93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB6028


 
Introduced 2/6/2004, by Tom Cross
 
SYNOPSIS AS INTRODUCED:
 		













105 ILCS 5/34-23
  from Ch. 122, par. 34-23







    Amends the Chicago School District Article of the School Code.  Makes
technical changes in a Section concerning tax anticipation warrants.
















LRB093 14890 NHT 40456 b

















 


 


A BILL FOR









 











HB6028

LRB093 14890 NHT 40456 b






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    AN ACT concerning schools. 

 
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    Be it enacted by the People of the State of Illinois, 
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represented in the General Assembly: 


 
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    Section 5. The School Code is amended by changing
Section 
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34-23 as follows:


 
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    (105 ILCS 5/34-23)  (from Ch. 122, par. 34-23)

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    Sec. 34-23. Tax anticipation warrants.  When there is not 
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sufficient money
in the treasury to meet the
ordinary and 
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necessary expenses for educational and for building
purposes, 
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and for the purpose of paying the principal of and interest on

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bonds to
order issued warrants against and in anticipation of 
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any taxes levied
for the payment of the expenditures for 
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educational and for building
purposes, and for the purpose of 
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paying the principal of and interest on
bonds, to the extent of 
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85% of the total amount of the taxes levied for
such purpose; 
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provided, that whenever a working cash fund has been
created 
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pursuant to Sections 34-30 through 34-36 of this Code, warrants

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shall at no
time be drawn against any such taxes levied for 
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educational purposes for
such an amount that the aggregate of 
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(a) the amount of such warrants,
with the interest to accrue 
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thereon, (b) the aggregate amount of
warrants theretofore drawn 
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against such taxes and the interest accrued
and to accrue 
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thereon, and (c) the aggregate amount of money theretofore

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transferred from the working cash fund to the educational 
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purposes fund
exceeds 90% of the actual or estimated amount of 
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such taxes extended or
to be extended by the county clerk upon 
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the books of the collector or
collectors of State and county 
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taxes within the school districts.
Warrants may, however, be 
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issued against and in anticipation of any
taxes levied for the 
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expenditures for building purposes to the extent of
90% of the 
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total amount of taxes levied for such purposes whenever and

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only if the board in connection with a grant of money from the 
 


 






HB6028
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LRB093 14890 NHT 40456 b




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federal
government or a pledge to any agency, instrumentality, 
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corporation,
administration or bureau of the United States of 
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America in connection
with such grant, sells or pledges to the 
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federal government or to any
agency, instrumentality, 
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corporation, administration or bureau of the
United States of 
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America, warrants issued in excess of 75% but not
exceeding 90% 
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of the total amount of taxes levied for the payment of the

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expenditures for building purposes.


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(Source: P.A. 86-930.)