a deficit reduction plan to balance the | 23 |
| district's budget within 3 years. The deficit reduction plan | 24 |
| must be filed at the same time as the budget, but the State | 25 |
| Superintendent of Education may extend this deadline if the | 26 |
| situation warrants.
| 27 |
| The board of education of each district shall fix a fiscal | 28 |
| year
therefor. If the beginning of the fiscal year of a | 29 |
| district is
subsequent to the time that the tax levy due to be | 30 |
| made in such
fiscal year shall be
made, then such annual budget | 31 |
| shall be adopted prior to the time such
tax levy shall be made.
| 32 |
| The failure by a board of education of any district to adopt an | 33 |
| annual
budget, or to comply in any respect with the provisions | 34 |
| of this Section, shall
not affect the validity of any tax levy | 35 |
| of the district otherwise in
conformity with the law. With | 36 |
| respect to taxes levied either before, on, or
after the |
|
|
|
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LRB094 05832 NHT 35886 b |
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| 1 |
| effective date of this amendatory Act of the 91st General | 2 |
| Assembly,
(i) a tax levy is made
for the fiscal year in which | 3 |
| the levy is due to be made regardless of which
fiscal year the | 4 |
| proceeds of the levy are expended or are intended to be
| 5 |
| expended, and (ii) except as otherwise provided by law, a board | 6 |
| of education's
adoption of
an annual budget in conformity with | 7 |
| this Section is not a prerequisite to the
adoption of a valid | 8 |
| tax levy and is not a limit on the amount of the levy.
| 9 |
| Such budget shall be prepared in tentative form by some | 10 |
| person or
persons designated by the board, and in such | 11 |
| tentative form shall be
made conveniently available to public | 12 |
| inspection for at least 30 days
prior to final action thereon. | 13 |
| At least 1 public hearing shall be held
as to such budget prior | 14 |
| to final action thereon. Notice of availability
for public | 15 |
| inspection and of such public hearing shall be given by
| 16 |
| publication in a newspaper published in such district, at least | 17 |
| 30 days
prior to the time of such hearing. If there is no | 18 |
| newspaper published
in such district, notice of such public | 19 |
| hearing shall be given by
posting notices thereof in 5 of the | 20 |
| most public places in such district.
It shall be the duty of | 21 |
| the secretary of such board to make such
tentative budget | 22 |
| available to public inspection, and to arrange for such
public | 23 |
| hearing. The board may from time to time make transfers between
| 24 |
| the various items in any fund not exceeding in the aggregate | 25 |
| 10% of the
total of such fund as set forth in the budget. The | 26 |
| board may from time
to time amend such budget by the same | 27 |
| procedure as is herein provided
for its original adoption.
| 28 |
| Beginning July 1, 1976, the board of education, or regional
| 29 |
| superintendent, or governing board responsible for the | 30 |
| administration of
a joint agreement shall, by September 1 of | 31 |
| each
fiscal year thereafter, adopt an annual budget for the | 32 |
| joint agreement
in the same manner and subject to the same | 33 |
| requirements as are provided
in this Section.
| 34 |
| The State Board of Education shall exercise powers and | 35 |
| duties
relating to budgets as provided in Section 2-3.27
| 36 |
| 2--3.27 of this Code and shall require school districts to |
|
|
|
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LRB094 05832 NHT 35886 b |
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| 1 |
| submit their annual budgets, deficit reduction plans, and other | 2 |
| financial information, including revenue and expenditure | 3 |
| reports and borrowing and interfund transfer plans, in such | 4 |
| form and within the timelines designated by the State Board of | 5 |
| Education
Act .
| 6 |
| By fiscal year 1982 all school districts shall use the | 7 |
| Program Budget
Accounting System.
| 8 |
| In the case of a school district receiving emergency State | 9 |
| financial
assistance under Article 1B, the school board shall | 10 |
| also be subject to the
requirements
established under Article | 11 |
| 1B with respect to the annual budget.
| 12 |
| (Source: P.A. 91-75, eff. 7-9-99.)
| 13 |
| (105 ILCS 5/19-1) (from Ch. 122, par. 19-1)
| 14 |
| Sec. 19-1. Debt limitations of school districts.
| 15 |
| (a) School districts shall not be subject to the provisions | 16 |
| limiting their
indebtedness prescribed in "An Act to limit the | 17 |
| indebtedness of counties having
a population of less than | 18 |
| 500,000 and townships, school districts and other
municipal | 19 |
| corporations having a population of less than 300,000", | 20 |
| approved
February 15, 1928, as amended.
| 21 |
| No school districts maintaining grades K through 8 or 9 | 22 |
| through 12
shall become indebted in any manner or for any | 23 |
| purpose to an amount,
including existing indebtedness, in the | 24 |
| aggregate exceeding 6.9% on the
value of the taxable property | 25 |
| therein to be ascertained by the last assessment
for State and | 26 |
| county taxes or, until January 1, 1983, if greater, the sum | 27 |
| that
is produced by multiplying the school district's 1978 | 28 |
| equalized assessed
valuation by the debt limitation percentage | 29 |
| in effect on January 1, 1979,
previous to the incurring of such | 30 |
| indebtedness.
| 31 |
| No school districts maintaining grades K through 12 shall | 32 |
| become
indebted in any manner or for any purpose to an amount, | 33 |
| including
existing indebtedness, in the aggregate exceeding | 34 |
| 13.8% on the value of
the taxable property therein to be | 35 |
| ascertained by the last assessment
for State and county taxes |
|
|
|
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LRB094 05832 NHT 35886 b |
|
| 1 |
| or, until January 1, 1983, if greater, the sum that
is produced | 2 |
| by multiplying the school district's 1978 equalized assessed
| 3 |
| valuation by the debt limitation percentage in effect on | 4 |
| January 1, 1979,
previous to the incurring of such | 5 |
| indebtedness.
| 6 |
| Notwithstanding the provisions of any other law to the | 7 |
| contrary, in any
case in which the voters of a school district | 8 |
| have approved a proposition
for the issuance of bonds of such | 9 |
| school district at an election held prior
to January 1, 1979, | 10 |
| and all of the bonds approved at such election have
not been | 11 |
| issued, the debt limitation applicable to such school district
| 12 |
| during the calendar year 1979 shall be computed by multiplying | 13 |
| the value
of taxable property therein, including personal | 14 |
| property, as ascertained
by the last assessment for State and | 15 |
| county taxes, previous to the incurring
of such indebtedness, | 16 |
| by the percentage limitation applicable to such school
district | 17 |
| under the provisions of this subsection (a).
