96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB0634


 
Introduced 2/6/2009, by Sen. John J. Cullerton
 
SYNOPSIS AS INTRODUCED:
 		













105 ILCS 5/34-23
  from Ch. 122, par. 34-23







    Amends the Chicago School District Article of the School Code.  Makes
a technical change in a Section concerning tax anticipation warrants.
















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A BILL FOR









 











SB0634

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    AN ACT concerning education.

 
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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
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 warrants shall at no

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time be drawn against any such taxes levied for educational 
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purposes for
such an amount that the aggregate of (a) the 
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amount of such warrants,
with the interest to accrue thereon, 
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(b) the aggregate amount of
warrants theretofore drawn against 
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such taxes and the interest accrued
and to accrue thereon, and 
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(c) the aggregate amount of money theretofore
transferred from 
 


 






SB0634
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the working cash fund to the educational purposes fund
exceeds 
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90% of the actual or estimated amount of such taxes extended or

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to be extended by the county clerk upon the books of the 
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collector or
collectors of State and county taxes within the 
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school districts.
Warrants may, however, be issued against and 
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in anticipation of any
taxes levied for the expenditures for 
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building purposes to the extent of
90% of the total amount of 
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taxes levied for such purposes whenever and
only if the board 
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in connection with a grant of money from the federal
government 
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or a pledge to any agency, instrumentality, corporation,

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administration or bureau of the United States of America in 
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connection
with such grant, sells or pledges to the federal 
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government or to any
agency, instrumentality, corporation, 
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administration or bureau of the
United States of America, 
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warrants issued in excess of 75% but not
exceeding 90% of the 
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total amount of taxes levied for the payment of the

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expenditures for building purposes.
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(Source: P.A. 86-930.)