(105 ILCS 5/32-4.11) (from Ch. 122, par. 32-4.11)
Sec. 32-4.11.
Tax
anticipation warrants.
Whenever there is no money in the hands of the treasurer of any school
district to which Sections 32-2 to 32-4.11, inclusive,
shall apply, to defray the necessary expenses of such district, including
amounts necessary to pay maturing principal and interest of bonds, it is lawful
for the school board of
the district to draw and issue warrants against and
in
anticipation of any taxes already levied for the payment of the necessary
expenses of the district, either for transportation, educational or for
all operations, building and maintenance purposes, or for payments to
the Illinois Municipal Retirement Fund, or for the payment of maturing principal
and interest of bonds, as the case may be, to the extent
of 85% of the total amount
of any such taxes levied. The warrants shall show upon their face that they
are payable solely from said taxes when collected, and shall be received by
any collector of taxes in payment of the taxes against which they are
issued. The taxes against which the warrants are drawn shall be set apart
and held for their payment. Every warrant shall bear interest, payable only
out of the taxes against which it shall be drawn, at a rate not to exceed
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, if issued before
January 1, 1972 and not to exceed
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract, if 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 upon
presentation.
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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