Tax anticipation warrants, tax anticipation notes, revenue anticipation certificates or notes, general State aid or evidence-based funding anticipation certificates, and lines of credit. With the approval of the State Superintendent and provided that the district is unable to secure short-term financing after 3 attempts, a Panel shall have the same power as a district to do the following:
         (1) issue tax anticipation warrants under the
    
provisions of Section 17-16 of this Code against taxes levied by either the school board or the Panel pursuant to Section 1H-25 of this Code;
        (2) issue tax anticipation notes under the provisions
    
of the Tax Anticipation Note Act against taxes levied by either the school board or the Panel pursuant to Section 1H-25 of this Code;
        (3) issue revenue anticipation certificates or notes
    
under the provisions of the Revenue Anticipation Act;
        (4) issue general State aid or evidence-based funding
    
anticipation certificates under the provisions of Section 18-18 of this Code; and
        (5) establish and utilize lines of credit under the
    
provisions of Section 17-17 of this Code.
    Tax anticipation warrants, tax anticipation notes, revenue anticipation certificates or notes, general State aid or evidence-based funding anticipation certificates, and lines of credit are considered borrowing from sources other than the State and are subject to Section 1H-65 of this Code.

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Illinois Compiled Statutes 105 ILCS 5/1H-70