92nd General Assembly
Status of HB1741
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   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                                               


 Full Text  Bill Summary