OSTERMAN-MILLER. (DUDYCZ) 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. 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. FEB-15-2001 H FILED WITH CLERK FEB-15-2001 H FIRST READING FEB-15-2001 H REFERRED TO HOUSE RULES COMMITTEE RULES FEB-21-2001 H ASSIGNED TO COMMITTEE REVENUE MAR-14-2001 H FISCAL NOTE FILED MAR-14-2001 H COMMITTEE REVENUE MAR-16-2001 H DO PASS/STANDARD DEBATE 006-005-000 HREV MAR-16-2001 H PLACED CAL 2ND READING-STANDARD DEBATE MAR-20-2001 H STATE MANDATES FISCAL NOTE REQUESTED BLACK MAR-20-2001 H SECOND READING-STANDARD DEBATE MAR-20-2001 H HELD CAL ORDER 2ND READING-STANDARD DBT MAR-23-2001 H FISCAL NOTE FILED MAR-23-2001 H STATE MANDATES FISCAL NOTE FILED MAR-23-2001 H HELD CAL ORDER 2ND READING-STANDARD DBT MAR-27-2001 H PLCD CAL ORDER 3RD READING-STNDRD DEBATE APR-04-2001 H ADDED AS A JOINT SPONSOR MILLER APR-05-2001 H THIRD READING/STANDARD DEBATE/PASS 074-041-000 APR-05-2001 S ARRIVE IN SENATE APR-05-2001 S PLACED CALENDAR ORDER OF FIRST READING 01-04-06 APR-05-2001 S CHIEF SPONSOR DUDYCZ APR-06-2001 S FIRST READING APR-06-2001 S REFERRED TO SENATE RULES COMMITTEE RULES JAN-07-2003 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary