Illinois HB4375 amends the School Code to extend the period for interfund transfers in school districts.
HB4375 amends the School Code to extend the time period for school districts to transfer moneys from specified funds for any purpose from June 30, 2026 to June 30, 2029. This change applies to school districts other than the Chicago school district. The bill also allows for one-time transfers of funds accumulated prior to July 1, 2000, and from refinancing bonds refinanced at least five years prior to January 20, 2017. The act takes effect immediately upon becoming law.
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