98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB0492

 

Introduced 1/25/2013, 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.)