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Illinois Compiled Statutes
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SCHOOLS (105 ILCS 5/) School Code. 105 ILCS 5/17-16
(105 ILCS 5/17-16) (from Ch. 122, par. 17-16)
Sec. 17-16.
Tax anticipation warrants.
When there is no money in the
treasury of any school district having a population of 500,000 or less
inhabitants, whether governed by either or both the general school laws or any
special charter, to defray the necessary expenses of the district, including
amounts necessary to pay maturing principal and interest of bonds, the school
board may issue warrants, or may provide a fund to meet the expenses by issuing
and disposing of warrants, drawn against and in anticipation of any taxes
levied for the payment of the necessary expenses of the district, either for
transportation, educational or for all operations and maintenance purposes, or
for payments to the Illinois Municipal Retirement Fund, or for the payment of
maturing principal and interest of bonds, or for fire prevention, safety,
energy conservation and school security purposes, as the case may be, to the
extent of 85% of the total amount of the tax so levied. The warrants shall show
upon their face that they are payable in the numerical order of their issuance
solely from such taxes when collected, and shall be received by any collector
of taxes in payment of the taxes against which they are issued, and such taxes
shall be set apart and held for their payment.
Every warrant shall bear interest, payable only out of the taxes
against which it is drawn, at a rate not exceeding the maximum rate authorized
by the Bond Authorization Act, as amended at the time of the making of the
contract, if issued before July 1, 1971 and if issued thereafter at the
rate of not to exceed the maximum rate authorized by the Bond Authorization
Act, as amended at the time of the making of the contract, from the date of
its issuance until paid or until notice shall be given by publication in a
newspaper or otherwise that the money for its payment is available and that
it will be paid on presentation, unless a lower rate of interest is
specified therein, in which case the interest shall be computed and paid at
the lower rate.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been
supplementary grants of power to issue instruments in accordance with the
Omnibus Bond Acts, regardless of any provision of this Act that may appear
to be or to have been more restrictive than those Acts, (ii) that the
provisions of this Section are not a limitation on the supplementary
authority granted by the Omnibus Bond Acts, and (iii) that instruments
issued under this Section within the supplementary authority granted
by the Omnibus Bond Acts are not invalid because of any provision of
this Act that may appear to be or to have been more restrictive than
those Acts.
(Source: P.A. 86-4; 86-1334; 87-984.)
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105 ILCS 5/17-17
(105 ILCS 5/17-17)
Sec. 17-17. School board establishment of lines of credit.
(a) In lieu of issuing tax anticipation warrants in
accordance with Section 17-16 of this Code, the school board of a
school district having a population of 500,000 or less inhabitants may
issue notes, bonds, or other obligations (and in connection
with that issuance, establish a line of credit with a bank or other financial institution)
in an amount not to exceed 85% of the amount of property
taxes most recently levied for educational, operations and maintenance, transportation, or other tax levy
purposes or any combination thereof. Moneys thus borrowed shall be applied to the purposes
for which the tax or any combination of the taxes may be levied and no other purpose. All moneys so
borrowed shall be repaid exclusively from property tax
revenues within 60 days after the property tax revenues have been
received by the board.
(a-5) In lieu of issuing notes or certificates in accordance with the provisions of the Revenue Anticipation Act or Section 18-18 of this Code, the school board of a school district having a population of 500,000 or less inhabitants may anticipate revenues due in the current fiscal year or expected to be due in the next subsequent fiscal year and issue notes, bonds, or other obligations (and in connection with that issuance, establish a line of credit with a bank or other financial institution) in an amount not to exceed the following: (1) if anticipating revenues due in the current | | fiscal year, 85% of the amount or amounts of the revenues due in the current fiscal year as certified by the State Superintendent of Education or other official in a position to provide assurances as to the amounts; and
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| (2) if anticipating revenues expected to be due in
| | the next subsequent fiscal year, 50% of the amount or amounts of the revenues due in the current fiscal year as certified by the State Superintendent of Education or other official in a position to provide assurances as to the amounts.
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| All moneys so borrowed shall be repaid exclusively from the anticipated revenues within 60 days after the revenues have been received.
(b) Borrowing authorized under subsections (a) and (a-5) of this
Section 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.
(c) Prior to borrowing or establishing a line
of credit under this Section, the board shall authorize, by resolution,
the borrowing or line of credit. The resolution
shall set forth facts demonstrating the need for the
borrowing or line of credit, state the amount to be borrowed,
establish a maximum interest rate limit not to exceed that
set forth in subsection (b) of this Section, and provide a
date by which the borrowed funds shall be repaid. The
resolution shall direct the relevant officials to make arrangements to
set apart and hold the taxes or other revenue, as received,
that will be used to repay the borrowing. In addition, the
resolution may authorize the relevant officials to make
partial repayments of the borrowing as the taxes or other revenues become
available and may contain any other terms, restrictions, or
limitations not inconsistent with the provisions of this
Section.
