(105 ILCS 5/34-25) (from Ch. 122, par. 34-25)
Sec. 34-25.
Use
of special funds to purchase tax anticipation warrants - Payment.
Any board holding in its treasury any fund set aside for use for some
particular purpose that is not immediately necessary for such purpose may
by resolution adopted by a vote of a majority of the full membership of the
board use the money in such fund, or in the aggregate of such funds if
there may be more than one, in the purchase of tax anticipation warrants of
the board ordered issued by the city council of such city at the request of
said board of education. Such warrants shall bear interest not to exceed
the maximum rate authorized by the Bond Authorization Act, as amended at the
time of the making of the contract. All interest on such warrants and
all moneys paid in redemption
or received from the resale thereof shall at once be credited to and placed
in such fund so held by the board. No board, however, so using any of its
own funds for the purchase of tax anticipation warrants shall apply to the
payment thereof while so held by it any taxes against and in anticipation
of which such warrants have been issued, unless and until all warrants and
the interest thereon, issued by the board against and in anticipation of
the same taxes and sold to other purchasers at public or private sale, and
all bonds, together with interest thereon, issued pursuant to the
provisions of this Act, have been first paid or moneys sufficient for the
payment thereof have been deposited with the treasurer of the board as a
special fund to be held and used solely for the purpose of paying such
warrants and bonds with interest thereon when presented. This section does
not prevent the resale or reissue of any warrants as provided in Section
34-26.
With respect to instruments for the payment of money issued under this
Section either before, on, or after the effective date of this amendatory
Act of 1989, it is and always has been the intention of the General
Assembly (i) that the Omnibus Bond Acts are and always have been supplementary
grants of
power to issue instruments in accordance with the Omnibus Bond Acts,
regardless of any provision of this Act that may appear to be or to have
been more restrictive than those Acts, (ii)
that the provisions of this Section are not a limitation on the
supplementary authority granted by the Omnibus Bond
Acts,
and (iii) that instruments issued under this
Section within the supplementary authority granted by the Omnibus Bond Acts
are not invalid
because of any provision of this Act that may appear to be or to have been
more restrictive than those Acts.
(Source: P.A. 86-4.)
|