SCH CD-INTERFUND TRANSFERS

Illinois General Assembly - Full Text of HB4375

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Full Text of HB4375

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HB4375 - 104th General Assembly

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HB4375 Enrolled
LRB104 17483 LNS 30909 b
1

AN ACT concerning education.

2

Be it enacted by the People of the State of Illinois,
3
represented in the General Assembly:

4

Section 5.
The School Code is amended by changing Section
5
17-2A as follows:

6

(105 ILCS 5/17-2A)

(from Ch. 122, par. 17-2A)
7

Sec. 17-2A.
Interfund transfers.
8

(a) The school board of any district having a population
9
of less than 500,000 inhabitants may, by proper resolution
10
following a public hearing set by the school board or the
11
president of the school board (that is preceded (i) by at least
12
one published notice over the name of the clerk or secretary of
13
the board, occurring at least 7 days and not more than 30 days
14
prior to the hearing, in a newspaper of general circulation
15
within the school district and (ii) by posted notice over the
16
name of the clerk or secretary of the board, at least 48 hours
17
before the hearing, at the principal office of the school
18
board or at the building where the hearing is to be held if a
19
principal office does not exist, with both notices setting
20
forth the time, date, place, and subject matter of the
21
hearing), transfer money from (1) the Educational Fund to the
22
Operations and Maintenance Fund or the Transportation Fund,
23
(2) the Operations and Maintenance Fund to the Educational

HB4375 Enrolled
- 2 -
LRB104 17483 LNS 30909 b
1
Fund or the Transportation Fund, (3) the Transportation Fund
2
to the Educational Fund or the Operations and Maintenance
3
Fund, or (4) the Tort Immunity Fund to the Operations and
4
Maintenance Fund of said district, provided that, except
5
during the period from July 1, 2003 through June 30,
2029

2026
,
6
such transfer is made solely for the purpose of meeting
7
one-time, non-recurring expenses. Except during the period
8
from July 1, 2003 through June 30,
2029

2026
and except as
9
otherwise provided in subsection (b) of this Section, any
10
other permanent interfund transfers authorized by any
11
provision or judicial interpretation of this Code for which
12
the transferee fund is not precisely and specifically set
13
forth in the provision of this Code authorizing such transfer
14
shall be made to the fund of the school district most in need
15
of the funds being transferred, as determined by resolution of
16
the school board.
17

(b) (Blank).
18

(c) Notwithstanding subsection (a) of this Section or any
19
other provision of this Code to the contrary, the school board
20
of any school district (i) that is subject to the Property Tax
21
Extension Limitation Law, (ii) that is an elementary district
22
servicing students in grades K through 8, (iii) whose
23
territory is in one county, (iv) that is eligible for Section
24
7002 Federal Impact Aid, and (v) that has no more than $81,000
25
in funds remaining from refinancing bonds that were refinanced
26
a minimum of 5 years prior to January 20, 2017 (the effective

HB4375 Enrolled
- 3 -
LRB104 17483 LNS 30909 b
1
date of Public Act 99-926) may make a one-time transfer of the
2
funds remaining from the refinancing bonds to the Operations
3
and Maintenance Fund of the district by proper resolution
4
following a public hearing set by the school board or the
5
president of the school board, with notice as provided in
6
subsection (a) of this Section, so long as the district meets
7
the qualifications set forth in this subsection (c) on January
8
20, 2017 (the effective date of Public Act 99-926).
9

(d) Notwithstanding subsection (a) of this Section or any
10
other provision of this Code to the contrary, the school board
11
of any school district (i) that is subject to the Property Tax
12
Extension Limitation Law, (ii) that is a community unit school
13
district servicing students in grades K through 12, (iii)
14
whose territory is in one county, (iv) that owns property
15
designated by the United States as a Superfund site pursuant
16
to the federal Comprehensive Environmental Response,
17
Compensation and Liability Act of 1980 (42 U.S.C. 9601 et
18
seq.), and (v) that has an excess accumulation of funds in its
19
bond fund, including funds accumulated prior to July 1, 2000,
20
may make a one-time transfer of those excess funds accumulated
21
prior to July 1, 2000 to the Operations and Maintenance Fund of
22
the district by proper resolution following a public hearing
23
set by the school board or the president of the school board,
24
with notice as provided in subsection (a) of this Section, so
25
long as the district meets the qualifications set forth in
26
this subsection (d) on August 4, 2017 (the effective date of

HB4375 Enrolled
- 4 -
LRB104 17483 LNS 30909 b
1
Public Act 100-32).
2
(Source: P.A. 102-671, eff. 11-30-21; 102-895, eff. 5-23-22;
3
103-601, eff. 7-1-24.)

4

Section 99.
Effective date.
This Act takes effect upon
5
becoming law.

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