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90_HB3803 105 ILCS 5/34A-411 from Ch. 122, par. 34A-411 Amends the School Code. Extends the period in which the powers of the School Finance Authority are suspended to July 1, 2010 from July 1, 1999. LRB9011597THpk LRB9011597THpk 1 AN ACT in relation to termination and reinstatement of 2 the School Finance Authority's power under this Article. 3 Be it enacted by the People of the State of Illinois, 4 represented in the General Assembly: 5 Section 5. The School Code is amended by changing 6 Section 34A-411 as follows: 7 (105 ILCS 5/34A-411) (from Ch. 122, par. 34A-411) 8 Sec. 34A-411. Termination and reinstatement of 9 Authority's power under this Article. 10 (a) The powers and responsibilities granted to or 11 imposed upon the Authority and the Board under Sections 12 34A-401 through 34A-410 of this Article shall not be 13 exercised after the Authority has certified to the Governor 14 and the Mayor that the Board has completed 6 successive 15 Fiscal Years of balanced Budgets pursuant to the accounting 16 and other principles prescribed by the Authority. 17 Notwithstanding the foregoing sentence, Sections 34A-402, 18 34A-404, 34A-405, and 34A-408 shall continue in full force 19 and effect after such certification of the completion of 6 20 successive Fiscal Years of balanced Budgets. 21 (b) Upon determination by the Authority and 22 certification of the Authority to the Governor and the Mayor 23 that the Board has failed to adopt a balanced Budget by 24 August 15th immediately preceding the commencement of each 25 Fiscal Year or failed to achieve a balanced Budget for two 26 successive Fiscal Years, subsequent to a time in which the 27 powers and responsibilities of the Authority and the Board 28 are not exercised pursuant to paragraph (a) of this Section, 29 the Authority and Board shall resume the exercise of their 30 respective powers and responsibilities pursuant to each 31 Section of this Article. -2- LRB9011597THpk 1 (c) Notwithstanding the provisions of subsections (a) 2 and (b) of this Section or any other provision of law to the 3 contrary, the powers and responsibilities granted to or 4 imposed upon the Authority and the Board under Sections 5 34A-401 through 34A-410 and Section 34A-606 are suspended 6 until July 1, 20101999. 7 (Source: P.A. 88-511; 89-15, eff. 5-30-95.)