House Sponsors: OSTERMAN-MILLER-DAVIS,MONIQUE-MITCHELL,JERRY-HOEFT. Senate Sponsors: DUDYCZ Short description: SCH CD-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. Effective immediately. HOUSE AMENDMENT NO. 1. Provides that all moneys so borrowed shall be repaid exclusively from property tax revenues within 60 days after the property tax revenues have been received by the Board (instead of the money being repaid from the taxes when collected). HOUSE AMENDMENT NO. 2. Adds reference to: 105 ILCS 5/17-17 new Allows all school districts, not just Chicago, to issue notes, bonds, or other obligations in lieu of tax anticipation warrants. FISCAL NOTE, H-AM 1 & 2 (State Board of Education) HB 3729, as amended by H-ams #1 and #2, should not increase costs to the State. Using notes, bonds, and other obligations instead of tax anticipation warrants may increase or decrease borrowing costs for local school districts depending on the circumstances, but it is likely to be a marginal change in either case. STATE MANDATES NOTE, H-AM 1 & 2 (State Board of Education) Same as SBE fiscal note. Last action on Bill: PUBLIC ACT.............................. 92-0620 Last action date: JUL-11-2002 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0 END OF INQUIRY Full Text Bill Status