Illinois General Assembly - Illinois Compiled Statutes

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105 ILCS 5/1B-5

(105 ILCS 5/1B-5) (from Ch. 122, par. 1B-5)

Sec. 1B-5.

When a petition for emergency financial
assistance for a school district is allowed by the State
Board under Section 1B-4, the State Superintendent
shall within 10 days thereafter appoint 3 members
to serve at the State Superintendent's pleasure on a
Financial Oversight Panel for the district.  The State
Superintendent shall designate one of the members of the
Panel to serve as its Chairman.  In the event of vacancy or
resignation the State Superintendent shall appoint a
successor within 10 days of receiving notice thereof.

Members of the Panel shall be selected primarily on the
basis of their experience and education in financial
management, with consideration given to persons
knowledgeable in education finance.  A member of the Panel
may not be a board member or employee of the district for
which the Panel is constituted, nor may a member have a
direct financial interest in that district.

Panel members shall serve without compensation, but may
be reimbursed for travel and other necessary expenses
incurred in the performance of their official duties by the
State Board.  The amount reimbursed Panel
members for their expenses shall be charged to the school
district as part of any emergency financial assistance and
incorporated as a part of the terms and conditions for
repayment of such assistance or shall be deducted from the district's general
State aid or evidence-based funding as provided in Section 1B-8.

The first meeting of the Panel shall be held at the
call of the Chairman.  The Panel may elect such other
officers as it deems appropriate.  The Panel shall prescribe
the times and places for its meetings and the manner in
which regular and special meetings may be called, and shall
comply with the Open Meetings Act.

Two members of the Panel shall constitute a quorum, and
the affirmative vote of 2 members shall be necessary for any
decision or action to be taken by the Panel.

The Panel and the State Superintendent
shall cooperate with each other in the exercise of their
respective powers.  The Panel shall report not later than
September 1 annually to the State Board and the State
Superintendent with respect to its activities and the
condition of the school district for the previous fiscal
year.

Any Financial Oversight Panel established under this
Article shall remain in existence for not less than 3 years
nor more than 10 years from the date the State Board grants
the petition under Section 1B-4.  If after 3 years the
school district has repaid all of its obligations resulting
from emergency State financial assistance provided under
this Article and has improved its financial situation, the board of
education may, not more
frequently than once in any 12 month period, petition the
State Board to dissolve the Financial Oversight Panel,
terminate the oversight responsibility, and remove the
district's certification under Section 1A-8 as a district in
financial difficulty.  In acting on such a petition the
State Board shall give additional weight to the
recommendations of the State Superintendent and the
Financial Oversight Panel.

(Source: P.A. 100-465, eff. 8-31-17.)