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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB6028
Introduced 2/6/2004, by Tom Cross SYNOPSIS AS INTRODUCED:
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105 ILCS 5/34-23 |
from Ch. 122, par. 34-23 |
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Amends the Chicago School District Article of the School Code. Makes
technical changes in a Section concerning tax anticipation warrants.
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A BILL FOR
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HB6028 |
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LRB093 14890 NHT 40456 b |
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| AN ACT concerning schools.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The School Code is amended by changing
Section |
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| 34-23 as follows:
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| (105 ILCS 5/34-23) (from Ch. 122, par. 34-23)
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| Sec. 34-23. Tax anticipation warrants. When there is not |
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| sufficient money
in the treasury to meet the
ordinary and |
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| necessary expenses for educational and for building
purposes, |
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| and for the purpose of paying the principal of and interest on
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| bonds to
order issued warrants against and in anticipation of |
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| any taxes levied
for the payment of the expenditures for |
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| educational and for building
purposes, and for the purpose of |
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| paying the principal of and interest on
bonds, to the extent of |
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| 85% of the total amount of the taxes levied for
such purpose; |
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| provided, that whenever a working cash fund has been
created |
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| pursuant to Sections 34-30 through 34-36 of this Code, warrants
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| shall at no
time be drawn against any such taxes levied for |
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| educational purposes for
such an amount that the aggregate of |
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| (a) the amount of such warrants,
with the interest to accrue |
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| thereon, (b) the aggregate amount of
warrants theretofore drawn |
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| against such taxes and the interest accrued
and to accrue |
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| thereon, and (c) the aggregate amount of money theretofore
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| transferred from the working cash fund to the educational |
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| purposes fund
exceeds 90% of the actual or estimated amount of |
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| such taxes extended or
to be extended by the county clerk upon |
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| the books of the collector or
collectors of State and county |
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| taxes within the school districts.
Warrants may, however, be |
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| issued against and in anticipation of any
taxes levied for the |
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| expenditures for building purposes to the extent of
90% of the |
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| total amount of taxes levied for such purposes whenever and
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| only if the board in connection with a grant of money from the |
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