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]
Bill Drafts
| Revision | Date | Format | Source | View |
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| Introduced | 2016-01-28 | HTML/Text | Link | View |
Amendments
| Amendment | Date | Disposition | Format | Source | View |
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| No bill amendments currently on file for Illinois HB4560 |
Supplemental Documents
| Title | Description | Date | Format | Source | View |
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| No supplemental documents for Illinois HB4560 currently on file. |
