Illinois § 1E-15
Full text of Illinois Illinois Compiled Statutes § 1E-15, with citation guidance and answers to common questions.
§ 1E-15.
(This Section scheduled to be repealed in accordance with 105 ILCS 5/1E-165) Sec. 1E-15. Establishment of Authority; duties of district. (a) A Financial Oversight Panel created under Article 1B of this Code for a district may petition the State Board for the establishment of a School Finance Authority for the district. The petition shall cite the reasons why the creation of a School Finance Authority for the district is necessary. The State Board may grant the petition upon determining that the approval of the petition is in the best educational and financial interests of the district. (b) Upon approval of the petition by the State Board all of the following shall occur: (1) There is established a body both corporate and politic to be known as the "(Name of School District) School Finance Authority", which in this name shall exercise all authority vested in an Authority by this Article. (2) The Financial Oversight Panel is abolished, and all of its rights, property, assets, contracts, and liabilities shall pass to and be vested in the Authority. (3) The duties and obligations of the district under Article 1B of this Code shall be transferred and become duties and obligations owed by the district to the School Finance Authority. (c) In the event of a conflict between the provisions of this Article and the provisions of Article 1B of this Code, the provisions of this Article control. (Source: P.A. 92-547, eff. 6-13-02.)
Frequently Asked Questions About Illinois § 1E-15
What does Illinois Compiled Statutes § 1E-15 cover?
Section 1E-15 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 1E-15?
A common citation format is "Illinois Compiled Statutes § 1E-15" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 1E-15 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.