HB1627 Summary

• Amends the School Code to end school board authority to transfer funds between certain accounts after the effective date of this amendatory Act.

• Modifies Section 17-2.11 to change the deadline for transferring surplus life safety tax funds from the Fire Prevention and Safety Fund to the Operations and Maintenance Fund from June 30, 2020 to the effective date of this Act.

• Modifies Section 17-2A to change the deadline for making interfund transfers (including from Educational, Operations and Maintenance, Transportation, and Tort Immunity Funds) from June 30, 2020 to the effective date of this Act, after which such transfers are prohibited except for specific one-time circumstances.

• Takes effect immediately upon becoming law.