105 ILCS 5/34A-405
2021 Illinois Compiled Statutes|Chapter 105 - SCHOOLS|105 ILCS 5/ - School Code.|Article 34A - School Finance Authority

 (from Ch. 122, par. 34A-405)Sec. 34A-405.     Contracts.     (a) No contract or other obligation shall be  entered into by the Board unless it is consistent with the Financial Plan  and Budget in effect.  No  multi-year employment contract or collective bargaining agreement  authorized or entered into pursuant to Section 34-49 or the Illinois  Educational Labor Relations Act, as now or hereafter amended, shall, with  respect to any terms and provisions thereof which are operative after  expiration of the first year of any such contract or agreement, be deemed  inconsistent with any Financial Plan and Budget at any time in effect;  provided, however, that any  terms and provisions of a contract or agreement which would increase  expenditures for salaries, benefits or other forms of compensation after  the expiration of the first year of such contract or agreement shall be  contingent upon the attainment of sufficient available revenues,  considering all necessary expenditures, to support such increases.(b) The Authority may adopt, and from time to time amend, regulations  identifying categories and types of contracts and other obligations that  shall be subject to approval by the Authority and the procedure for submitting  contracts for approval.  Each contract or other obligation that is entered  into by the Board and requires approval by the Authority shall contain a  provision stating that it shall not become legally binding on the Board  unless and until it has received the approval of the Authority.  No contract  or other obligation that requires the approval of the Authority shall be  legally binding on the Board unless and until it has received such approval.  The Authority shall not, either by regulation or in practice, withhold  approval of any multi-year employment contract or collective bargaining  agreement authorized or entered into pursuant to Section 34-49 or the Illinois  Educational Labor Relations Act, as now or hereafter amended, if, in the  judgment of the Authority, the terms and provisions operative during the  first year of such contract or agreement are consistent with the Budget and  Financial Plan in effect for that period; provided, however, that any terms  and provisions of a contract or  agreement which would increase  expenditures for salaries, benefits or other forms of compensation after  the expiration of the first year of such contract or agreement shall be  contingent upon the attainment of sufficient available revenues,  considering all necessary expenditures, to support such increases.(c) The Board shall submit to the Authority a copy of any contract or  other obligation for which the approval of the Authority is required, along  with a cost analysis and such other information as the Authority may require.  The Authority may prescribe any reasonable time, standards, procedures or  forms for submission of the contract or other obligation.(d) The Authority shall approve the contract or obligation if, in its  judgment, the information required to be submitted is complete and the contract  or other obligation is consistent with the Budget and Financial Plan in  effect.  Otherwise, the Authority shall reject the contract or other  obligation; provided, however, that any multi-year employment contract or  collective bargaining agreement authorized or entered into pursuant to  Section 34-49 or the Illinois Educational Labor Relations Act, as now or  hereafter amended, shall be approved by the Authority if in its judgment  the terms and provisions operative during the first year of such contract  or agreement are consistent with the Budget and Financial Plan in effect  for that period; provided, however, that any  terms and provisions of a contract or agreement which would increase  expenditures for salaries, benefits or other forms of compensation after  the expiration of the first year of such contract or agreement shall be  contingent upon the attainment of sufficient available revenues,  considering all necessary expenditures, to support such increases.  Contracts or other obligations not rejected within 30 days after submission  to the Authority shall be considered approved, provided, however, that the  Authority shall have an additional 30 days to approve or reject the contract  or other obligation if it so advises the Board within the initial 30 day  period.    (Source: P.A. 84-1057.)