101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB5318

 

Introduced , by Rep. William Davis

 

SYNOPSIS AS INTRODUCED:
 
105 ILCS 5/5-38 new

    Amends the School Code. Requires trustees of schools in Class II county school units to maintain an Internet website on which the specified information shall be available for public viewing. Requires township school treasurers in Class II county school units to submit to each school district that they serve, within 30 days after the end of each calendar quarter, an investments report that includes specified information. Defines terms. Effective immediately.


LRB101 17458 CMG 66868 b

FISCAL NOTE ACT MAY APPLY
STATE MANDATES ACT MAY REQUIRE REIMBURSEMENT

 

 

A BILL FOR

 

HB5318LRB101 17458 CMG 66868 b

1    AN ACT concerning education.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The School Code is amended by adding Section
55-38 as follows:
 
6    (105 ILCS 5/5-38 new)
7    Sec. 5-38. Publication of information.
8    (a) As used in this Section:
9    "Accounting book value" means the value carried on the
10accounting records of the township school treasurer as of the
11last day of a calendar quarter.
12    "Annual total compensation" means the total cost to
13taxpayers for the services of the identified individual during
14the most recently completed fiscal year.
15    "Investment instrument" means an individual investment
16security as provided for under the Uniform Commercial Code or
17the aggregate value of all shares held in an individual
18investment fund or pooled account.
19    "Investment rate of return" means:
20        (1) for fixed interest-bearing securities, the stated
21    or calculated annual interest rate; and
22        (2) for cash accounts and all other investment
23    instruments, the actual income earned during the

 

 

HB5318- 2 -LRB101 17458 CMG 66868 b

1    previously ending quarter, multiplied by 4, then divided by
2    the accounting book value, expressed as a percentage.
3    "Township school treasurer" means an individual hired by
4the trustees of schools to perform the statutory role of
5treasurer for school districts within the township.
6    (b) Trustees of schools in Class II county school units
7shall maintain an Internet website on which the following
8information shall be available for public viewing:
9        (1) Name, term of office, and means of public contact
10    for each trustee.
11        (2) Dates, times, and locations of all trustees of
12    schools meetings to be held during the current fiscal year.
13        (3) The agenda for each trustees of schools meeting,
14    posted at least 48 hours in advance of the meeting.
15        (4) Approved minutes of all trustees of schools
16    meetings held within the current and previous 2 fiscal
17    years, posted no later than 100 days after the meeting
18    date.
19        (5) Annual total compensation of each trustee and
20    township school treasurer, itemized by salary and wages,
21    retirement contributions, insurance premiums, vehicle and
22    mileage allowances, deferred compensation, all other
23    compensation, and total compensation for each individual.
24    The fiscal year for which the amounts apply shall also be
25    reported.
26        (6) Address and contact information for the township

 

 

HB5318- 3 -LRB101 17458 CMG 66868 b

1    school treasurer's office.
2        (7) Audited financial statements for the prior 3 fiscal
3    years.
4        (8) The budget for the current fiscal year, posted no
5    later than September 30 of each year.
6        (9) Contracts in effect with a value over $25,000.
7        (10) Collective bargaining agreements in effect.
8    (c) Township school treasurers in Class II county school
9units shall submit to each school district that they serve,
10within 30 days after the end of each calendar quarter, an
11investments report that includes:
12        (1) A list of each cash account and investment
13    instrument held by the treasurer as of the last day of the
14    calendar quarter and the accounting book value, investment
15    rate of return, and maturity date, if any, of each.
16        (2) A copy of the trustees of schools investment policy
17    under which the township school treasurer operated during
18    the quarter.
 
19    Section 99. Effective date. This Act takes effect upon
20becoming law.