Terms Used In Illinois Compiled Statutes 105 ILCS 5/1B-10

• Contract: A legal written agreement that becomes binding when signed.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Panel: means the Financial Oversight Panel created under Section 1B-4;
       (b) "Board" means a local board of education;
       (c) "Budget" means the annual budget of the board required under Section 17-1 and is subject to the authority of the Panel as provided in this Article;
       (d) "Chairman" means the chairman of the Panel appointed pursuant to Section 1B-5 of this Article;
       (e) "District" means any school district of this State not subject to the provisions of Article 34;
       (f) "Financial plan" means the financial plan of the board required to be developed pursuant to this Article;
       (g) "Fiscal year" means the fiscal year of the board;
       (h) "School year" means the school year of the board;
       (i) "State Board" means the Illinois State Board of Education;
       (j) "State Superintendent" means the State Superintendent of Education. See Illinois Compiled Statutes 105 ILCS 5/1B-3