(105 ILCS 5/1B-4) (from Ch. 122, par. 1B-4)

Sec. 1B-4. Establishment of Emergency Financial Assistance and Financial Oversight Panel. When approved by the State Board under this Article there is established a body both corporate and politic to be known as the "(Name of School District) Financial Oversight Panel" which, in such name, shall exercise all authority vested in such Panels by this Article.

Upon the affirmative vote of not less than a majority of its full membership, a local board of education of a school district that has been certified to be in financial difficulty under Section 1A-8 may petition the State Board of Education for emergency financial assistance and the establishment of a Financial Oversight Panel for the district as provided under this Article. In addition, the State Superintendent of Education may petition the State Board of Education for the establishment of a Financial Oversight Panel, with or without emergency financial assistance, for any district that has failed to comply with its financial plan and has had the plan rescinded by the State Board as provided in Section 1A-8. No petition for emergency financial assistance shall be approved by the State Board unless there is also established a Financial Oversight Panel.

In determining whether to allow the petition the State Board shall consider the following factors among others that it deems relevant:

(a) whether the petition is in the best educational interests of the pupils of the district;

(b) whether the petition is in the near and long term best financial interests of the district;

(c) whether the district has sufficient pupil enrollment and assessed valuation to provide and maintain recognized schools;

(d) whether the petition is in the best interests of the other schools of the area and the educational welfare of all of the pupils therein; and

(e) whether the board of education has complied with the requirements of Section 1A-8.

The State Board may vote to either grant or deny the petition based upon the recommendation of the State Superintendent of Education and any other testimony or documentary evidence the State Board deems relevant. The decision of the State Board whether to grant or deny the petition shall be final. If an approved petition requests emergency financial assistance, the school district shall be eligible for emergency State financial assistance, subject to the other provisions of this Article.

(Source: P.A. 88-618, eff. 9-9-94.)