(105 ILCS 5/34A-401) (from Ch. 122, par. 34A-401)
Sec. 34A-401.
Approval of Financial Plan and Budget.
In carrying out the
purposes of this Article and pursuant to Sections 34A-402 through 34A-411,
as hereinafter provided, the Authority shall have the power to approve or
to reject the Financial
Plans, Budgets and contracts of the Board; provided, however, that the
Authority shall have no power to impair any existing contract or obligation of the
Board; and provided further, that with respect to any multi-year
employment contract or collective bargaining agreement authorized or
entered into pursuant to Section 34-49 or the Illinois Educational Labor
Relations Act, as now or hereafter amended, the Authority's power to
approve or reject the same shall be limited to the first year of such
contract or agreement as provided in Section 34A-405. Except as provided
in Section 34A-403 with regard to revenue estimates,
the Authority shall have no power to amend or reject in part any Financial
Plan, Budget or contract presented to the Authority for its approval.
(Source: P.A. 84-1057.)
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