Upon direction of the Panel, the district shall reorganize the financial accounts, management, and budgetary systems of the district in a manner consistent with rules adopted by the State Board regarding accounting, budgeting, financial reporting, and auditing as the Panel deems appropriate to remedy the conditions that led the Panel to be created and to achieve greater financial responsibility and to reduce financial inefficiency.
105 ILCS 5/1H-60
Financial, management, and budgetary structure
Known as the Financial Oversight Panel Law
The act spans §§ 105-5-1h-1 to 105-5-1h-95 (23 sections).
P.A. 97-429, eff. 8-16-11.
Official source: Illinois General Assembly. Reproduced from public-domain Illinois statutes; confirm against the official source for the current text. Not legal advice.