(105 ILCS 5/1F-20)
(This Section scheduled to be repealed in accordance with 105 ILCS 5/1F-165)
Members of Authority; meetings.
(a) Upon establishment of a School Finance Authority
under Section 1F-15 of this Code, the State Superintendent shall within
15 days thereafter appoint 5 members to serve on a School Finance Authority for
the district. Of the initial members, 2 shall be appointed to serve a
term of 2 years and 3 shall be appointed to serve a term of 3 years.
Thereafter, each member shall serve for a term of 3 years and until his or her
successor has been appointed. The State Superintendent shall designate one of
the members of the Authority to serve as its Chairperson. In the event
of vacancy or resignation, the State Superintendent shall, within 10
days after receiving notice, appoint a successor to serve out that
member's term. The State Superintendent may remove a member for
incompetence, malfeasance, neglect of duty, or other just cause.
Members of the Authority shall be selected primarily on the basis
of their experience and education in financial management,
with consideration given to persons knowledgeable in education finance.
Two members of the Authority shall be residents of the school district that the
Authority serves. A member of the Authority may not be a member of the
district's school board or an
employee of the district
member have a direct financial interest in the district.
Authority members shall be paid a stipend approved by the State Superintendent of not more than $100 per meeting and may
be reimbursed by the State Board for travel and other necessary
expenses incurred in the performance of their official duties.
Unless paid from bonds issued under Section 1F-65 of this Code, the amount
reimbursed members for their expenses shall be charged
to the school district as part of any emergency financial
assistance and incorporated as a part of the terms and conditions
for repayment of the assistance or shall be deducted from the
district's general State aid as provided in Section 1B-8 of this Code.
The Authority may elect such officers as it deems appropriate.
(b) The first meeting of the Authority shall be held at the call of the
Authority shall prescribe the times and places for its meetings and the manner
in which regular and special meetings may be called and shall comply with the
Open Meetings Act.
Three members of the Authority shall constitute a quorum.
When a vote is taken upon any measure before the Authority, a quorum
being present, a majority of the votes of the members voting on the
measure shall determine the outcome.
(Source: P.A. 94-234, eff. 7-1-06