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| 1 | AN ACT concerning education.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The School Code is amended by changing Sections | ||||||
| 5 | 8-6 and 34-74 as follows:
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| 6 | (105 ILCS 5/8-6) (from Ch. 122, par. 8-6)
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| 7 | Sec. 8-6. Custody
of school funds. | ||||||
| 8 | (a) The school treasurer shall have custody of the school | ||||||
| 9 | funds and shall
keep in a cash book separate cash balances. In | ||||||
| 10 | the cash book he shall enter in
separate accounts the balance, | ||||||
| 11 | total of all moneys received in each fund,
and the total of the | ||||||
| 12 | orders countersigned or checks signed with respect to each fund | ||||||
| 13 | and extend the balances and the aggregate cash balance for all | ||||||
| 14 | funds
balance at least monthly. The treasurer shall reconcile | ||||||
| 15 | such balances with the
accounting or bookkeeping department of | ||||||
| 16 | the district in conformity with a template provided by the | ||||||
| 17 | State Board of Education monthly. School districts on the | ||||||
| 18 | financial watch or warning list that are required to submit | ||||||
| 19 | deficit reduction plans in accordance with Section 17-1 of this | ||||||
| 20 | Code or that are certified in financial difficulty in | ||||||
| 21 | accordance with Section 1-A8 of this Code must transmit the | ||||||
| 22 | cash balances as required pursuant to this Section 8-6 of this | ||||||
| 23 | Code to the State Board of Education quarterly from the | ||||||
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| 1 | treasurer.
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| 2 | (b) Each school board must submit a quarterly report to the | ||||||
| 3 | State Board of Education that contains all of the following | ||||||
| 4 | information: | ||||||
| 5 | (1) The amount of funds that each school district has | ||||||
| 6 | in its reserves. | ||||||
| 7 | (2) The number of each school district's days cash on | ||||||
| 8 | hand. | ||||||
| 9 | (3) The amount of funds that each school district has | ||||||
| 10 | in its investments. | ||||||
| 11 | The State Board must publish and maintain the information in | ||||||
| 12 | each quarterly report on its Internet website. | ||||||
| 13 | (Source: P.A. 97-429, eff. 8-16-11.)
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| 14 | (105 ILCS 5/34-74) (from Ch. 122, par. 34-74)
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| 15 | Sec. 34-74. Custody of school moneys. | ||||||
| 16 | (a) Except as provided in Article 34A and Section 34-29.2 | ||||||
| 17 | of this
Code, all moneys raised by taxation for school | ||||||
| 18 | purposes, or
received from
the state common school fund, or | ||||||
| 19 | from any other source for school
purposes, shall be held by the | ||||||
| 20 | city treasurer, ex-officio, as school
treasurer, in separate | ||||||
| 21 | funds for school purposes, subject to the order
of the board | ||||||
| 22 | upon
(i) its warrants signed by its president and secretary and
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| 23 | countersigned by the mayor and city comptroller
or (ii) its | ||||||
| 24 | checks, as
defined in Section 3-104 of the Uniform Commercial | ||||||
| 25 | Code, signed by its
president, secretary, and comptroller and | ||||||
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| 1 | countersigned by the mayor and city
comptroller.
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| 2 | (b) The board must submit a quarterly report to the State | ||||||
| 3 | Board of Education that contains all of the following | ||||||
| 4 | information: | ||||||
| 5 | (1) The amount of funds that the school district has in | ||||||
| 6 | its reserves. | ||||||
| 7 | (2) The number of the school district's days cash on | ||||||
| 8 | hand. | ||||||
| 9 | (3) The amount of funds the school district has in its | ||||||
| 10 | investments. | ||||||
| 11 | The State Board must publish and maintain the information in | ||||||
| 12 | the quarterly report on its Internet website. | ||||||
| 13 | (Source: P.A. 94-1105, eff. 6-1-07.)
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| 14 | Section 99. Effective date. This Act takes effect upon | ||||||
| 15 | becoming law.
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