Current through Register Vol. 48, No. 38, September 20, 2024
a) Beginning July
1, 2002, each payment made under a program administered by the State Board of
Education shall be disbursed by the Comptroller through the electronic transfer
of funds. Entities required to receive funds electronically shall include but
not be limited to:
1) school
districts;
2) regional
superintendents of schools;
3)
other public educational agencies such as cooperatives, joint agreements, and
charter schools;
4) other payees
such as nonpublic schools, universities, hospitals, township treasurers,
community-based organizations, and day care centers; and
5) individuals.
b) At the option of the local school board, a
school district may request its regional superintendent of schools to receive
all payments due to the district. Each school board that wishes payments to be
directed to the regional office of education shall adopt a resolution to this
effect. A school district shall make this request in writing no later than May
31 of the fiscal year preceding the fiscal year in which the arrangement is to
begin and shall forward to the regional superintendent a copy of the resolution
adopted by the local board.
1) If the
regional superintendent wishes to accept receipt of one or more districts'
funds, he or she shall do so no later than June 10 of the fiscal year preceding
the fiscal year in which the arrangement is to begin by submitting to the State
Superintendent of Education a copy of each school board's resolution.
2) If the regional superintendent does not
accept receipt of a district's funds, he or she shall send written notification
to this effect to the district superintendent no later than ten days after
receiving the district's request so that the district may comply with the
requirements of Section
155.30
of this Part prior to the beginning of the new fiscal year.
c) The State Superintendent of
Education shall direct the Comptroller to transfer each payment to an account
identified by a participant pursuant to Section
155.30
of this Part, unless:
1) an entity
participates in the public funds investment account administered by the State
Treasurer and an approved application has been provided to the State
Superintendent by the Treasurer;
2)
a State agency, by completing a form supplied by the State Superintendent,
instructs the State Superintendent to remit funds due to the agency via
intergovernmental transfer;
3) the
State Board is required to direct funds to a specified financial institution in
conformance with an agreement executed under Section 820-50(b) of the Illinois
Finance Authority Act [20 ILCS
3501/820-50(b)] , Section 13 of the
Local Government Debt Reform Act [30 ILCS
350/13] , or other applicable law; or
4) the expected duration of a financial
relationship is so short or the expected number of payments is so small as to
make the establishment of an arrangement for the electronic transfer of funds
undesirable in the judgment of the State Superintendent.
