Quinn, lawmakers and educators were applauded at the signing ceremony on Saturday.
The new law requires the schools to adopt a 10-year master plan, and to give students more choices to attend higher-performing schools.
"We've always wanted to bring people together, to make sure that the community had input, that the parents had input, that the kids had input, in what was going on in their schools," said State Sen. Iris Martinez, D-Chicago.
"Continue to speak out. Continue to make us aware of the issues. And be willing to step forward, and roll your sleeves up," said State Sen. Mattie Hunter, D-Chicago.
The law requires that before any school is closed at the end of a school year, the announcement must be made by December 1 of the prior year.