(a) A school district may petition the State Board for the establishment of a Financial Oversight Panel for the district or the State Board may establish a Panel without a petition from the district. The petition shall cite the reasons why the creation of a Financial Oversight Panel for the district is necessary. In determining whether or not to place a district under a Panel, the State Board shall consider all of the following:
         (1) If a Panel is in the best educational and
    
financial interests of the district.
        (2) If a Panel is in the best interest of other
    
schools in the area and the educational welfare of all the pupils therein.
        (3) Whether the board of education has complied with
    
the requirements of Section 1A-8 of this Code.
    (b) Upon establishment of a Financial Oversight Panel, all of the following shall occur:
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Terms Used In Illinois Compiled Statutes 105 ILCS 5/1H-15

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • District: means any school district having a population of not more than 500,000 that has had a Financial Oversight Panel established under this Article. See Illinois Compiled Statutes 105 ILCS 5/1H-10
  • Financial plan: means the financial plan of the district to be developed pursuant to this Article, as in effect from time to time. See Illinois Compiled Statutes 105 ILCS 5/1H-10
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Obligations: means notes or other short-term debts or liabilities of the Panel. See Illinois Compiled Statutes 105 ILCS 5/1H-10
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Panel: means a Financial Oversight Panel created under this Article. See Illinois Compiled Statutes 105 ILCS 5/1H-10
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
  • State Board: means the State Board of Education. See Illinois Compiled Statutes 105 ILCS 5/1H-10

         (1) There is established a body both corporate and
    
politic to be known as the “(Name of School District) Financial Oversight Panel”, which in this name shall exercise all authority vested in a Panel by this Article.
        (2) The powers and duties of a Financial Oversight
    
Panel established pursuant to this Article shall include the duties and obligations of financial oversight panels established under Article 1B of this Code, in addition to any duties and obligations established under this Article. However, if there is any conflict between the provisions of this Article and the provisions of Article 1B of this Code, the provisions of this Article control.
        (3) The Financial Oversight Panel, the school board,
    
and the district superintendent or chief executive officer shall develop goals and objectives to assist the district in obtaining financial stability. The goals and objectives must be developed as part of the financial plan that the school board is required to develop, adopt, and submit to the Panel in accordance with Section 1B-12 of this Code. The goals and objectives must be formally reviewed at agreed to intervals, but at least one time per year. Review shall include progress made and recommendations and modifications needed to achieve abolition of financial oversight provided for under Section 1H-115 of this Code.
    (c) Any school district having a Financial Oversight Panel established under Article 1B of this Code or any Financial Oversight Panel established under Article 1B may petition the State Board for the establishment of a Financial Oversight Panel under this Article and concurrent dissolution of the Article 1B Panel. All records, papers, books, funds, or other assets or liabilities belonging to the dissolving Financial Oversight Panel shall be transferred to the newly established Financial Oversight Panel.
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