Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process.
Recent laws may not yet be included in the ILCS database, but they are found on this site as
Public
Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the
Guide.
Because the statute database is maintained primarily for legislative drafting purposes,
statutory changes are sometimes included in the statute database before they take effect.
If the source note at the end of a Section of the statutes includes a Public Act that has
not yet taken effect, the version of the law that is currently in effect may have already
been removed from the database and you should refer to that Public Act to see the changes
made to the current law.
(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 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 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.)
|
