Sec. 1H-115. Abolition of Panel. (a) Except as provided in subsections (b), (c), (d), and (e) of this Section, the Panel shall be abolished 10 years after its creation. (b) The State Board, upon recommendation of the Panel or petition of the school board, may abolish the Panel at any time after the Panel has been in existence for 3 years if no obligations of the Panel are outstanding or remain undefeased and upon investigation and finding that: (1) none of the factors specified in Section 1A-8 of this Code remain applicable to the district; and (2) there has been substantial achievement of the goals and objectives established pursuant to the financial plan and required under Section 1H-15 of this Code. (c) The Panel of a district that otherwise meets all of the requirements for abolition of a Panel under subsection (b) of this Section, except for the fact that there are outstanding financial obligations of the Panel, may petition the State Board for reinstatement of all of the school board's powers and duties assumed by the Panel; and if approved by the State Board, then: (1) the Panel shall continue in operation, but its powers and duties shall be limited to those necessary to manage and administer its outstanding obligations; (2) the school board shall once again begin exercising all of the powers and duties otherwise allowed by statute; and (3) the Panel shall be abolished as provided in subsection (a) of this Section. (d) If the Panel of a district otherwise meets all of the requirements for abolition of a Panel under subsection (b) of this Section, except for outstanding obligations of the Panel, then the district may petition the State Board for abolition of the Panel if the district: (1) establishes an irrevocable trust fund, the purpose of which is to provide moneys to defease the outstanding obligations of the Panel; and (2) issues funding bonds pursuant to the provisions of Sections 19-8 and 19-9 of this Code. A district with a Panel that falls under this subsection (d) shall be abolished as provided in subsection (a) of this Section. (e) The duration of a Panel may be continued for more than 10 years after the date of its creation if the State Board extends the Panel's duration under paragraph (3) of subsection (e) of Section 18-8.15 of this Code. this Code remain applicable to the district; and goals and objectives established pursuant to the financial plan and required under Section 1H-15 of this Code. powers and duties shall be limited to those necessary to manage and administer its outstanding obligations; exercising all of the powers and duties otherwise allowed by statute; and subsection (a) of this Section. purpose of which is to provide moneys to defease the outstanding obligations of the Panel; and of Sections 19-8 and 19-9 of this Code.
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