Bill Text: IL HB0611 | 2011-2012 | 97th General Assembly | Introduced

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

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2013-01-08 - Session Sine Die [HB0611 Detail]

Download: Illinois-2011-HB0611-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB0611 Introduced , by Rep. Michael J. Madigan 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
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AN ACT concerning education.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The School Code is amended by changing Section
34-23 as follows:
(105 ILCS 5/34-23) (from Ch. 122, par. 34-23)
Sec. 34-23. Tax anticipation warrants. When there is not
sufficient money in the the treasury to meet the ordinary and
necessary expenses for educational and for building purposes,
and for the purpose of paying the principal of and interest on
bonds to order issued warrants against and in anticipation of
any taxes levied for the payment of the expenditures for
educational and for building purposes, and for the purpose of
paying the principal of and interest on bonds, to the extent of
85% of the total amount of the taxes levied for such purpose;
provided, that whenever a working cash fund has been created
pursuant to Sections 34-30 through 34-36 warrants shall at no
time be drawn against any such taxes levied for educational
purposes for such an amount that the aggregate of (a) the
amount of such warrants, with the interest to accrue thereon,
(b) the aggregate amount of warrants theretofore drawn against
such taxes and the interest accrued and to accrue thereon, and
(c) the aggregate amount of money theretofore transferred from

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the working cash fund to the educational purposes fund exceeds
90% of the actual or estimated amount of such taxes extended or
to be extended by the county clerk upon the books of the
collector or collectors of State and county taxes within the
school districts. Warrants may, however, be issued against and
in anticipation of any taxes levied for the expenditures for
building purposes to the extent of 90% of the total amount of
taxes levied for such purposes whenever and only if the board
in connection with a grant of money from the federal government
or a pledge to any agency, instrumentality, corporation,
administration or bureau of the United States of America in
connection with such grant, sells or pledges to the federal
government or to any agency, instrumentality, corporation,
administration or bureau of the United States of America,
warrants issued in excess of 75% but not exceeding 90% of the
total amount of taxes levied for the payment of the
expenditures for building purposes.
(Source: P.A. 86-930.)