Common use of ECONOMIC REOPENER Clause in Contracts

ECONOMIC REOPENER. Upon not less than fifteen (15) days’ written notice to the District, the Union may reopen the salary and insurance provisions of this Agreement for further negotiations only under the following limited circumstances: (a) the statutory tax cap limitation number (CPI-U) applicable to the District’s property tax levy for any calendar year which, in whole or in part, runs concurrently with any year of this Agreement exceeds 4.5%; or (b) the Illinois legislature revises the current statutory structure for school funding, and said revision results in an increase in the aggregate revenues (state and local sources combined) of more than five percent (5%) to the District’s Education Fund. If legislation is enacted which increases the District’s financial responsibilities in any way or which decreases its ability to generate or collect revenue from the State of Illinois or from its taxpayers, the Board may invoke this re-opener provision by giving written notice to the Union within one-hundred and twenty (120) calendar days of the passage of the legislation. (Such legislation would include, but not be limited to, enacting pension legislation which would increase the Board’s contribution to teachers’ pensions or to the Teachers’ Retirement System, require the Board to increase its contributions for employees’ health insurance, or to limit the Board’s taxing authority in scope or amount.) The parties will meet as soon as practical thereafter to negotiate wages and insurance benefits.

ECONOMIC REOPENER. Upon not less than fifteen (15) days’ written notice to the District, the Union may reopen the salary and insurance provisions of this Agreement for further negotiations only under the following limited circumstances: (a) the statutory tax cap limitation number (CPI-U) applicable to the District’s property tax levy for any calendar year which, in whole or in part, runs concurrently with any year of this Agreement exceeds 4.5%; or (b) the Illinois legislature revises the current statutory structure for school funding, and said revision results in an increase in the aggregate revenues (state and local sources combined) of more than five percent (5%) to the District’s Education Fund. If legislation is enacted which increases the District’s financial responsibilities in any way or which decreases its ability to generate or collect revenue from the State of Illinois or from its taxpayers, the Board may invoke this re-opener provision by giving written notice to the Union within one-hundred and twenty (120) calendar days of the passage of the legislation. (Such legislation would include, but not be limited to, ,enacting pension legislation which would increase the Board’s contribution to teachers’ pensions or to the Teachers’ Retirement System, require the Board to increase its contributions for employees’ health insurance, or to limit the Board’s taxing authority in scope or amount.) The parties will meet as soon as practical thereafter to negotiate wages and insurance benefits.