92nd General Assembly
Status of SB0782
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   105 ILCS 5/34-23.5 new                                                      

        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.                                                         
   FEB-21-2001  S  FIRST READING                                                  
   FEB-21-2001  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   FEB-28-2001  S       ASSIGNED TO COMMITTEE               EXECUTIVE             
   MAR-08-2001  S       TO SUBCOMMITTEE                                           
   MAR-08-2001  S                   COMMITTEE               EXECUTIVE             
   MAR-31-2001  S  RE-REFERRED TO RULES COMM/RULE 3-9(A)    RULES                 
   JAN-07-2003  S  SESSION SINE DIE                                               


 Full Text  Bill Summary