(Source: P.A. 96-19, eff. 6-26-09.)
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105 ILCS 5/17-18 (105 ILCS 5/17-18)
Sec. 17-18. Establishment of lines of credit by other educational entities. (a) In lieu of borrowing in accordance with the provisions of Section 18-20 of this Code, an entity, such as a special education cooperative or other such joint agreement or an intergovernmental agreement, may anticipate revenues due in the current fiscal year or expected to be due in the next subsequent fiscal year and issue notes or other obligations (and in connection with that issuance, establish a line of credit with a bank or other financial institution) in an amount not to exceed the following: (1) if anticipating revenues due in the current | | fiscal year, 85% of the amount or amounts of State categorical or grant payments due in the current fiscal year as certified by the State Superintendent of Education or other official in a position to provide assurances as to the amounts; and
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| (2) if anticipating revenues expected to be due in
| | the next subsequent fiscal year, 50% of the amount or amounts of State categorical or grant payments due in the current fiscal year as certified by the State Superintendent of Education or other official in a position to provide assurances as to the amounts.
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| All moneys so borrowed shall be repaid exclusively from such anticipated revenues within 60 days after the revenues have been received.
(b) Borrowing authorized under subsection (a) of this Section 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.
(c) Prior to borrowing or establishing a line of credit under this Section, the regional superintendent of schools or governing board, as the case may be, shall authorize, by executive order or resolution, the borrowing or line of credit. The executive order or resolution shall set forth facts demonstrating the need for the borrowing or line of credit, state the amount to be borrowed, establish a maximum interest rate limit not to exceed that set forth in subsection (b) of this Section, and provide a date by which the borrowed funds shall be repaid. The executive order or resolution shall direct the relevant officials to make arrangements to set apart and hold the revenue, as received, that will be used to repay the borrowing. In addition, the executive order or resolution may authorize the relevant officials to make partial repayments of the borrowing as the revenues become available and may contain any other terms, restrictions, or limitations not inconsistent with the provisions of this Section.
(Source: P.A. 96-19, eff. 6-26-09.)
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105 ILCS 5/17-19 (105 ILCS 5/17-19) Sec. 17-19. Establishment of lines of credit by regional superintendents. (a) In lieu of borrowing in accordance with the provisions of Section 18-20 of this Code, a regional superintendent of schools, in his or her official capacity as regional superintendent of schools, may anticipate revenues due in the current fiscal year or expected to be due in the next subsequent fiscal year and issue notes or other obligations (and in connection with that issuance, establish a line of credit with a bank or other financial institution) in an amount not to exceed the following: (1) if anticipating revenues due in the current | | fiscal year, 85% of the amount or amounts of State categorical or grant payments due in the current fiscal year as certified by the State Superintendent of Education or other official in a position to provide assurances as to the amounts; and
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| (2) if anticipating revenues expected to be due in
| | the next subsequent fiscal year, 50% of the amount or amounts of State categorical or grant payments due in the current fiscal year as certified by the State Superintendent of Education or other official in a position to provide assurances as to the amounts.
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| All moneys so borrowed shall be repaid exclusively from such anticipated revenues within 60 days after the revenues have been received.
(b) Borrowing authorized under subsection (a) of this Section 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.
(c) Prior to borrowing or establishing a line of credit under this Section, the regional superintendent of schools, in his or her official capacity as regional superintendent of schools, shall authorize, by executive order or resolution, the borrowing or line of credit. The executive order or resolution shall set forth facts demonstrating the need for the borrowing or line of credit, state the amount to be borrowed, establish a maximum interest rate limit not to exceed that set forth in subsection (b) of this Section, and provide a date by which the borrowed funds shall be repaid. The executive order or resolution shall direct the relevant officials to make arrangements to set apart and hold the revenue, as received, that will be used to repay the borrowing. In addition, the executive order or resolution may authorize the relevant officials to make partial repayments of the borrowing as the revenues become available and may contain any other terms, restrictions, or limitations not inconsistent with the provisions of this Section.
(Source: P.A. 96-19, eff. 6-26-09.)
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105 ILCS 5/Art. 18
(105 ILCS 5/Art. 18 heading)
ARTICLE 18.
COMMON SCHOOL FUND
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105 ILCS 5/18-1
(105 ILCS 5/18-1) (from Ch. 122, par. 18-1)
Sec. 18-1.
Moneys
constituting fund.
The common school fund of the state shall consist of any sums accredited
thereto in pursuance of law, of the interest on the school fund proper,
which fund is 3% upon the proceeds of the sales of public lands in the
State, 1/6 part excepted; and the interest on the surplus revenue
distributed by Act of Congress and made part of the common school fund by
Act of the legislature, March 4, 1837. The interest on the school fund
proper and the surplus revenue shall be paid by the State annually at the
rate of 6%, and shall be distributed as provided by law.
(Source: Laws 1961, p. 31 .)
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