92nd General Assembly
Summary of HB1741
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House Sponsors:

Senate Sponsors:

Short description: 
SCH CD-CHI-TAX ANTICIPAT WARNT                                             

Synopsis of Bill as introduced:
        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.                                                         
          FISCAL NOTE (Department of Revenue)                                  
          HB 1741 is a matter of local jurisdiction and has no fiscal          
          impact on the Department of Revenue.                                 
          FISCAL NOTE (State Board of Education)                               
          This legislation carries no significant implications.                
          STATE MANDATES NOTE (State Board of Education)                       
          Same as SBE fiscal note.                                             
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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