Full Text of HB1466 97th General Assembly
HB1466sam004 97TH GENERAL ASSEMBLY | Sen. Kimberly A. Lightford Filed: 5/15/2012
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| 1 | | AMENDMENT TO HOUSE BILL 1466
| 2 | | AMENDMENT NO. ______. Amend House Bill 1466, AS AMENDED, by | 3 | | replacing everything after the enacting clause with the | 4 | | following:
| 5 | | "Section 5. The School Code is amended by changing Section | 6 | | 1B-5 and by adding Section 1B-5.5 as follows:
| 7 | | (105 ILCS 5/1B-5) (from Ch. 122, par. 1B-5)
| 8 | | Sec. 1B-5.
When a petition for emergency financial
| 9 | | assistance for a school district is allowed by the State
Board | 10 | | under Section 1B-4, the State Superintendent
shall within 10 | 11 | | days thereafter appoint 3 members
to serve at the State | 12 | | Superintendent's pleasure on a
Financial Oversight Panel for | 13 | | the district. The State
Superintendent shall designate one of | 14 | | the members of the
Panel to serve as its Chairman. In the event | 15 | | of vacancy or
resignation the State Superintendent shall | 16 | | appoint a
successor within 10 days of receiving notice thereof.
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| 1 | | Members of the Panel shall be selected primarily on the
| 2 | | basis of their experience and education in financial
| 3 | | management, with consideration given to persons
knowledgeable | 4 | | in education finance. A member of the Panel
may not be a board | 5 | | member or employee of the district for
which the Panel is | 6 | | constituted, nor may a member have a
direct financial interest | 7 | | in that district.
| 8 | | Annually, a board may petition the State Superintendent for | 9 | | the removal, replacement, or reassignment of any member or | 10 | | members of a Panel. The State Board may vote to either grant or | 11 | | deny the petition based upon the recommendation of the State | 12 | | Superintendent and any other testimony or documentary evidence | 13 | | the State Board deems relevant. If the petition is granted, the | 14 | | State Superintendent shall remove, replace, or reassign the | 15 | | Panel member within 60 days. | 16 | | Panel members shall serve without compensation, but may
be | 17 | | reimbursed for travel and other necessary expenses
incurred in | 18 | | the performance of their official duties by the
State Board. | 19 | | The amount reimbursed Panel
members for their expenses shall be | 20 | | charged to the school
district as part of any emergency | 21 | | financial assistance and
incorporated as a part of the terms | 22 | | and conditions for
repayment of such assistance or shall be | 23 | | deducted from the district's general
State aid as provided in | 24 | | Section 1B-8.
| 25 | | The first meeting of the Panel shall be held at the
call of | 26 | | the Chairman. The Panel may elect such other
officers as it |
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| 1 | | deems appropriate. The Panel shall prescribe
the times and | 2 | | places for its meetings and the manner in
which regular and | 3 | | special meetings may be called, and shall
comply with the Open | 4 | | Meetings Act.
| 5 | | Two members of the Panel shall constitute a quorum, and
the | 6 | | affirmative vote of 2 members shall be necessary for any
| 7 | | decision or action to be taken by the Panel.
| 8 | | The Panel and the State Superintendent
shall cooperate with | 9 | | each other in the exercise of their
respective powers. The | 10 | | Panel shall report not later than
September 1 annually to the | 11 | | State Board and the State
Superintendent with respect to its | 12 | | activities and the
condition of the school district for the | 13 | | previous fiscal
year.
| 14 | | Any Financial Oversight Panel established under this
| 15 | | Article shall remain in existence for not less than 3 years
nor | 16 | | more than 10 years from the date the State Board grants
the | 17 | | petition under Section 1B-4. If after 3 years the
school | 18 | | district has repaid all of its obligations resulting
from | 19 | | emergency State financial assistance provided under
this | 20 | | Article and has improved its financial situation, the board of
| 21 | | education may, not more
frequently than once in any 12 month | 22 | | period, petition the
State Board to dissolve the Financial | 23 | | Oversight Panel,
terminate the oversight responsibility, and | 24 | | remove the
district's certification under Section 1A-8 as a | 25 | | district in
financial difficulty. In acting on such a petition | 26 | | the
State Board shall give additional weight to the
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| 1 | | recommendations of the State Superintendent and the
Financial | 2 | | Oversight Panel.
| 3 | | (Source: P.A. 88-618, eff. 9-9-94.)
| 4 | | (105 ILCS 5/1B-5.5 new) | 5 | | Sec. 1B-5.5. Abolition of Panel. | 6 | | (a) Except as provided in subsections (b), (c), and (d) of | 7 | | this Section, a Panel must be abolished 10 years after its | 8 | | creation. | 9 | | (b) The State Board, upon recommendation of the Panel or | 10 | | petition of the board, may abolish a Panel at any time after | 11 | | the Panel has been in existence for 3 years if no obligations | 12 | | of the Panel are outstanding or remain undefeased and upon | 13 | | investigation and finding the following: | 14 | | (1) that none of the factors specified in Section 1A-8 | 15 | | of this Code remain applicable to the district; and | 16 | | (2) that there has been substantial achievement of the | 17 | | goals and objectives established pursuant to the financial | 18 | | plan and required under Section 1B-4 of this Code. | 19 | | (c) The Panel of a district that otherwise meets all of the | 20 | | requirements for abolition of a Panel under subsection (b) of | 21 | | this Section, except for the fact that there are outstanding | 22 | | financial obligations of the Panel, may petition the State | 23 | | Board for reinstatement of all of the board's powers and duties | 24 | | assumed by the Panel; and if approved by the State Board, the | 25 | | following shall apply: |
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| 1 | | (1) the Panel shall continue in operation, but its | 2 | | powers and duties are limited to those necessary to manage | 3 | | and administer its outstanding obligations; | 4 | | (2) the board shall once again begin exercising all of | 5 | | the powers and duties otherwise allowed by statute; and | 6 | | (3) the Panel must be abolished as provided in | 7 | | subsection (a) of this Section. | 8 | | (d) If the Panel of a district otherwise meets all of the | 9 | | requirements for abolition of a Panel under subsection (b) of | 10 | | this Section, except for outstanding obligations of the Panel, | 11 | | then the district may petition the State Board for abolition of | 12 | | the Panel if the district does the following: | 13 | | (1) establishes an irrevocable trust fund, the purpose | 14 | | of which is to provide moneys to defease the outstanding | 15 | | obligations of the Panel; and | 16 | | (2) issues funding bonds pursuant to the provisions of | 17 | | Sections 19-8 and 19-9 of this Code. | 18 | | A district with a Panel that falls under this subsection | 19 | | (d) must be abolished as provided in subsection (a) of this | 20 | | Section. ".
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