IL HB4780

Amends Section 17-2A of the School Code to extend the period during which school districts with populations under 500,000 may make interfund transfers for any purpose from June 30, 2010 to June 30, 2013.

Allows school boards to transfer funds between the Educational Fund, Operations and Maintenance Fund, and Transportation Fund following a public hearing with proper notice requirements.

Requires at least one published notice in a newspaper of general circulation 7-30 days before the hearing and posted notice at least 48 hours before the hearing.

Outside the extended period (July 1, 2003 through June 30, 2013), interfund transfers are limited to one-time, non-recurring expenses only.

Permits permanent interfund transfers to the fund most in need of the transferred funds as determined by school board resolution, when the transferee fund is not specifically named in the authorizing provision.