| 18 |
| (b) Notwithstanding the debt limitation prescribed in | 19 |
| subsection (a)
of this Section, additional indebtedness may be | 20 |
| incurred in an amount
not to exceed the estimated cost of | 21 |
| acquiring or improving school sites
or constructing and | 22 |
| equipping additional building facilities under the
following | 23 |
| conditions:
| 24 |
| (1) Whenever the enrollment of students for the next | 25 |
| school year is
estimated by the board of education to | 26 |
| increase over the actual present
enrollment by not less | 27 |
| than 35% or by not less than 200 students or the
actual | 28 |
| present enrollment of students has increased over the | 29 |
| previous
school year by not less than 35% or by not less | 30 |
| than 200 students and
the board of education determines | 31 |
| that additional school sites or
building facilities are | 32 |
| required as a result of such increase in
enrollment; and
| 33 |
| (2) When the Regional Superintendent of Schools having | 34 |
| jurisdiction
over the school district and the State | 35 |
| Superintendent of Education
concur in such enrollment | 36 |
| projection or increase and approve the need
for such |
|
|
|
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LRB094 05832 NHT 35886 b |
|
| 1 |
| additional school sites or building facilities and the
| 2 |
| estimated cost thereof; and
| 3 |
| (3) When the voters in the school district approve a | 4 |
| proposition for
the issuance of bonds for the purpose of | 5 |
| acquiring or improving such
needed school sites or | 6 |
| constructing and equipping such needed additional
building | 7 |
| facilities at an election called and held for that purpose.
| 8 |
| Notice of such an election shall state that the amount of | 9 |
| indebtedness
proposed to be incurred would exceed the debt | 10 |
| limitation otherwise
applicable to the school district. | 11 |
| The ballot for such proposition
shall state what percentage | 12 |
| of the equalized assessed valuation will be
outstanding in | 13 |
| bonds if the proposed issuance of bonds is approved by
the | 14 |
| voters; or
| 15 |
| (4) Notwithstanding the provisions of paragraphs (1) | 16 |
| through (3) of
this subsection (b), if the school board | 17 |
| determines that additional
facilities are needed to | 18 |
| provide a quality educational program and not
less than 2/3 | 19 |
| of those voting in an election called by the school board
| 20 |
| on the question approve the issuance of bonds for the | 21 |
| construction of
such facilities, the school district may | 22 |
| issue bonds for this
purpose; or
| 23 |
| (5) Notwithstanding the provisions of paragraphs (1) | 24 |
| through (3) of this
subsection (b), if (i) the school | 25 |
| district has previously availed itself of the
provisions of | 26 |
| paragraph (4) of this subsection (b) to enable it to issue | 27 |
| bonds,
(ii) the voters of the school district have not | 28 |
| defeated a proposition for the
issuance of bonds since the | 29 |
| referendum described in paragraph (4) of this
subsection | 30 |
| (b) was held, (iii) the school board determines that | 31 |
| additional
facilities are needed to provide a quality | 32 |
| educational program, and (iv) a
majority of those voting in | 33 |
| an election called by the school board on the
question | 34 |
| approve the issuance of bonds for the construction of such | 35 |
| facilities,
the school district may issue bonds for this | 36 |
| purpose.
|
|
|
|
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LRB094 05832 NHT 35886 b |
|
| 1 |
| In no event shall the indebtedness incurred pursuant to | 2 |
| this
subsection (b) and the existing indebtedness of the school | 3 |
| district
exceed 15% of the value of the taxable property | 4 |
| therein to be
ascertained by the last assessment for State and | 5 |
| county taxes, previous
to the incurring of such indebtedness | 6 |
| or, until January 1, 1983, if greater,
the sum that is produced | 7 |
| by multiplying the school district's 1978 equalized
assessed | 8 |
| valuation by the debt limitation percentage in effect on | 9 |
| January 1,
1979.
| 10 |
| The indebtedness provided for by this subsection (b) shall | 11 |
| be in
addition to and in excess of any other debt limitation.
| 12 |
| (c) Notwithstanding the debt limitation prescribed in | 13 |
| subsection (a)
of this Section, in any case in which a public | 14 |
| question for the issuance
of bonds of a proposed school | 15 |
| district maintaining grades kindergarten
through 12 received | 16 |
| at least 60% of the valid ballots cast on the question at
an | 17 |
| election held on or prior to November 8, 1994, and in which the | 18 |
| bonds
approved at such election have not been issued, the | 19 |
| school district pursuant to
the requirements of Section 11A-10 | 20 |
| may issue the total amount of bonds approved
at such election | 21 |
| for the purpose stated in the question.
| 22 |
| (d) Notwithstanding the debt limitation prescribed in | 23 |
| subsection (a)
of this Section, a school district that meets | 24 |
| all the criteria set forth in
paragraphs (1) and (2) of this | 25 |
| subsection (d) may incur an additional
indebtedness in an | 26 |
| amount not to exceed $4,500,000, even though the amount of
the | 27 |
| additional indebtedness authorized by this subsection (d), | 28 |
| when incurred
and added to the aggregate amount of indebtedness | 29 |
| of the district existing
immediately prior to the district | 30 |
| incurring the additional indebtedness
authorized by this | 31 |
| subsection (d), causes the aggregate indebtedness of the
| 32 |
| district to exceed the debt limitation otherwise applicable to | 33 |
| that district
under subsection (a):
| 34 |
| (1) The additional indebtedness authorized by this | 35 |
| subsection (d) is
incurred by the school district through | 36 |
| the issuance of bonds under and in
accordance with Section |
|
|
|
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LRB094 05832 NHT 35886 b |
|
| 1 |
| 17-2.11a for the purpose of replacing a school
building | 2 |
| which, because of mine subsidence damage, has been closed | 3 |
| as provided
in paragraph (2) of this subsection (d) or | 4 |
| through the issuance of bonds under
and in accordance with | 5 |
| Section 19-3 for the purpose of increasing the size of,
or | 6 |
| providing for additional functions in, such replacement | 7 |
| school buildings, or
both such purposes.
| 8 |
| (2) The bonds issued by the school district as provided | 9 |
| in paragraph (1)
above are issued for the purposes of | 10 |
| construction by the school district of
a new school | 11 |
| building pursuant to Section 17-2.11, to replace an | 12 |
| existing
school building that, because of mine subsidence | 13 |
| damage, is closed as of the
end of the 1992-93 school year | 14 |
| pursuant to action of the regional
superintendent of | 15 |
| schools of the educational service region in which the
| 16 |
| district is located under Section 3-14.22 or are issued for | 17 |
| the purpose of
increasing the size of, or providing for | 18 |
| additional functions in, the new
school building being | 19 |
| constructed to replace a school building closed as the
| 20 |
| result of mine subsidence damage, or both such purposes.
| 21 |
| (e) (Blank).
