IL HB0160

Extends the period during which school districts with populations under 500,000 can make interfund transfers for one-time, non-recurring expenses from June 30, 2013 to June 30, 2016.

Allows qualifying school districts meeting six specific criteria (Property Tax Extension Limitation Law subject, under 500,000 population, maximum tax rate, 20% property value decline in prior 2 years, 80%+ free/reduced lunch students, and $203-207 million equalized assessed valuation in 2011) to annually transfer funds from any source except municipal retirement and bonds/interest funds to educational, operations/maintenance, or transportation funds until July 1, 2016.

Adds new authority for school boards to transfer funds from tort immunity funds to educational, operations and maintenance, and transportation funds if unmet educational needs exist and sufficient tort immunity fund balance is available without increasing tort exposure.

Requires all interfund transfers to follow public hearing procedures including published notice 7-30 days prior and posted notice at least 48 hours before the hearing.