Illinois General Assembly - Bill Status for SB3681

Creates the Financial Oversight Panel Law of the School Code. Allows a school district (other than the Chicago school district) to petition the State Board of Education for the establishment of a Financial Oversight Panel for the district. Allows the State Board to establish a Financial Oversight Panel without a petition from a district. Contains provisions concerning duties of the district; members and meetings of a Panel; powers of a Panel; officers of a Panel; collective bargaining agreements; deposits and investments; cash and bank accounts; the financial, management, and budgetary structure; the School District Emergency Financial Assistance Fund; grants and loans; the issuance of bonds; a tax levy; a debt service fund; a debt service reserve fund; bond anticipation notes; tax anticipation warrants and other certificates and notes; reports; a Panel audit; Panel property being exempt from taxation; sanctions; and abolition of a Panel. Makes related changes in the School Code, the Property Tax Code, and the Illinois Pension Code. Further amends the School Code with respect to districts in financial difficulty, the custody of school funds, bank reconciliation reports, and deficit reduction plans. Effective immediately.

Deletes everything after the enacting clause. Amends the School Code with respect to districts in financial difficulty. Provides that the State Superintendent of Education may require a school district to share financial information relevant to a proper investigation of the district's financial condition and the delivery of appropriate State financial, technical, and consulting services to the district if the district is determined to be likely to fail to fully meet any regularly scheduled, payroll-period obligations when due or any debt service payments when due or both. Provides that the State Board of Education may certify that a district is in financial difficulty when the district is likely to fail to fully meet any regularly scheduled, payroll-period obligations when due or any debt service payments when due or both. Effective immediately.

Further amends the School Code to make changes concerning student dropouts, the annual salary and benefits survey, support for transitional bilingual education programs, qualifications for an administrative certificate, and the evaluation of certified employees. Repeals a Section concerning the State Board of Education's physical education report. Amends the School Breakfast and Lunch Program Act to delete provisions concerning a school breakfast program report.

Further amends the School Code. Provides that on or before October 1, 2012 (instead of August 1, 2009) and every 3 years thereafter, the State Board of Education shall file with the General Assembly and the Governor and shall make available to the public a report listing the institutions of higher education engaged in teacher preparation in the State, along with other specified data pertinent to each institution. Deletes language that provides that on or before February 1, 1998, and each year thereafter, the State Board of Education shall submit a cumulative report summarizing all types of waivers of mandates and modifications of mandates granted by the State Board or the General Assembly. Amends the School Construction Law. Provides that each school year in which school energy efficiency project grants are awarded, 20% of the total amount awarded shall be awarded to a school district in a city with a population of more than 500,000 (currently, specifies only a school district with a population of more than 500,000), provided that the school district complies with the specified rules and requirements.

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