MOLARO. 105 ILCS 5/34-23.5 new Amends the School Code. Provides that, in lieu of issuing tax anticipation warrants, the Chicago Board of Education may issue notes, bonds, or other obligations (and in connection with that issuance, establish a line of credit with a bank) in an amount not to exceed 85% of the amount of property taxes most recently levied for educational and building purposes. Provides that all moneys so borrowed shall be repaid from the taxes when collected. Provides that the borrowing shall bear interest at a rate not to exceed the maximum rate authorized by the Bond Authorization Act, from the date of issuance until paid. Provides that prior to the Board borrowing or establishing a line of credit, the Board shall authorize, by resolution, the borrowing or line of credit. Establishes requirements for the resolution. FEB-21-2001 S FIRST READING FEB-21-2001 S REFERRED TO SENATE RULES COMMITTEE RULES FEB-28-2001 S ASSIGNED TO COMMITTEE EXECUTIVE MAR-08-2001 S TO SUBCOMMITTEE MAR-08-2001 S COMMITTEE EXECUTIVE MAR-31-2001 S RE-REFERRED TO RULES COMM/RULE 3-9(A) RULES JAN-07-2003 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary