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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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