Notwithstanding the debt limitation | 22 |
| prescribed in subsection (a) of
this Section, a school district | 23 |
| that meets all the criteria set forth in
paragraphs (1) through | 24 |
| (5) of this subsection (e) may, without referendum,
incur an | 25 |
| additional indebtedness in an amount not to exceed the lesser | 26 |
| of
$5,000,000 or 1.5% of the value of the taxable property | 27 |
| within the district
even though the amount of the additional | 28 |
| indebtedness authorized by this
subsection (e), when incurred | 29 |
| and added to the aggregate amount of indebtedness
of the | 30 |
| district existing immediately prior to the district incurring | 31 |
| that
additional indebtedness, causes the aggregate | 32 |
| indebtedness of the district to
exceed or increases the amount | 33 |
| by which the aggregate indebtedness of the
district already | 34 |
| exceeds the debt limitation otherwise applicable to that
| 35 |
| district under subsection (a):
| 36 |
| (1) The State Board of Education certifies the school |
|
|
|
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LRB094 05832 NHT 35886 b |
|
| 1 |
| district under
Section 19-1.5 as a financially distressed | 2 |
| district.
| 3 |
| (2) The additional indebtedness authorized by this | 4 |
| subsection (e) is
incurred by the financially distressed | 5 |
| district during the school year or
school years in which | 6 |
| the certification of the district as a financially
| 7 |
| distressed district continues in effect through the | 8 |
| issuance of bonds for the
lawful school purposes of the | 9 |
| district, pursuant to resolution of the school
board and | 10 |
| without referendum, as provided in paragraph (5) of this | 11 |
| subsection.
| 12 |
| (3) The aggregate amount of bonds issued by the | 13 |
| financially distressed
district during a fiscal year in | 14 |
| which it is authorized to issue bonds under
this subsection | 15 |
| does not exceed the amount by which the aggregate | 16 |
| expenditures
of the district for operational purposes | 17 |
| during the immediately preceding
fiscal year exceeds the | 18 |
| amount appropriated for the operational
purposes of the | 19 |
| district in the annual school budget adopted by the school
| 20 |
| board of the district for the fiscal year in which the | 21 |
| bonds are issued.
| 22 |
| (4) Throughout each fiscal year in which certification | 23 |
| of the district as
a financially distressed district | 24 |
| continues in effect, the district maintains
in effect a | 25 |
| gross salary expense and gross wage expense freeze policy | 26 |
| under
which the district expenditures for total employee | 27 |
| salaries and wages do not
exceed such expenditures for the | 28 |
| immediately preceding fiscal year. Nothing in
this | 29 |
| paragraph, however, shall be deemed to impair or to require | 30 |
| impairment of
the contractual obligations, including | 31 |
| collective bargaining agreements, of the
district or to | 32 |
| impair or require the impairment of the vested rights of | 33 |
| any
employee of the district under the terms of any | 34 |
| contract or agreement in effect
on the effective date of | 35 |
| this amendatory Act of 1994.
| 36 |
| (5) Bonds issued by the financially distressed |
|
|
|
SB1853 Enrolled |
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LRB094 05832 NHT 35886 b |
|
| 1 |
| district under this
subsection shall bear interest at a | 2 |
| rate not to exceed the maximum rate
authorized by law at | 3 |
| the time of the making of the contract, shall mature
within | 4 |
| 40 years from their date of issue, and shall be signed by | 5 |
| the president
of the school board and treasurer of the | 6 |
| school district. In order to issue
bonds under this | 7 |
| subsection, the school board shall adopt a resolution | 8 |
| fixing
the amount of the bonds, the
date of the bonds, the | 9 |
| maturities of the bonds, the rates of interest of the
| 10 |
| bonds, and their place of payment and denomination, and | 11 |
| shall provide
for the levy and collection of a direct | 12 |
| annual tax upon all the taxable
property in the district | 13 |
| sufficient to pay the principal and interest on the
bonds | 14 |
| to maturity. Upon the filing in the office of the county | 15 |
| clerk of the
county in which the financially
distressed | 16 |
| district is located of a certified copy of the resolution, | 17 |
| it is the
duty of the county clerk to extend the tax | 18 |
| therefor in addition to and in
excess of all other taxes at | 19 |
| any time authorized to be levied by the district.
If bond | 20 |
| proceeds from the sale of bonds include a premium or if the | 21 |
| proceeds of
the bonds are invested as authorized by law, | 22 |
| the school board shall determine
by resolution whether the | 23 |
| interest earned on the investment of bond proceeds or
the | 24 |
| premium realized on the sale of the bonds is to be used for | 25 |
| any of the
lawful school purposes for which the bonds were | 26 |
| issued or for the payment of
the principal indebtedness and | 27 |
| interest on the bonds. The proceeds of the bond
sale shall | 28 |
| be deposited in the educational purposes fund of the | 29 |
| district and
shall be used to pay operational expenses of | 30 |
| the district. This subsection is
cumulative and | 31 |
| constitutes complete authority for the issuance of bonds as
| 32 |
| provided in this subsection, notwithstanding any other law | 33 |
| to the contrary.
| 34 |
| (f) Notwithstanding the provisions of subsection (a) of | 35 |
| this Section or of
any other law, bonds in not to exceed the | 36 |
| aggregate amount of $5,500,000 and
issued by a school district |
|
|
|
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LRB094 05832 NHT 35886 b |
|
| 1 |
| meeting the following criteria shall not be
considered | 2 |
| indebtedness for purposes of any statutory limitation and may | 3 |
| be
issued in an amount or amounts, including existing | 4 |
| indebtedness, in excess of
any heretofore or hereafter imposed | 5 |
| statutory limitation as to indebtedness:
| 6 |
| (1) At the time of the sale of such bonds, the board of | 7 |
| education of the
district shall have determined by | 8 |
| resolution that the enrollment of students in
the district | 9 |
| is projected to increase by not less than 7% during each of | 10 |
| the
next succeeding 2 school years.
| 11 |
| (2) The board of education shall also determine by | 12 |
| resolution that the
improvements to be financed with the | 13 |
| proceeds of the bonds are needed because
of the projected | 14 |
| enrollment increases.
