HB5529 Summary

• Extends the deadline for interfund transfers in school districts from June 30, 2016 to June 30, 2019, allowing transfers between Educational, Operations and Maintenance, and Transportation Funds for one-time, non-recurring expenses.

• Extends temporary authority for certain financially distressed school districts (meeting specific criteria including 20% valuation decline and 80% free/reduced lunch eligibility) to transfer funds from any source to educational, operations, or transportation funds until July 1, 2019.

• Modifies Section 17-2.11 of the School Code regarding school board authority to levy taxes and issue bonds for fire prevention, safety, energy conservation, accessibility, and school security purposes in districts with populations under 500,000.

• Maintains existing provisions for emergency repairs below specified thresholds and allows school districts to proceed with emergency repairs prior to state superintendent approval when health and safety threats are imminent.