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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.

Illinois State Board of Education
100 North First Street
Springfield, IL 62777