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| Public Act 102-0346 | ||||
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AN ACT concerning education.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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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 | ||
year. | ||
(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 | ||
date. | ||
(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 | ||
reported. | ||
(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.
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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