IL HB5906

Reinstates the School Finance Authority effective upon enactment, restoring all powers, duties, rights, and property that were previously granted to the Chicago Board of Education upon the Authority's abolition.

Updates director term expiration dates: Governor-appointed directors expire January 31, 2026 and 2027; Mayor-appointed directors expire January 31, 2026 and 2027; Chairman expires January 31, 2028.

Requires the Board to submit a financial plan by March 1, 2026 and a budget by February 1, 2026 for the remaining portion of fiscal year 2026, with biennial financial plans beginning in fiscal year 2029.

Mandates the Board submit a staffing plan to the Authority within 90 days after the effective date, with annual staffing plans thereafter submitted concurrently with budget submissions.

Clarifies that any powers, duties, rights, or property granted to the Board before the Authority's original abolition or after its reinstatement remain vested in the Board, while Authority-specific powers revert exclusively to the reinstated Authority.