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FOR IMMEDIATE RELEASE
Media Advisory
August
20, 2002
State
Board to Consider Round Lake School Finance Authority
The State Board of Education has scheduled
a discussion and action on the petition from the Round Lake
School District 116 Financial Oversight Panel to create a
School Finance Authority for the district. Legislation signed
by Governor George Ryan on June 13, 2002 authorized the creation
of a School Finance Authority when petitioned by the current
Financial Oversight Panel and accepted by the State Board
of Education.
Discussion by the State Board has been scheduled
for Wednesday at the Board’s 2:00 P. M. session. Action
on the petition is scheduled for the Board’s business
session Thursday at 10:00 A.M. If the petition is accepted,
State Superintendent of Education Robert E. Schiller will
appoint the five members and designate one to be its chairperson
on Thursday. The School Finance Authority will then conduct
its first organizational meeting on Friday, August 23 at 1:00
P.M. in the Conference Room of the Round Lake School District
116 Administration Office at 316 S. Rosedale in Round Lake.
Public Act 92-47, passed as
House Bill 5734, includes the following provisions:
-
Establishment of a Finance Authority in the case of a District
that has had a Financial Oversight Panel prior to enactment
and where the Financial Oversight Panel has petitioned for
the establishment of such Finance Authority and the State
Board of Education has approved such petition.
- This
Authority will consist of 5 members to be appointed by the
State Superintendent of Education and will replace the existing
3 member Financial Oversight Panel.
- Empowering
such Finance Authority to appoint the top management of
the District (Chief Executive Officer, Chief Educational
Officer replacing the position of “Superintendent”
and Chief Fiscal Officer replacing the position “School
Business Official”)
- Empowering
such Finance Authority to negotiate collective bargaining
agreements
- Vesting
the Finance Authority with the powers of a voluntary and
involuntary Financial Oversight Panel
- Empowering
the Finance Authority to issue its own debt within specified
limits
- Removing
the Finance Authority from the limitations of certain provisions
of the Property Tax Code relating to Property Tax Extensions
Limitation.
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