| 15 |
| (3) The board of education shall also determine by | 16 |
| resolution that the
projected increases in enrollment are | 17 |
| the result of improvements made or
expected to be made to | 18 |
| passenger rail facilities located in the school
district.
| 19 |
| Notwithstanding the provisions of subsection (a) of this | 20 |
| Section or of any other law, a school district that has availed | 21 |
| itself of the provisions of this subsection (f) prior to July | 22 |
| 22, 2004 ( the effective date of Public Act 93-799)
this | 23 |
| amendatory Act of the 93rd General Assembly may also issue | 24 |
| bonds approved by referendum up to an amount, including | 25 |
| existing indebtedness, not exceeding 25% of the equalized | 26 |
| assessed value of the taxable property in the district if all | 27 |
| of the conditions set forth in items (1), (2), and (3) of this | 28 |
| subsection (f) are met.
| 29 |
| (g) Notwithstanding the provisions of subsection (a) of | 30 |
| this Section or any
other law, bonds in not to exceed an | 31 |
| aggregate amount of 25% of the equalized
assessed value of the | 32 |
| taxable property of a school district and issued by a
school | 33 |
| district meeting the criteria in paragraphs (i) through (iv) of | 34 |
| this
subsection shall not be considered indebtedness for | 35 |
| purposes of any statutory
limitation and may be issued pursuant | 36 |
| to resolution of the school board in an
amount or amounts, |
|
|
|
SB1853 Enrolled |
- 24 - |
LRB094 05832 NHT 35886 b |
|
| 1 |
| including existing indebtedness, in
excess of any statutory | 2 |
| limitation of indebtedness heretofore or hereafter
imposed:
| 3 |
| (i) The bonds are issued for the purpose of | 4 |
| constructing a new high school
building to replace two | 5 |
| adjacent existing buildings which together house a
single | 6 |
| high school, each of which is more than 65 years old, and | 7 |
| which together
are located on more than 10 acres and less | 8 |
| than 11 acres of property.
| 9 |
| (ii) At the time the resolution authorizing the | 10 |
| issuance of the bonds is
adopted, the cost of constructing | 11 |
| a new school building to replace the existing
school | 12 |
| building is less than 60% of the cost of repairing the | 13 |
| existing school
building.
| 14 |
| (iii) The sale of the bonds occurs before July 1, 1997.
| 15 |
| (iv) The school district issuing the bonds is a unit | 16 |
| school district
located in a county of less than 70,000 and | 17 |
| more than 50,000 inhabitants,
which has an average daily | 18 |
| attendance of less than 1,500 and an equalized
assessed | 19 |
| valuation of less than $29,000,000.
| 20 |
| (h) Notwithstanding any other provisions of this Section or | 21 |
| the
provisions of any other law, until January 1, 1998, a | 22 |
| community unit school
district maintaining grades K through 12 | 23 |
| may issue bonds up to an amount,
including existing | 24 |
| indebtedness, not exceeding 27.6% of the equalized assessed
| 25 |
| value of the taxable property in the district, if all of the | 26 |
| following
conditions are met:
| 27 |
| (i) The school district has an equalized assessed | 28 |
| valuation for calendar
year 1995 of less than $24,000,000;
| 29 |
| (ii) The bonds are issued for the capital improvement, | 30 |
| renovation,
rehabilitation, or replacement of existing | 31 |
| school buildings of the district,
all of which buildings | 32 |
| were originally constructed not less than 40 years ago;
| 33 |
| (iii) The voters of the district approve a proposition | 34 |
| for the issuance of
the bonds at a referendum held after | 35 |
| March 19, 1996; and
| 36 |
| (iv) The bonds are issued pursuant to Sections 19-2 |
|
|
|
SB1853 Enrolled |
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LRB094 05832 NHT 35886 b |
|
| 1 |
| through 19-7 of this
Code.
| 2 |
| (i) Notwithstanding any other provisions of this Section or | 3 |
| the provisions
of any other law, until January 1, 1998, a | 4 |
| community unit school district
maintaining grades K through 12 | 5 |
| may issue bonds up to an amount, including
existing | 6 |
| indebtedness, not exceeding 27% of the equalized assessed value | 7 |
| of the
taxable property in the district, if all of the | 8 |
| following conditions are met:
| 9 |
| (i) The school district has an equalized assessed | 10 |
| valuation for calendar
year 1995 of less than $44,600,000;
| 11 |
| (ii) The bonds are issued for the capital improvement, | 12 |
| renovation,
rehabilitation, or replacement
of existing | 13 |
| school buildings of the district, all of which
existing | 14 |
| buildings were originally constructed not less than 80 | 15 |
| years ago;
| 16 |
| (iii) The voters of the district approve a proposition | 17 |
| for the issuance of
the bonds at a referendum held after | 18 |
| December 31, 1996; and
| 19 |
| (iv) The bonds are issued pursuant to Sections 19-2 | 20 |
| through 19-7 of this
Code.
| 21 |
| (j) Notwithstanding any other provisions of this Section or | 22 |
| the
provisions of any other law, until January 1, 1999, a | 23 |
| community unit school
district maintaining grades K through 12 | 24 |
| may issue bonds up to an amount,
including existing | 25 |
| indebtedness, not exceeding 27% of the equalized assessed
value | 26 |
| of the taxable property in the district if all of the following
| 27 |
| conditions are met:
| 28 |
| (i) The school district has an equalized assessed | 29 |
| valuation for calendar
year 1995 of less than $140,000,000 | 30 |
| and a best 3 months
average daily
attendance for the | 31 |
| 1995-96 school year of at least 2,800;
| 32 |
| (ii) The bonds are issued to purchase a site and build | 33 |
| and equip a new
high school, and the school district's | 34 |
| existing high school was originally
constructed not less | 35 |
| than 35
years prior to the sale of the bonds;
| 36 |
| (iii) At the time of the sale of the bonds, the board |
|
|
|
SB1853 Enrolled |
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LRB094 05832 NHT 35886 b |
|
| 1 |
| of education
determines
by resolution that a new high | 2 |
| school is needed because of projected enrollment
| 3 |
| increases;
| 4 |
| (iv) At least 60% of those voting in an election held
| 5 |
| after December 31, 1996 approve a proposition
for the | 6 |
| issuance of
the bonds; and
| 7 |
| (v) The bonds are issued pursuant to Sections 19-2 | 8 |
| through
19-7 of this Code.
