IL HB0548

Mandates the State Board of Education establish a Financial Oversight Panel for Waukegan Community Unit School District 60 regardless of standard petition requirements.

Requires the Financial Oversight Panel to work with the school board and district superintendent to develop goals and objectives for achieving financial stability, with formal reviews at least annually.

Ten years after the Panel's creation, the State Board must determine whether to abolish the Panel and shall establish a transition plan for transferring the Panel's powers and duties back to the school board.

Applies special provisions to the Waukegan panel that exempt it from certain provisions in Illinois School Code Sections 1H-115(b), (c), (d), and (e) regarding earlier abolition opportunities or extended duration.