SB 1746

Abstract

Amends the School Code. With regard to issuing bonds not to exceed a certain amount for the purpose of creating, recreating, or increasing a working cash fund, adds to that amount 85% of the most recent amount of all State funding received by the school district. Provides that moneys in the working cash fund may be used by a school board for any and all school purposes and may be transferred in whole or in part to the general funds or both of the school district and disbursed in anticipation of State funding received by the school district; makes related changes. Effective immediately. Senate Floor Amendment No. 1 Replaces everything after the enacting clause. Amends the School Code. With regard to issuing bonds not to exceed a certain amount for the purpose of creating, recreating, or increasing a working cash fund, adds to that amount 85% of the most recent amount of funding received by the school district under the evidence-based funding formula. Provides that moneys in the working cash fund may be used by a school board for any and all school purposes and may be transferred in whole or in part to the general funds or both of the school district and disbursed in anticipation of funding received by the school district under the evidence-based funding formula. Makes related changes. Effective immediately.