| 9 |
| (k) Notwithstanding the debt limitation prescribed in | 10 |
| subsection (a) of
this Section, a school district that meets | 11 |
| all the criteria set forth in
paragraphs (1) through (4) of | 12 |
| this subsection (k) may issue bonds to incur an
additional | 13 |
| indebtedness in an amount not to exceed $4,000,000 even though | 14 |
| the
amount of the additional indebtedness authorized by this | 15 |
| subsection (k), when
incurred and added to the aggregate amount | 16 |
| of indebtedness of the school
district existing immediately | 17 |
| prior to the school district incurring such
additional | 18 |
| indebtedness, causes the aggregate indebtedness of the school
| 19 |
| district to exceed or increases the amount by which the | 20 |
| aggregate indebtedness
of the district already exceeds the debt | 21 |
| limitation otherwise applicable to
that school district under | 22 |
| subsection (a):
| 23 |
| (1) the school district is located in 2 counties, and a | 24 |
| referendum to
authorize the additional indebtedness was | 25 |
| approved by a majority of the voters
of the school district | 26 |
| voting on the proposition to authorize that
indebtedness;
| 27 |
| (2) the additional indebtedness is for the purpose of | 28 |
| financing a
multi-purpose room addition to the existing | 29 |
| high school;
| 30 |
| (3) the additional indebtedness, together with the | 31 |
| existing indebtedness
of the school district, shall not | 32 |
| exceed 17.4% of the value of the taxable
property in the | 33 |
| school district, to be ascertained by the last assessment | 34 |
| for
State and county taxes; and
| 35 |
| (4) the bonds evidencing the additional indebtedness | 36 |
| are issued, if at
all, within 120 days of the effective |
|
|
|
SB1853 Enrolled |
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LRB094 05832 NHT 35886 b |
|
| 1 |
| date of this amendatory Act of 1998.
| 2 |
| (l) Notwithstanding any other provisions of this Section or | 3 |
| the
provisions of any other law, until January 1, 2000, a | 4 |
| school district
maintaining grades kindergarten through 8 may | 5 |
| issue bonds up to an amount,
including existing indebtedness, | 6 |
| not exceeding 15% of the equalized assessed
value of the | 7 |
| taxable property in the district if all of the following
| 8 |
| conditions are met:
| 9 |
| (i) the district has an equalized assessed valuation | 10 |
| for calendar year
1996 of less than $10,000,000;
| 11 |
| (ii) the bonds are issued for capital improvement, | 12 |
| renovation,
rehabilitation, or replacement of one or more | 13 |
| school buildings of the district,
which buildings were | 14 |
| originally constructed not less than 70 years ago;
| 15 |
| (iii) the voters of the district approve a proposition | 16 |
| for the issuance of
the bonds at a referendum held on or | 17 |
| after March 17, 1998; and
| 18 |
| (iv) the bonds are issued pursuant to Sections 19-2 | 19 |
| through 19-7 of this
Code.
| 20 |
| (m) Notwithstanding any other provisions of this Section or | 21 |
| the provisions
of
any other law, until January 1, 1999, an | 22 |
| elementary school district maintaining
grades K through 8 may | 23 |
| issue bonds up to an amount, excluding existing
indebtedness, | 24 |
| not exceeding 18% of the equalized assessed value of the | 25 |
| taxable
property in the district, if all of the following | 26 |
| conditions are met:
| 27 |
| (i) The school district has an equalized assessed | 28 |
| valuation for calendar
year 1995 or less than $7,700,000;
| 29 |
| (ii) The school district operates 2 elementary | 30 |
| attendance centers that
until
1976 were operated as the | 31 |
| attendance centers of 2 separate and distinct school
| 32 |
| districts;
| 33 |
| (iii) The bonds are issued for the construction of a | 34 |
| new elementary school
building to replace an existing | 35 |
| multi-level elementary school building of the
school | 36 |
| district that is not handicapped accessible at all levels |
|
|
|
SB1853 Enrolled |
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LRB094 05832 NHT 35886 b |
|
| 1 |
| and parts of
which were constructed more than 75 years ago;
| 2 |
| (iv) The voters of the school district approve a | 3 |
| proposition for the
issuance of the bonds at a referendum | 4 |
| held after July 1, 1998; and
| 5 |
| (v) The bonds are issued pursuant to Sections 19-2 | 6 |
| through 19-7 of this
Code.
| 7 |
| (n) Notwithstanding the debt limitation prescribed in | 8 |
| subsection (a) of
this Section or any other provisions of this | 9 |
| Section or of any other law, a
school district that meets all | 10 |
| of the criteria set forth in paragraphs (i)
through (vi) of | 11 |
| this subsection (n) may incur additional indebtedness by the
| 12 |
| issuance of bonds in an amount not exceeding the amount | 13 |
| certified by the
Capital Development Board to the school | 14 |
| district as provided in paragraph (iii)
of
this subsection (n), | 15 |
| even though the amount of the additional indebtedness so
| 16 |
| authorized, when incurred and added to the aggregate amount of | 17 |
| indebtedness of
the district existing immediately prior to the | 18 |
| district incurring the
additional indebtedness authorized by | 19 |
| this subsection (n), causes the aggregate
indebtedness of the | 20 |
| district to exceed the debt limitation otherwise applicable
by | 21 |
| law to that district:
| 22 |
| (i) The school district applies to the State Board of | 23 |
| Education for a
school construction project grant and | 24 |
| submits a district facilities plan in
support
of its | 25 |
| application pursuant to Section 5-20 of
the School | 26 |
| Construction Law.
| 27 |
| (ii) The school district's application and facilities | 28 |
| plan are approved
by,
and the district receives a grant | 29 |
| entitlement for a school construction project
issued by, | 30 |
| the State Board of Education under the School Construction | 31 |
| Law.
| 32 |
| (iii) The school district has exhausted its bonding | 33 |
| capacity or the unused
bonding capacity of the district is | 34 |
| less than the amount certified by the
Capital Development | 35 |
| Board to the district under Section 5-15 of the School
| 36 |
| Construction Law as the dollar amount of the school |
|
|
|
SB1853 Enrolled |
- 29 - |
LRB094 05832 NHT 35886 b |
|
| 1 |
| construction project's cost
that the district will be | 2 |
| required to finance with non-grant funds in order to
| 3 |
| receive a school construction project grant under the | 4 |
| School Construction Law.
| 5 |
| (iv) The bonds are issued for a "school construction | 6 |
| project", as that
term is defined in Section 5-5 of the | 7 |
| School Construction Law, in an amount
that does not exceed | 8 |
| the dollar amount certified, as provided in paragraph
(iii) | 9 |
| of this subsection (n), by the Capital Development Board
to | 10 |
| the school
district under Section 5-15 of the School | 11 |
| Construction Law.
