IL HB3012

Amends Section 17-2A of the School Code to authorize interfund transfers by school boards in districts with populations under 500,000 inhabitants following a public hearing with proper notice requirements.

Allows transfers between Educational Fund, Operations and Maintenance Fund, Transportation Fund, and Tort Immunity Fund for one-time, non-recurring expenses, except during July 1, 2003 through June 30, 2019.

Permits specific elementary districts meeting five criteria (including Property Tax Extension Limitation Law subject status, K-8 grades, single county territory, Federal Impact Aid eligibility, and under $81,000 in refinancing bond funds) to make a one-time transfer of remaining refinancing bond funds to the Operations and Maintenance Fund.

Authorizes community unit school districts (K-12) meeting five criteria (including Property Tax Extension Limitation Law subject status, single county territory, and owning a federally-designated Superfund site) to make a one-time transfer of excess bond fund accumulations from before July 1, 2000 to the Operations and Maintenance Fund.

Takes effect upon becoming law.