The purposes of the Authority shall be to exercise financial control over the district and to furnish financial assistance so that the district can provide public education within the district’s jurisdiction while permitting the district to meet its obligations to its creditors and the holders of its debt. Except as expressly limited by this Article, the Authority shall have all powers granted to a voluntary or involuntary Financial Oversight Panel and to a Financial Administrator under Article 1B of this Code and all other powers necessary to meet its responsibilities and to carry out its purposes and the purposes of this Article, including without limitation all of the following powers, provided that the Authority shall have no power to violate any statutory provision, to impair any contract or obligation of the district, or to terminate any employee without following the statutory procedures for such terminations set forth in this Code:
        (1) To sue and to be sued.

Terms Used In Illinois Compiled Statutes 105 ILCS 5/1E-25

  • Authority: means a School Finance Authority created under this Article. See Illinois Compiled Statutes 105 ILCS 5/1E-10
  • Contract: A legal written agreement that becomes binding when signed.
  • 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
  • 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.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • 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.
  • 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.
  • Personal property: All property that is not real property.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

        (2) To make and execute contracts, leases, subleases
    
and all other instruments or agreements necessary or convenient for the exercise of the powers and functions granted by this Article.
        (3) To purchase real or personal property necessary
    
or convenient for its purposes; to execute and deliver deeds for real property held in its own name; and to sell, lease, or otherwise dispose of such of its property as, in the judgment of the Authority, is no longer necessary for its purposes.
        (4) To appoint officers, agents, and employees of the
    
Authority, including a chief executive officer, a chief fiscal officer, and a chief educational officer to administer and manage, under the direction of the Authority, the operations and educational programs of the district, in accordance with this Article and all other provisions of this Code; to define their duties and qualifications; and to fix their compensation and employee benefits.
        (5) To transfer to the district such sums of money as
    
are not required for other purposes.
        (6) To borrow money and to issue obligations pursuant
    
to this Article; to fund, refund, or advance refund the same; to provide for the rights of the holders of its obligations; and to repay any advances.
        (7) Subject to the provisions of any contract with or
    
for the benefit of the holders of its obligations, to purchase or redeem its obligations.
        (8) To procure all necessary goods and services for
    
the Authority in compliance with the purchasing laws and requirements applicable to the district.
        (8.5) To take action on behalf of the district as
    
the Authority deems necessary and in accordance with this Article and all other provisions of this Code, based on the recommendation of the chief executive officer, chief educational officer, or chief fiscal officer, and the district shall be bound by such action in all respects as if the action had been approved by the district itself.
        (9) To do any and all things necessary or convenient
    
to carry out its purposes and exercise the powers given to it by this Article.
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