| 12 |
| (v) The voters of the district approve a proposition | 13 |
| for the issuance of
the bonds at a referendum held after | 14 |
| the criteria specified in paragraphs (i)
and (iii) of this | 15 |
| subsection (n) are met.
| 16 |
| (vi) The bonds are issued pursuant to Sections 19-2 | 17 |
| through 19-7 of the
School Code.
| 18 |
| (o) Notwithstanding any other provisions of this Section or | 19 |
| the
provisions of any other law, until November 1, 2007, a | 20 |
| community unit
school district maintaining grades K through 12 | 21 |
| may issue bonds up to
an amount, including existing | 22 |
| indebtedness, not exceeding 20% of the
equalized assessed value | 23 |
| of the taxable property in the district if all of the
following | 24 |
| conditions are met:
| 25 |
| (i) the school district has an equalized assessed | 26 |
| valuation
for calendar year 2001 of at least $737,000,000 | 27 |
| and an enrollment
for the 2002-2003 school year of at least | 28 |
| 8,500;
| 29 |
| (ii) the bonds are issued to purchase school sites, | 30 |
| build and
equip a new high school, build and equip a new | 31 |
| junior high school,
build and equip 5 new elementary | 32 |
| schools, and make technology
and other improvements and | 33 |
| additions to existing schools;
| 34 |
| (iii) at the time of the sale of the bonds, the board | 35 |
| of
education determines by resolution that the sites and | 36 |
| new or
improved facilities are needed because of projected |
|
|
|
SB1853 Enrolled |
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LRB094 05832 NHT 35886 b |
|
| 1 |
| enrollment
increases;
| 2 |
| (iv) at least 57% of those voting in a general election | 3 |
| held
prior to January 1, 2003 approved a proposition for | 4 |
| the issuance of
the bonds; and
| 5 |
| (v) the bonds are issued pursuant to Sections 19-2 | 6 |
| through
19-7 of this Code.
| 7 |
| (p) Notwithstanding any other provisions of this Section or | 8 |
| the provisions of any other law, a community unit school | 9 |
| district maintaining grades K through 12 may issue bonds up to | 10 |
| an amount, including indebtedness, not exceeding 27% of the | 11 |
| equalized assessed value of the taxable property in the | 12 |
| district if all of the following conditions are met: | 13 |
| (i) The school district has an equalized assessed | 14 |
| valuation for calendar year 2001 of at least $295,741,187 | 15 |
| and a best 3 months' average daily attendance for the | 16 |
| 2002-2003 school year of at least 2,394. | 17 |
| (ii) The bonds are issued to build and equip 3 | 18 |
| elementary school buildings; build and equip one middle | 19 |
| school building; and alter, repair, improve, and equip all | 20 |
| existing school buildings in the district. | 21 |
| (iii) At the time of the sale of the bonds, the board | 22 |
| of education determines by resolution that the project is | 23 |
| needed because of expanding growth in the school district | 24 |
| and a projected enrollment increase. | 25 |
| (iv) The bonds are issued pursuant to Sections 19-2 | 26 |
| through 19-7 of this Code.
| 27 |
| (q) A school district must notify the State Board of | 28 |
| Education prior to issuing any form of long-term or short-term | 29 |
| debt that will result in outstanding debt that exceeds 75% of | 30 |
| the debt limit specified in this Section or any other provision | 31 |
| of law.
| 32 |
| (Source: P.A. 93-13, eff. 6-9-03; 93-799, eff. 7-22-04; | 33 |
| 93-1045, eff. 10-15-04; revised 10-22-04.)
| 34 |
| (105 ILCS 5/19-8)
(from Ch. 122, par. 19-8)
| 35 |
| Sec. 19-8. Bonds
to pay claims.
|
|
|
|
SB1853 Enrolled |
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LRB094 05832 NHT 35886 b |
|
| 1 |
| Any school district or non-high district operating under | 2 |
| general law or
special charter having a population of 500,000 | 3 |
| or less is authorized to
issue bonds for the purpose of paying | 4 |
| orders issued for the wages of
teachers, or for the payment of | 5 |
| claims against any such district.
| 6 |
| Such bonds may be issued in an amount, including existing | 7 |
| indebtedness,
in excess of any statutory limitation as to debt.
| 8 |
| When a school district complies with Sections 19-9 and | 9 |
| 19-11 and bonds have
been
issued under this Section 19-8 by | 10 |
| that school district and that district is
certified as a | 11 |
| financially distressed district under Section 19-1.5, the
| 12 |
| amount of those bonds, when and after they are issued, whether | 13 |
| issued before or
after such certification, shall not be | 14 |
| considered
debt under any statutory debt limitation and shall | 15 |
| be excluded from the
computation
and determination of any | 16 |
| statutory or other debt limitation applicable to the
| 17 |
| financially distressed district.
| 18 |
| (Source: P.A. 88-641, eff. 9-9-94.)
