Sen. Jennifer Bertino-Tarrant

Filed: 5/29/2018

 

 


 

 


 
10000SB3190sam005LRB100 19841 AXK 41022 a

1
AMENDMENT TO SENATE BILL 3190

2    AMENDMENT NO. ______. Amend Senate Bill 3190 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The School Code is amended by changing Sections
58-6 and 34-74 as follows:
 
6    (105 ILCS 5/8-6)  (from Ch. 122, par. 8-6)
7    Sec. 8-6. Custody of school funds.
8    (a) The school treasurer shall have custody of the school
9funds and shall keep in a cash book separate cash balances. In
10the cash book he shall enter in separate accounts the balance,
11total of all moneys received in each fund, and the total of the
12orders countersigned or checks signed with respect to each fund
13and extend the balances and the aggregate cash balance for all
14funds balance at least monthly. The treasurer shall reconcile
15such balances with the accounting or bookkeeping department of
16the district in conformity with a template provided by the

 

 

10000SB3190sam005- 2 -LRB100 19841 AXK 41022 a

1State Board of Education monthly. School districts on the
2financial watch or warning list that are required to submit
3deficit reduction plans in accordance with Section 17-1 of this
4Code or that are certified in financial difficulty in
5accordance with Section 1-A8 of this Code must transmit the
6cash balances as required pursuant to this Section 8-6 of this
7Code to the State Board of Education quarterly from the
8treasurer.
9    (b) Each school board must submit a quarterly report to the
10State Board of Education that contains all of the following
11information:
12        (1) The amount of funds that each school district has
13    in its reserves.
14        (2) The number of each school district's days cash on
15    hand.
16        (3) The amount of funds that each school district has
17    in its investments.
18The State Board must publish and maintain the information in
19each quarterly report on its Internet website.
20(Source: P.A. 97-429, eff. 8-16-11.)
 
21    (105 ILCS 5/34-74)  (from Ch. 122, par. 34-74)
22    Sec. 34-74. Custody of school moneys.
23    (a) Except as provided in Article 34A and Section 34-29.2
24of this Code, all moneys raised by taxation for school
25purposes, or received from the state common school fund, or

 

 

10000SB3190sam005- 3 -LRB100 19841 AXK 41022 a

1from any other source for school purposes, shall be held by the
2city treasurer, ex-officio, as school treasurer, in separate
3funds for school purposes, subject to the order of the board
4upon (i) its warrants signed by its president and secretary and
5countersigned by the mayor and city comptroller or (ii) its
6checks, as defined in Section 3-104 of the Uniform Commercial
7Code, signed by its president, secretary, and comptroller and
8countersigned by the mayor and city comptroller.
9    (b) The board must submit a quarterly report to the State
10Board of Education that contains all of the following
11information:
12        (1) The amount of funds that the school district has in
13    its reserves.
14        (2) The number of the school district's days cash on
15    hand.
16        (3) The amount of funds the school district has in its
17    investments.
18The State Board must publish and maintain the information in
19the quarterly report on its Internet website.
20(Source: P.A. 94-1105, eff. 6-1-07.)
 
21    Section 99. Effective date. This Act takes effect upon
22becoming law.".