HB1504 Summary

• Extends the deadline for school districts (except Chicago) to transfer surplus life safety taxes and interest earnings to the Operations and Maintenance Fund from June 30, 2013 to June 30, 2016, subject to a public hearing requirement.

• Extends the period during which school districts (except Chicago) may transfer money between the Educational Fund, Operations and Maintenance Fund, and Transportation Fund for one-time, non-recurring expenses from June 30, 2013 to June 30, 2016.

• Allows school districts with populations under 500,000 to make interfund transfers by resolution following a public hearing with published notice at least 7 days in advance.

• Takes effect immediately upon becoming law.