Bill Title: Amends the Illinois Municipal Code. Provides that municipalities which contain a financially distressed school district with a population in its district of greater than 1,000,000 must annually calculate and distribute their distressed surplus funds. Further provides that municipalities with a financially distressed school district shall also submit to the State Comptroller and taxing districts in a tax increment financing redevelopment project area calculation of reporting year a calculation of contractual obligations and distressed surplus funds. Defines terms. Amends the School Code. Provides that a financially distressed school district must notify the municipalities within the school district's boundaries of its status as a financially distressed school district. Effective immediately.

Sponsorship: Partisan Bill (Democrat 24)

Status: (Introduced - Dead) 2016-02-08 - Added Co-Sponsor Rep. Frances Ann Hurley [HB4560 Detail]

Text: Latest bill text (Introduced) [HTML]

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