(a) A Financial Oversight Panel created under Article 1B of this Code for a district may petition 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 shall occur:

Terms Used In Illinois Compiled Statutes 105 ILCS 5/1E-15

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Authority: means a School Finance Authority created under this Article. See Illinois Compiled Statutes 105 ILCS 5/1E-10
  • District: means any school district having a population of not more than 500,000 that prior to the effective date of this amendatory Act of the 92nd General Assembly has had a Financial Oversight Panel established for the district under Section 1B-4 of this Code following the district's petitioning of the State Board of Education for the creation of the Financial Oversight Panel and for which the Financial Oversight Panel has been in existence for at least one year. See Illinois Compiled Statutes 105 ILCS 5/1E-10
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Obligations: means bonds and notes of the Authority. See Illinois Compiled Statutes 105 ILCS 5/1E-10
  • Oversight: Committee review of the activities of a Federal agency or program.
  • 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
  • State Board: means the State Board of Education. See Illinois Compiled Statutes 105 ILCS 5/1E-10

        (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 control.
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