SB3190sam005 100TH GENERAL ASSEMBLY

Sen. Jennifer Bertino-Tarrant

Filed: 5/29/2018

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AMENDMENT TO SENATE BILL 3190

AMENDMENT NO. ______. Amend Senate Bill 3190 by replacing everything after the enacting clause with the following:

"Section 5. The School Code is amended by changing Sections 8-6 and 34-74 as follows:

(105 ILCS 5/8-6) (from Ch. 122, par. 8-6)

Sec. 8-6. Custody of school funds.

(a) The school treasurer shall have custody of the school funds and shall keep in a cash book separate cash balances. In the cash book he shall enter in separate accounts the balance, total of all moneys received in each fund, and the total of the orders countersigned or checks signed with respect to each fund and extend the balances and the aggregate cash balance for all funds balance at least monthly. The treasurer shall reconcile such balances with the accounting or bookkeeping department of the district in conformity with a template provided by the State Board of Education monthly. School districts on the financial watch or warning list that are required to submit deficit reduction plans in accordance with Section 17-1 of this Code or that are certified in financial difficulty in accordance with Section 1-A8 of this Code must transmit the cash balances as required pursuant to this Section 8-6 of this Code to the State Board of Education quarterly from the treasurer.

(b) Each school board must submit a quarterly report to the State Board of Education that contains all of the following information:

(1) The amount of funds that each school district has in its reserves.

(2) The number of each school district's days cash on hand.

(3) The amount of funds that each school district has in its investments. The State Board must publish and maintain the information in each quarterly report on its Internet website.

(Source: P.A. 97-429, eff. 8-16-11.)

(105 ILCS 5/34-74) (from Ch. 122, par. 34-74)

Sec. 34-74. Custody of school moneys.

(a) Except as provided in Article 34A and Section 34-29.2 of this Code, all moneys raised by taxation for school purposes, or received from the state common school fund, or from any other source for school purposes, shall be held by the city treasurer, ex-officio, as school treasurer, in separate funds for school purposes, subject to the order of the board upon (i) its warrants signed by its president and secretary and countersigned by the mayor and city comptroller or (ii) its checks, as defined in Section 3-104 of the Uniform Commercial Code, signed by its president, secretary, and comptroller and countersigned by the mayor and city comptroller.

(b) The board must submit a quarterly report to the State Board of Education that contains all of the following information:

(1) The amount of funds that the school district has in its reserves.

(2) The number of the school district's days cash on hand.

(3) The amount of funds the school district has in its investments. The State Board must publish and maintain the information in the quarterly report on its Internet website.

(Source: P.A. 94-1105, eff. 6-1-07.)

Section 99. Effective date. This Act takes effect upon becoming law.".