(105 ILCS 5/1E-15)
(This Section scheduled to be repealed in accordance with 105 ILCS 5/1E-165)
Establishment of Authority; duties of district.
(a) A Financial Oversight Panel created under Article 1B of this Code for a
the State Board for the establishment of a School Finance Authority
for the district. The petition shall cite the
reasons why the creation of a School Finance Authority for the
district is necessary. The State Board may grant the petition upon
determining that the approval of the petition is in the best
educational and financial interests of the district.
(b) Upon approval of the petition by the State Board all of the following
(1) There is established a body both corporate and
politic to be known as the "(Name of School District) School Finance Authority", which in this name shall exercise all authority vested in an Authority by this Article.
(2) The Financial Oversight Panel is abolished, and
all of its rights, property, assets, contracts, and liabilities shall pass to and be vested in the Authority.
(3) The duties and obligations of the district under
Article 1B of this Code shall be transferred and become duties and obligations owed by the district to the School Finance Authority.
(c) In the event of a conflict between the provisions of this Article
and the provisions of Article 1B of this Code, the provisions of this Article
(Source: P.A. 92-547, eff. 6-13-02