Illinois General Assembly - Full Text of SB3190
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Full Text of SB3190  100th General Assembly

SB3190eng 100TH GENERAL ASSEMBLY

  
  
  

 


 
SB3190 EngrossedLRB100 19841 AXK 35117 b

1    AN ACT concerning education.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
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
17State Board of Education monthly. School districts on the
18financial watch or warning list that are required to submit
19deficit reduction plans in accordance with Section 17-1 of this
20Code or that are certified in financial difficulty in
21accordance with Section 1-A8 of this Code must transmit the
22cash balances as required pursuant to this Section 8-6 of this
23Code to the State Board of Education quarterly from the

 

 

SB3190 Engrossed- 2 -LRB100 19841 AXK 35117 b

1treasurer.
2    (b) Each school board must submit a quarterly report to the
3State Board of Education that contains all of the following
4information:
5        (1) The amount of funds that each school district has
6    in its reserves.
7        (2) The number of each school district's days cash on
8    hand.
9        (3) The amount of funds that each school district has
10    in its investments.
11The State Board must publish and maintain the information in
12each quarterly report on its Internet website.
13(Source: P.A. 97-429, eff. 8-16-11.)
 
14    (105 ILCS 5/34-74)  (from Ch. 122, par. 34-74)
15    Sec. 34-74. Custody of school moneys.
16    (a) Except as provided in Article 34A and Section 34-29.2
17of this Code, all moneys raised by taxation for school
18purposes, or received from the state common school fund, or
19from any other source for school purposes, shall be held by the
20city treasurer, ex-officio, as school treasurer, in separate
21funds for school purposes, subject to the order of the board
22upon (i) its warrants signed by its president and secretary and
23countersigned by the mayor and city comptroller or (ii) its
24checks, as defined in Section 3-104 of the Uniform Commercial
25Code, signed by its president, secretary, and comptroller and

 

 

SB3190 Engrossed- 3 -LRB100 19841 AXK 35117 b

1countersigned by the mayor and city comptroller.
2    (b) The board must submit a quarterly report to the State
3Board of Education that contains all of the following
4information:
5        (1) The amount of funds that the school district has in
6    its reserves.
7        (2) The number of the school district's days cash on
8    hand.
9        (3) The amount of funds the school district has in its
10    investments.
11The State Board must publish and maintain the information in
12the quarterly report on its Internet website.
13(Source: P.A. 94-1105, eff. 6-1-07.)
 
14    Section 99. Effective date. This Act takes effect upon
15becoming law.