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Code · Illinois · Chapter 105 — SCHOOLS · Act 5

Sec. 10-16.11. Payment of outstanding obligations of a Financial Oversight Panel.

98 words·~1 min read·/il/chapter-105/act-5/10-16-11

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Sec. 10-16.11. Payment of outstanding obligations of a Financial Oversight Panel. The school board of a district subject to a Financial Oversight Panel pursuant to Article 1H of this Code that, except for the existence of outstanding financial obligations of the Financial Oversight Panel, would be able to seek abolition of the Panel pursuant to Section 1H-115 of this Code may:
(1)spend surplus district funds in an amount sufficient to liquidate the outstanding obligations of the Financial Oversight Panel or
(2)issue funding bonds for such purpose as authorized by Sections 19-8 and 19-9 of this Code.
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