105 ILCS 5/1B-5
2021 Illinois Compiled Statutes|Chapter 105 - SCHOOLS|105 ILCS 5/ - School Code.|Article 1B - School District Financial Oversight Panel And Emergency Financial Assistance

 (from Ch. 122, par. 1B-5)Sec. 1B-5.   When a petition for emergency financial  assistance for a school district is allowed by the State  Board under Section 1B-4, the State Superintendent  shall within 10 days thereafter appoint 3 members  to serve at the State Superintendent's pleasure on a  Financial Oversight Panel for the district.  The State  Superintendent shall designate one of the members of the  Panel to serve as its Chairman.  In the event of vacancy or  resignation the State Superintendent shall appoint a  successor within 10 days of receiving notice thereof.Members of the Panel shall be selected primarily on the  basis of their experience and education in financial  management, with consideration given to persons  knowledgeable in education finance.  A member of the Panel  may not be a board member or employee of the district for  which the Panel is constituted, nor may a member have a  direct financial interest in that district.Panel members shall serve without compensation, but may  be reimbursed for travel and other necessary expenses  incurred in the performance of their official duties by the  State Board.  The amount reimbursed Panel  members for their expenses shall be charged to the school  district as part of any emergency financial assistance and  incorporated as a part of the terms and conditions for  repayment of such assistance or shall be deducted from the district's general  State aid or evidence-based funding as provided in Section 1B-8.The first meeting of the Panel shall be held at the  call of the Chairman.  The Panel may elect such other  officers as it deems appropriate.  The Panel shall prescribe  the times and places for its meetings and the manner in  which regular and special meetings may be called, and shall  comply with the Open Meetings Act.Two members of the Panel shall constitute a quorum, and  the affirmative vote of 2 members shall be necessary for any  decision or action to be taken by the Panel.The Panel and the State Superintendent  shall cooperate with each other in the exercise of their  respective powers.  The Panel shall report not later than  September 1 annually to the State Board and the State  Superintendent with respect to its activities and the  condition of the school district for the previous fiscal  year.Any Financial Oversight Panel established under this  Article shall remain in existence for not less than 3 years  nor more than 10 years from the date the State Board grants  the petition under Section 1B-4.  If after 3 years the  school district has repaid all of its obligations resulting  from emergency State financial assistance provided under  this Article and has improved its financial situation, the board of  education may, not more  frequently than once in any 12 month period, petition the  State Board to dissolve the Financial Oversight Panel,  terminate the oversight responsibility, and remove the  district's certification under Section 1A-8 as a district in  financial difficulty.  In acting on such a petition the  State Board shall give additional weight to the  recommendations of the State Superintendent and the  Financial Oversight Panel.  (Source: P.A. 100-465, eff. 8-31-17.)