| 19 |
| (105 ILCS 5/20-2)
(from Ch. 122, par. 20-2)
| 20 |
| Sec. 20-2. Indebtedness and bonds. For the purpose of | 21 |
| creating a working
cash fund, the school board of any such | 22 |
| district may incur an indebtedness and
issue bonds as evidence | 23 |
| thereof in an amount or amounts not exceeding in the
aggregate | 24 |
| 85% of the taxes permitted to be levied for educational | 25 |
| purposes for
the then current year to be determined by | 26 |
| multiplying the maximum educational
tax rate applicable to such | 27 |
| school district by the last assessed valuation as
determined at | 28 |
| the time of the issue of said bonds plus 85% of the last known
| 29 |
| entitlement of such district to taxes as by law now or | 30 |
| hereafter enacted or
amended, imposed by the General Assembly | 31 |
| of the State of Illinois to replace
revenue lost by units of | 32 |
| local government and school districts as a result of
the | 33 |
| abolition of ad valorem personal property taxes, pursuant to | 34 |
| Article IX,
Section 5, paragraph (c) of the Constitution of the | 35 |
| State of Illinois , except
that a district that is certified |
|
|
|
SB1853 Enrolled |
- 32 - |
LRB094 05832 NHT 35886 b |
|
| 1 |
| under Section 19-1.5 as a financially
distressed district may | 2 |
| incur an indebtedness and issue bonds as evidence
thereof in an | 3 |
| amount or amounts not exceeding in the aggregate 125% of the
| 4 |
| taxes permitted to be levied for educational purposes for the | 5 |
| then current year
to be determined by multiplying the maximum | 6 |
| educational tax rate applicable to
that school district by the | 7 |
| last assessed valuation as determined at the time
of the | 8 |
| issuance of the bonds plus 125% of the last known entitlement | 9 |
| of that
district to taxes that by law now or hereafter enacted | 10 |
| or amended are imposed
by the General Assembly to replace | 11 |
| revenue lost by units of local government
and school districts | 12 |
| as a result of the abolition of ad valorem personal
property | 13 |
| taxes, pursuant to Article IX, Section 5, paragraph (c) of the
| 14 |
| Constitution of the State of Illinois . The
bonds shall bear | 15 |
| interest at not more than the maximum rate authorized by the
| 16 |
| Bond Authorization Act, as amended at the time of the making of | 17 |
| the contract,
if issued before January 1, 1972 and not more | 18 |
| than the maximum rate authorized
by the Bond Authorization Act, | 19 |
| as amended at the time of the making of the
contract, if issued | 20 |
| after January 1, 1972 and shall mature within 20 years from
the | 21 |
| date thereof. Subject to the foregoing limitations as to | 22 |
| amount, the bonds
may be issued in an amount including existing | 23 |
| indebtedness which will not
exceed the constitutional | 24 |
| limitation as to debt, notwithstanding any statutory
debt | 25 |
| limitation to the contrary. When bonds have been issued under | 26 |
| this
Article by
a school district that is certified as a | 27 |
| financially distressed district under
Section 19-1.5, the | 28 |
| amount of those bonds, when and after they are issued,
whether | 29 |
| issued before or after such certification, shall not be | 30 |
| considered debt
under any statutory debt limitation and shall | 31 |
| be
excluded from the computation and determination of any | 32 |
| statutory or other debt
limitation applicable to the | 33 |
| financially distressed district. The school
board shall before | 34 |
| or at the time
of issuing the bonds provide for the collection | 35 |
| of a direct annual tax upon all
the taxable property within the | 36 |
| district sufficient to pay the principal
thereof at maturity |
|
|
|
SB1853 Enrolled |
- 33 - |
LRB094 05832 NHT 35886 b |
|
| 1 |
| and to pay the interest thereon as it falls due, which tax
| 2 |
| shall be in addition to the maximum amount of all other taxes, | 3 |
| either
educational; transportation; operations and | 4 |
| maintenance; or fire prevention and
safety fund taxes, now or | 5 |
| hereafter authorized and in addition to any
limitations upon | 6 |
| the levy of taxes as provided by Sections 17-2 through 17-9.
| 7 |
| The bonds may be issued redeemable at the option of the school | 8 |
| board of the
district issuing them on any interest payment date | 9 |
| on or after 5 years from
date of issue.
| 10 |
| With respect to instruments for the payment of money issued | 11 |
| under this
Section either before, on, or after the effective | 12 |
| date of this amendatory
Act of 1989, it is and always has been | 13 |
| the intention of the General
Assembly (i) that the Omnibus Bond | 14 |
| Acts are and always have been
supplementary grants of power to | 15 |
| issue instruments in accordance with the
Omnibus Bond Acts, | 16 |
| regardless of any provision of this Act that may appear
to be | 17 |
| or to have been more restrictive than those Acts, (ii) that the
| 18 |
| provisions of this Section are not a limitation on the | 19 |
| supplementary
authority granted by the Omnibus Bond Acts, and | 20 |
| (iii) that instruments
issued under this Section within the | 21 |
| supplementary authority granted by the
Omnibus Bond Acts are | 22 |
| not invalid because of any provision of this Act that
may | 23 |
| appear to be or to have been more restrictive than those Acts.
| 24 |
| (Source: P.A. 87-984; 88-641, eff. 9-9-94.)
| 25 |
| (105 ILCS 5/20-3)
(from Ch. 122, par. 20-3)
| 26 |
| Sec. 20-3. Tax levy. For the purpose of providing moneys | 27 |
| for a
working cash fund, the school board of any such school | 28 |
| district may also
levy annually upon all the taxable property | 29 |
| of their district a tax,
known as the "working cash fund tax," | 30 |
| not to exceed 0.05% of
value, as
equalized or assessed by the | 31 |
| Department of Revenue ; .
provided , that : (1) no such tax shall | 32 |
| be levied if bonds are issued in
amount or amounts equal in the | 33 |
| aggregate to the limitation set forth in
Section 20-2 for the | 34 |
| creation of a working cash fund . ; (2) no such tax
shall be | 35 |
| levied and extended by a school district that is not certified |
|
|
|
SB1853 Enrolled |
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LRB094 05832 NHT 35886 b |
|
| 1 |
| as a
financially distressed district under Section 19-1.5 if | 2 |
| the amount of the tax
so to be extended
will increase the | 3 |
| working cash fund to a total amount exceeding 85% of
the taxes | 4 |
| last extended for educational purposes of the district plus
85% | 5 |
| of the last known entitlement of such district to taxes as by | 6 |
| law
now or hereafter enacted or amended, imposed by the General | 7 |
| Assembly of
the State of Illinois to replace revenue lost by | 8 |
| units of local
government and school districts as a result of | 9 |
| the abolition of ad
valorem personal property taxes, pursuant | 10 |
| to Article IX, Section 5(c) of
the Constitution of the State of | 11 |
| Illinois; and (3) no such tax shall be
levied or extended by a | 12 |
| school district that is certified as a financially
distressed | 13 |
| district under Section 19-1.5 if the amount of the tax so to be
| 14 |
| extended will increase the working cash fund to a total amount | 15 |
| exceeding 125%
of the taxes last extended for educational | 16 |
| purposes of the district plus 125%
of
the last known | 17 |
| entitlement of that district to taxes that by law now or
| 18 |
| hereafter
enacted or amended are imposed by the General | 19 |
| Assembly to
replace revenue lost by units of local government | 20 |
| and school districts as a
result of the abolition of ad valorem | 21 |
| personal property taxes, pursuant to
Article IX, Section 5(c) | 22 |
| of the Constitution of the State of
Illinois. The collection of | 23 |
| the tax
shall not be anticipated by the issuance of any | 24 |
| warrants drawn against
it. The tax shall be levied and | 25 |
| collected, except as otherwise provided
in this Section, in | 26 |
| like manner as the general taxes of the district,
and shall be | 27 |
| in addition to the maximum of all other taxes, either
| 28 |
| educational; transportation; operations and maintenance; or | 29 |
| fire
prevention and safety fund taxes, now or hereafter to be | 30 |
| levied for school
purposes. It may be levied by separate | 31 |
| resolution by the last Tuesday in
September in each year or it | 32 |
| may be included in the certificate of tax levy
filed under | 33 |
| Section 17-11.
