School Finance Authority Act

Illinois · Schools · §§ 105-5-34a-101 to 105-5-34a-608 · 56 sections

Overview

The act establishes a public financial oversight authority over a school district's finances, governed by an appointed board of directors with defined terms, officers, compensation, and meeting and record-keeping requirements, and supported by state agencies, units of local government, and the district itself. The authority's central mechanism is approval control: the district's financial plans, budgets, and contracts must be approved before taking effect, a balanced budget is required, and the authority reaches into staffing levels, expenditures, cash and bank accounts, the appointment of the chief financial officer, and financial and managerial audits, with interim-operations rules governing periods before a budget is adopted. The act also grants the authority power to issue bonds on stated terms, secured by a dedicated tax levy and debt service fund, and provides for the authority's oversight powers to be terminated and later reinstated.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.

Sections covered

105 ILCS 5/34A-101Short title
105 ILCS 5/34A-102Findings and purpose
105 ILCS 5/34A-103Definitions
105 ILCS 5/34A-104Establishment of Authority
105 ILCS 5/34A-201General powers
105 ILCS 5/34A-201.1(Repealed)
105 ILCS 5/34A-201a(Repealed)
105 ILCS 5/34A-202Deposits and Investments
105 ILCS 5/34A-301Board of Directors
105 ILCS 5/34A-302Terms, vacancies and removal
105 ILCS 5/34A-303Chairman and other officers
105 ILCS 5/34A-304Assistance by state agencies, units of local government or school districts
105 ILCS 5/34A-305Compensation
105 ILCS 5/34A-306Meetings and records
105 ILCS 5/34A-401Approval of Financial Plan and Budget
105 ILCS 5/34A-401.1Limitation
105 ILCS 5/34A-402Balanced budget
105 ILCS 5/34A-403Financial Plans
105 ILCS 5/34A-403.1Fiscal year 1994 contracts
105 ILCS 5/34A-404Budgets
105 ILCS 5/34A-405Contracts
105 ILCS 5/34A-405.1Interim operations
105 ILCS 5/34A-405.2Staffing levels
105 ILCS 5/34A-406Expenditures
105 ILCS 5/34A-406.1During the 1984-85 school year only, the number of education fund positions for both teacher-certificated and career service personnel employed by the Chicago Board of Education shall not exceed the previous year's budgeted positions, as certified by the Chicago School Finance Authority
105 ILCS 5/34A-406.2Interim Operations for Fiscal Year 1994 Pending Budget Adoption and Approval
105 ILCS 5/34A-407Approval of chief financial officer
105 ILCS 5/34A-408Financial and managerial audits
105 ILCS 5/34A-409Cash accounts and bank accounts
105 ILCS 5/34A-410Financial, management and budgetary structure
105 ILCS 5/34A-411Termination and reinstatement of Authority's power under this Article
105 ILCS 5/34A-412(Repealed)
105 ILCS 5/34A-413(Repealed)
105 ILCS 5/34A-414(Repealed)
105 ILCS 5/34A-415(Repealed)
105 ILCS 5/34A-501Power to issue Bonds
105 ILCS 5/34A-501.1Additional bond authority
105 ILCS 5/34A-502Terms of Bonds
105 ILCS 5/34A-503Tax levy
105 ILCS 5/34A-504Debt service fund
105 ILCS 5/34A-505Debt service reserve fund
105 ILCS 5/34A-506Bond Anticipation Notes
105 ILCS 5/34A-507Resolution vesting powers in trustee
105 ILCS 5/34A-508Property of Authority exempt from taxation
105 ILCS 5/34A-509Discharge of Bonds
105 ILCS 5/34A-510Pledge of the State
105 ILCS 5/34A-511Statutory lien
105 ILCS 5/34A-512Complete authority
105 ILCS 5/34A-601Hearings
105 ILCS 5/34A-602Limitations of actions after abolition; indemnification
105 ILCS 5/34A-603State, City or Board not liable on Obligations
105 ILCS 5/34A-604Abolition of Authority
105 ILCS 5/34A-605Obligations as legal investments
105 ILCS 5/34A-606Reports
105 ILCS 5/34A-607Audit of Authority
105 ILCS 5/34A-608Sanctions

Enacted in other states

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