Illinois General Assembly - Full Text of Public Act 102-0346
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Public Act 102-0346


Public Act 0346 102ND GENERAL ASSEMBLY



Public Act 102-0346
HB1725 EnrolledLRB102 13839 CMG 19190 b

    AN ACT concerning education.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The School Code is amended by adding Section
5-38 as follows:
    (105 ILCS 5/5-38 new)
    Sec. 5-38. Publication of information.
    (a) As used in this Section:
    "Accounting book value" means the value carried on the
accounting records of the township school treasurer as of the
last day of a calendar quarter.
    "Annual total compensation" means the total cost to
taxpayers for the services of the identified individual during
the most recently completed fiscal year.
    "Investment instrument" means an individual investment
security as provided for under the Uniform Commercial Code or
the aggregate value of all shares held in an individual
investment fund or pooled account.
    "Investment rate of return" means:
        (1) for fixed interest-bearing securities, the stated
    or calculated annual interest rate; and
        (2) for cash accounts and all other investment
    instruments, the actual income earned during the
    previously ending quarter, multiplied by 4, then divided
    by the accounting book value, expressed as a percentage.
    "Township school treasurer" means an individual hired by
the trustees of schools to perform the statutory role of
treasurer for school districts within the township.
    (b) Trustees of schools in Class II county school units
shall maintain an Internet website on which all of the
following information shall be available for public viewing:
        (1) The name, term of office, and means of public
    contact for each trustee.
        (2) The dates, times, and locations of all trustees of
    schools meetings to be held during the current fiscal
        (3) The agenda for each trustees of schools meeting,
    posted at least 48 hours in advance of the meeting.
        (4) The approved minutes of all trustees of schools
    meetings held within the current and previous 2 fiscal
    years, posted no later than 100 days after the meeting
        (5) The annual total compensation of each trustee and
    township school treasurer, itemized by salary and wages,
    retirement contributions, insurance premiums, vehicle and
    mileage allowances, deferred compensation, all other
    compensation, and total compensation for each individual.
    The fiscal year for which the amounts apply shall also be
        (6) The address and contact information for the
    township school treasurer's office.
        (7) The audited financial statements for the prior 3
    fiscal years.
        (8) The budget for the current fiscal year, posted no
    later than September 30 of each year.
        (9) Contracts in effect with a value over $25,000.
        (10) Collective bargaining agreements in effect.
    (c) Township school treasurers in Class II county school
units shall submit to each school district that they serve,
within 30 days after the end of each calendar quarter, an
investments report that includes all of the following:
        (1) A list of each cash account and investment
    instrument held by the treasurer as of the last day of the
    calendar quarter and the accounting book value, investment
    rate of return, and maturity date, if any, of each.
        (2) A copy of the trustees of schools investment
    policy under which the township school treasurer operated
    during the quarter.
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/13/2021