(105 ILCS 5/34-26) (from Ch. 122, par. 34-26)
Sec. 34-26.
Resale of tax anticipation warrants-Sale of new warrants.
If it is deemed necessary or expedient to convert into money any tax
anticipation warrants issued and purchased by public funds pursuant to
Section 34-25 before the receipt of taxes in anticipation of which the
warrants were issued, the board by resolution adopted by a vote of a
majority of its entire membership may authorize a resale of such warrants
and adjust the interest rate thereon, or as permitted by statute may
authorize the issuance and sale of a like principal amount of new warrants
for the same purpose and in anticipation of the same taxes as the original
warrants were issued and bearing any date subsequent to the date of the
original tax anticipation warrants, the new tax anticipation warrants to be
of the denomination and bear such interest not to exceed the statutory
rate, all as may be authorized by such resolution. Upon the delivery of the
new tax anticipation warrants, a like principal amount of such original
warrants that were issued against the same tax that is anticipated by the
new warrants shall be paid and cancelled and the proceeds of the sale of
the new tax anticipation warrants shall be used first to restore to the
funds so invested in the original tax anticipation warrants money
equivalent to the par value and accrued interest of the original tax
anticipation warrants and the balance, if any, shall revert to the fund for
the creation of which the tax so anticipated was levied. Warrants so resold
or reissued shall have the same incidence of priority with respect to
payment and shall be paid in the same manner as other warrants issued in
anticipation of the same tax and sold in the first instance to any
purchaser other than the issuing board of education.
(Source: Laws 1961, p. 31.)
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