(105 ILCS 5/32-7.2) (from Ch. 122, par. 32-7.2)
Sec. 32-7.2.
Teachers' orders.
The school treasurer of any special
charter district having a population of less than 500,000 shall pay out no
funds of the district except on an order of the corporate authorities
thereof, signed by the president and clerk, or by a majority of the board.
When an order issued for the wages of any teacher or employee of such
district is presented to the treasurer and is not paid for want of funds,
the treasurer shall endorse it over his signature "not paid for want of
funds", with the date of presentation, and shall make and keep a record of
such endorsement. The order shall thereafter bear interest at the rate
established by the school board of the district, payable annually, not
exceeding the rate authorized from time to time under the Bond
Authorization Act until the treasurer of such district notifies the clerk
in writing that he has funds to pay it, and the treasurer shall keep a
record of such notices and hold the funds necessary to pay such order until
it is presented. The order shall draw no interest after notice
is given to the clerk. Orders presented within 10 days after the notice
is mailed to the clerk shall be payable in the numerical order of their
issuance.
(Source: P.A. 86-715; 86-1161.)
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