(105 ILCS 5/34A-102)
(from Ch. 122, par. 34A-102)
Findings and purpose.
(a) The General Assembly finds:
(i) A fundamental goal of the people of the State, as
expressed in Section 1 of Article X of the Illinois Constitution, is the educational development of all persons to the limits of their capacities. When a board of education faces financial difficulties, continued operation of the public school system is threatened.
(ii) A sound financial structure is essential to the
continued operation of any school system. It is vital to commercial, educational and cultural interests that the public schools remain in operation. To achieve that goal, public school systems must have effective access to the private market to borrow short and long term funds.
(iii) To promote the financial integrity of boards of
education of cities having a population exceeding 500,000, it is necessary to provide for the creation of school finance authorities with the powers necessary to promote sound financial management and to assure the continued operation of the public schools.
(b) It is the purpose of this Article to provide a secure financial basis
for the continued operation of the public schools. In addition, it is the
further purpose of this Article to facilitate implementation of school
reform in the continued operation of the public schools in accordance with
the provisions of this amendatory Act of 1991. The intention of the
General Assembly, in enacting this legislation, is to establish procedures,
provide powers and impose restrictions to assure the financial and
educational integrity of the public schools while leaving principal
responsibility for the educational policies of the public schools to the
boards of education within the State, consistent with the requirements for
satisfying the public policy and purpose herein set forth.
(Source: P.A. 85-1418; 86-1477.)