(105 ILCS 5/34-76)
(from Ch. 122, par. 34-76)
Unpaid warrants for wages.
When a warrant issued for the wages of a teacher or other employee is
presented to the school treasurer and is not paid for want of funds, the
school 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 warrant shall thereafter bear interest at the rate of
7% per annum if issued before January 1, 1972 or at the rate of 6% per
annum if issued after January 1, 1972, until the school treasurer notifies
the president of the board in writing that he has funds to pay it. The
school treasurer shall make and keep a record of such notices and hold the
funds necessary to pay the warrant until it is presented. The warrant shall
draw no interest after notice is given to the president of the board.
(Source: P.A. 76-2012.)