97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB0611
 
Introduced 01/31/11, by Rep. Michael J. Madigan
 
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
a technical change in a Section concerning tax anticipation warrants.



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A BILL FOR
 


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1    AN ACT concerning education.

 
2    Be it enacted by the People of the State of Illinois, 
3represented in the General Assembly: 

 
4    Section 5. The School Code is amended by changing Section 
534-23 as follows:
 



6    (105 ILCS 5/34-23)  (from Ch. 122, par. 34-23)



7    Sec. 34-23. Tax anticipation warrants. When there is not 
8sufficient money
in the
the treasury to meet the
ordinary and 
9necessary expenses for educational and for building
purposes, 
10and for the purpose of paying the principal of and interest on

11bonds to
order issued warrants against and in anticipation of 
12any taxes levied
for the payment of the expenditures for 
13educational and for building
purposes, and for the purpose of 
14paying the principal of and interest on
bonds, to the extent of 
1585% of the total amount of the taxes levied for
such purpose; 
16provided, that whenever a working cash fund has been
created 
17pursuant to Sections 34-30 through 34-36 warrants shall at no

18time be drawn against any such taxes levied for educational 
19purposes for
such an amount that the aggregate of (a) the 
20amount of such warrants,
with the interest to accrue thereon, 
21(b) the aggregate amount of
warrants theretofore drawn against 
22such taxes and the interest accrued
and to accrue thereon, and 
23(c) the aggregate amount of money theretofore
transferred from 
 
 
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1the working cash fund to the educational purposes fund
exceeds 
290% of the actual or estimated amount of such taxes extended or

3to be extended by the county clerk upon the books of the 
4collector or
collectors of State and county taxes within the 
5school districts.
Warrants may, however, be issued against and 
6in anticipation of any
taxes levied for the expenditures for 
7building purposes to the extent of
90% of the total amount of 
8taxes levied for such purposes whenever and
only if the board 
9in connection with a grant of money from the federal
government 
10or a pledge to any agency, instrumentality, corporation,

11administration or bureau of the United States of America in 
12connection
with such grant, sells or pledges to the federal 
13government or to any
agency, instrumentality, corporation, 
14administration or bureau of the
United States of America, 
15warrants issued in excess of 75% but not
exceeding 90% of the 
16total amount of taxes levied for the payment of the

17expenditures for building purposes.
18(Source: P.A. 86-930.)