Illinois Compiled Statutes 105 ILCS 5/1H-70 – Tax anticipation warrants, tax anticipation notes, revenue …
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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
(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;
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(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;
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(3) issue revenue anticipation certificates or notes
under the provisions of the Revenue Anticipation Act;
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(4) issue general State aid or evidence-based funding
anticipation certificates under the provisions of Section 18-18 of this Code; and
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(5) establish and utilize lines of credit under the
provisions of Section 17-17 of this Code.
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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.
Terms Used In Illinois Compiled Statutes 105 ILCS 5/1H-70
- District: means any school district having a population of not more than 500,000 that has had a Financial Oversight Panel established under this Article. See Illinois Compiled Statutes 105 ILCS 5/1H-10
- Panel: means a Financial Oversight Panel created under this Article. See Illinois Compiled Statutes 105 ILCS 5/1H-10
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
- State Superintendent: means the State Superintendent of Education. See Illinois Compiled Statutes 105 ILCS 5/1H-10