(105 ILCS 5/12-12) (from Ch. 122, par. 12-12)
Sec. 12-12.
Anticipation warrants.
When there is no money in the treasury
of any non-high school
district to defray the necessary expenses of the district, including
amounts necessary to pay maturing principal and interest of bonds, the
board of education 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 such expenses,
either for educational or building purposes or for the payment of
maturing principal and interest of bonds, to the extent of 85% of the
total amount of the tax so levied. The warrants shall show upon their
faces 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 the rate of not more than the maximum rate
authorized by the Bond Authorization Act, as amended at the time of the
making of the contract, for
warrants issued before January 1, 1972 and not more than the maximum rate
authorized by the Bond Authorization Act, as amended at the time of the
making of the contract,
for warrants issued after January 1, 1972, from the date of its issuance
until paid or until notice is 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 shall be
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.)
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