State of Illinois
90th General Assembly
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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, 2010 1999.
 7    (Source: P.A. 88-511; 89-15, eff. 5-30-95.)

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