| 34 |
| (Source: P.A. 87-984; 88-641, eff. 9-9-94.)
| 35 |
| (105 ILCS 5/20-5)
(from Ch. 122, par. 20-5)
|
|
|
|
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LRB094 05832 NHT 35886 b |
|
| 1 |
| Sec. 20-5. Transfer to other fund. This Section shall not | 2 |
| apply in any
school district which does not operate a working | 3 |
| cash fund.
| 4 |
| Moneys, including interest earned from investment of the | 5 |
| working cash fund as
in this Section provided, shall be | 6 |
| transferred from the working cash fund to
another fund of the | 7 |
| district only upon the authority of the school board which
| 8 |
| shall from time to time by separate resolution direct the | 9 |
| school treasurer to
make transfers of such sums as may be | 10 |
| required for the purposes herein
authorized.
| 11 |
| The resolution shall set forth (a) the taxes in | 12 |
| anticipation of which
such transfer is to be made and from | 13 |
| which the working cash fund is to
be reimbursed; (b) the entire | 14 |
| amount of taxes extended, or which the school
board estimates | 15 |
| will be extended or received, for any year in anticipation of
| 16 |
| the collection of all or part of which such transfer is to be | 17 |
| made; (c) the
aggregate amount of warrants or notes theretofore | 18 |
| issued in anticipation of the
collection of such taxes together | 19 |
| with the amount of interest accrued and which
the school board | 20 |
| estimates will accrue thereon; (d) the aggregate amount of
| 21 |
| receipts from taxes imposed to replace revenue lost by units of | 22 |
| local
government and school districts as a result of the | 23 |
| abolition of ad valorem
personal property taxes, pursuant to | 24 |
| Article IX, Section 5(c) of the
Constitution of the State of | 25 |
| Illinois, which the corporate authorities estimate
will be set | 26 |
| aside for the payment of the proportionate amount of debt | 27 |
| service
and pension or retirement obligations, as required by | 28 |
| Section 12 of the State
Revenue Sharing Act; and (e) the | 29 |
| aggregate amount of money theretofore
transferred from the | 30 |
| working cash fund to the other fund in anticipation of the
| 31 |
| collection of such taxes. The amount which any such resolution | 32 |
| shall direct the
treasurer so to transfer, in anticipation of | 33 |
| the collection of taxes levied or
to be received for any year, | 34 |
| together with the aggregate amount of such
anticipation tax | 35 |
| warrants or notes theretofore drawn against such taxes and the
| 36 |
| amount of interest accrued and estimated to accrue thereon and |
|
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| the aggregate
amount of such transfers to be made in | 2 |
| anticipation of the collection of such
taxes and the amount | 3 |
| estimated to be required to satisfy debt service and
pension or | 4 |
| retirement obligations, as set forth in Section 12 of the State
| 5 |
| Revenue Sharing Act, shall not exceed 85% of the actual or | 6 |
| estimated amount of
such taxes extended or to be extended or to | 7 |
| be received as set forth in such
resolution in the case of a | 8 |
| school district that is not certified as a
financially | 9 |
| distressed district under Section 19-1.5 or 125% of the actual | 10 |
| or
estimated amount of the taxes extended or to be extended or | 11 |
| to be received as
set forth in the resolution in the case of a | 12 |
| district that is certified as a
financially distressed district | 13 |
| under Section 19-1.5 . At any time moneys are
available in the | 14 |
| working cash fund they
shall be transferred to the educational | 15 |
| fund and disbursed for the payment of
salaries and other school | 16 |
| expenses so as to avoid, whenever possible, the
issuance of | 17 |
| anticipation tax warrants or notes.
| 18 |
| Moneys earned as interest from the investment of the | 19 |
| working cash fund, or
any portion thereof, may be transferred | 20 |
| from the working cash fund to another
fund of the district | 21 |
| without any requirement of repayment to the working cash
fund, | 22 |
| upon the authority of the school board by separate resolution | 23 |
| directing
the school treasurer to make such transfer and | 24 |
| stating the purpose therefore as
one herein authorized.
| 25 |
| (Source: P.A. 87-970; 87-984; 87-1168; 88-9; 88-45; 88-641, | 26 |
| eff. 9-9-94.)
| 27 |
| (105 ILCS 5/17-2C rep.)
| 28 |
| (105 ILCS 5/19-1.5 rep.)
| 29 |
| Section 10. The School Code is amended by repealing | 30 |
| Sections 17-2C and 19-1.5. | 31 |
| Section 90. The State Mandates Act is amended by adding | 32 |
| Section 8.29 as
follows:
| 33 |
| (30 ILCS 805/8.29 new)
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| Sec. 8.29. Exempt mandate. Notwithstanding Sections 6 and 8 | 2 |
| of this
Act, no reimbursement by the State is required for the | 3 |
| implementation of
any mandate created by this amendatory Act of | 4 |
| the 94th General Assembly.
| 5 |
| Section 99. Effective date. This Section and the provisions | 6 |
| changing Section 1E-25 and 1E-35 of the School Code in Section | 7 |
| 5 take effect upon becoming law. All of the other provisions of | 8 |
| this Act take effect July 1, 2006.
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INDEX
| 2 |
|
Statutes amended in order of appearance
|
| 3 |
| 105 ILCS 5/1A-8 |
from Ch. 122, par. 1A-8 |
| 4 |
| 105 ILCS 5/1B-5 |
from Ch. 122, par. 1B-5 |
| 5 |
| 105 ILCS 5/1B-8 |
from Ch. 122, par. 1B-8 |
| 6 |
| 105 ILCS 5/1F-20 |
|
| 7 |
| 105 ILCS 5/1F-62 |
|
| 8 |
| 105 ILCS 5/17-1 |
from Ch. 122, par. 17-1 |
| 9 |
| 105 ILCS 5/19-1 |
from Ch. 122, par. 19-1 |
| 10 |
| 105 ILCS 5/19-8 |
from Ch. 122, par. 19-8 |
| 11 |
| 105 ILCS 5/20-2 |
from Ch. 122, par. 20-2 |
| 12 |
| 105 ILCS 5/20-3 |
from Ch. 122, par. 20-3 |
| 13 |
| 105 ILCS 5/20-5 |
from Ch. 122, par. 20-5 |
| 14 |
| 105 ILCS 5/17-2C rep. |
|
| 15 |
| 105 ILCS 5/19-1.5 rep. |
|
| 16 |
| 30 ILCS 805/8.29 new |
|
| |
|