SCH CD-CHI-TAX ANTICIPAT WARNT
Synopsis of Bill as introduced:
Amends the School Code. Provides that, in lieu of issuing tax
anticipation warrants, the Chicago Board of Education may issue notes,
bonds, or other obligations (and in connection with that issuance,
establish a line of credit with a bank) in an amount not to exceed 85%
of the amount of property taxes most recently levied for educational
and building purposes. Provides that all moneys so borrowed shall be
repaid from the taxes when collected. Provides that the borrowing
shall bear interest at a rate not to exceed the maximum rate
authorized by the Bond Authorization Act, from the date of issuance
until paid. Provides that prior to the Board borrowing or
establishing a line of credit, the Board shall authorize, by
resolution, the borrowing or line of credit. Establishes requirements
for the resolution.
FISCAL NOTE (Department of Revenue)
HB 1741 is a matter of local jurisdiction and has no fiscal
impact on the Department of Revenue.
FISCAL NOTE (State Board of Education)
This legislation carries no significant implications.
STATE MANDATES NOTE (State Board of Education)
Same as SBE fiscal note.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status