Illinois Administrative Code
Title 23 - EDUCATION AND CULTURAL RESOURCES
Part 100 - REQUIREMENTS FOR ACCOUNTING, BUDGETING, FINANCIAL REPORTING, AND AUDITING
Section 100.120 - Provisions Related to Debt
Universal Citation: 23 IL Admin Code ยง 100.120
Current through Register Vol. 48, No. 38, September 20, 2024
a) For purposes of Section 19-1(b) of the School Code [105 ILCS 5/19-1(b)] , the State Superintendent of Education shall concur with a district's enrollment projection and approve the need for additional school sites or building facilities and the cost of these only when:
1) the enrollment information presented to
demonstrate that the level of growth required under Section 19-1(b)(1) of the
School Code consists of either:
A) a
comparison between actual enrollment figures for the current school year and
those for the immediately preceding school year from the same source (e.g., the
enrollment reported as of the last school day in September of those two
consecutive years); or
B) a
comparison between the actual enrollment figure for the current school year and
the estimated enrollment figure for the immediately following school year;
and
2) the same criteria
and procedures have been met as are used by the Capital Development Board in
making comparable decisions related to the School Construction Program (see 71
Ill. Adm. Code
40.130
).
b) For purposes of Section 19-1(q) of the School Code [105 ILCS 5/19-1(q)] , a district shall notify the State Superintendent of Education no fewer than 30 days before issuing any form of long-term or short-term debt that will result in outstanding debt that exceeds 75% of the applicable debt limit.
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