(105 ILCS 5/1B-14) (from Ch. 122, par. 1B-14)
Sec. 1B-14.
Contracts and Other Obligations.
(a) No contract or other
obligation shall be entered into by the board unless it is
consistent with the financial plan and budget in effect,
including any employment contract or collective bargaining
agreement.
(b) The Panel may identify categories and types of
contracts and other obligations that shall be subject to
approval by the Panel and the procedure for submitting
contracts for approval. Each contract or other obligation
that is entered into by the board which requires approval by
the Panel shall contain a provision stating that it shall
not become legally binding on the board unless and until it
has received such approval. No contract or other obligation
that requires the approval of the Panel shall be legally
binding on the board unless and until it has received such
approval.
(c) The board shall submit to the Panel a copy of any
contract or other obligation for which the approval of the
Panel is required, along with a cost analysis and such other
information as the Panel may require. The Panel may
prescribe any reasonable time, standards, procedures or
forms for submission of the contract or other obligation.
(d) The Panel shall approve the contract or obligation
if, in its judgment, the information required to be
submitted is complete and the contract or other obligation
is consistent with the budget and financial plan in effect.
Otherwise, the Panel shall reject the contract or other
obligation. Contracts or other obligations not rejected
within 30 days after submission to the Panel shall be
considered approved. However, the Panel shall
have an additional 30 days to approve or reject the contract
or other obligation if it so advises the board within the
initial 30 day period.
(Source: P.A. 86-954.)
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