The purpose of the Financial Oversight Panel shall be to exercise financial control over the board of education, and, when approved by the State Board and the State Superintendent of Education, to furnish financial assistance so that the board can provide public education within the board’s jurisdiction while permitting the board to meet its obligations to its creditors and the holders of its notes and bonds. Except as expressly limited by this Article, the Panel shall have all powers necessary to meet its responsibilities and to carry out its purposes and the purposes of this Article, including, but not limited to, the following powers:
         (a) to sue and be sued;

Terms Used In Illinois Compiled Statutes 105 ILCS 5/1B-6

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Oversight: Committee review of the activities of a Federal agency or program.
  • 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
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14

         (b) to provide for its organization and internal
    
management;
        (c) to appoint a Financial Administrator to serve as
    
the chief executive officer of the Panel. The Financial Administrator may be an individual, partnership, corporation, including an accounting firm, or other entity determined by the Panel to be qualified to serve; and to appoint other officers, agents, and employees of the Panel, define their duties and qualifications and fix their compensation and employee benefits;
        (d) to approve the local board of education
    
appointments to the positions of treasurer in a Class I county school unit and in each school district which forms a part of a Class II county school unit but which no longer is subject to the jurisdiction and authority of a township treasurer or trustees of schools of a township because the district has withdrawn from the jurisdiction and authority of the township treasurer and the trustees of schools of the township or because those offices have been abolished as provided in subsection (b) or (c) of Section 5-1, and chief school business official, if such official is not the superintendent of the district. Either the board or the Panel may remove such treasurer or chief school business official;
        (e) to approve any and all bonds, notes, teachers
    
orders, tax anticipation warrants, and other evidences of indebtedness prior to issuance or sale by the school district; and notwithstanding any other provision of The School Code, as now or hereafter amended, no bonds, notes, teachers orders, tax anticipation warrants or other evidences of indebtedness shall be issued or sold by the school district or be legally binding upon or enforceable against the local board of education unless and until the approval of the Panel has been received;
        (f) to approve all property tax levies of the school
    
district and require adjustments thereto as the Panel deems necessary or advisable;
        (g) to require and approve a school district
    
financial plan;
        (h) to approve and require revisions of the school
    
district budget;
        (i) to approve all contracts and other obligations as
    
the Panel deems necessary and appropriate;
        (j) to authorize emergency State financial
    
assistance, including requirements regarding the terms and conditions of repayment of such assistance, and to require the board of education to levy a separate local property tax, subject to the limitations of Section 1B-8, sufficient to repay such assistance consistent with the terms and conditions of repayment and the district’s approved financial plan and budget;
        (k) to request the regional superintendent to make
    
appointments to fill all vacancies on the local school board as provided in Section 10-10;
        (l) to recommend dissolution or reorganization of the
    
school district to the General Assembly if in the Panel’s judgment the circumstances so require;
        (m) to direct a phased reduction in the oversight
    
responsibilities of the Financial Administrator and of the Panel as the circumstances permit;
        (n) to determine the amount of emergency State
    
financial assistance to be made available to the school district, and to establish an operating budget for the Panel to be supported by funds available from such assistance, with the assistance and the budget required to be approved by the State Superintendent;
        (o) to procure insurance against any loss in such
    
amounts and from such insurers as it deems necessary;
        (p) to engage the services of consultants for
    
rendering professional and technical assistance and advice on matters within the Panel’s power;
        (q) to contract for and to accept any gifts, grants
    
or loans of funds or property or financial or other aid in any form from the federal government, State government, unit of local government, school district or any agency or instrumentality thereof, or from any other private or public source, and to comply with the terms and conditions thereof;
        (r) to pay the expenses of its operations based on
    
the Panel’s budget as approved by the State Superintendent from emergency financial assistance funds available to the district or from deductions from the district’s general State aid or evidence-based funding;
        (s) to do any and all things necessary or convenient
    
to carry out its purposes and exercise the powers given to the Panel by this Article; and
        (t) (blank).
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