House Sponsors: OSTERMAN-MILLER. Senate Sponsors: DUDYCZ Short description: 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 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status