OSTERMAN-MILLER-DAVIS,MONIQUE-MITCHELL,JERRY-HOEFT. (DUDYCZ) 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. Effective immediately. HOUSE AMENDMENT NO. 1. Provides that all moneys so borrowed shall be repaid exclusively from property tax revenues within 60 days after the property tax revenues have been received by the Board (instead of the money being repaid from the taxes when collected). HOUSE AMENDMENT NO. 2. Adds reference to: 105 ILCS 5/17-17 new Allows all school districts, not just Chicago, to issue notes, bonds, or other obligations in lieu of tax anticipation warrants. FISCAL NOTE, H-AM 1 & 2 (State Board of Education) HB 3729, as amended by H-ams #1 and #2, should not increase costs to the State. Using notes, bonds, and other obligations instead of tax anticipation warrants may increase or decrease borrowing costs for local school districts depending on the circumstances, but it is likely to be a marginal change in either case. STATE MANDATES NOTE, H-AM 1 & 2 (State Board of Education) Same as SBE fiscal note. JAN-09-2002 H FILED WITH CLERK JAN-09-2002 H FIRST READING JAN-09-2002 H REFERRED TO HOUSE RULES COMMITTEE RULES JAN-23-2002 H ASSIGNED TO COMMITTEE ELEM SCND ED FEB-06-2002 H ADDED AS A JOINT SPONSOR MILLER FEB-07-2002 H AMENDMENT NO. 01-ELEM SCND ED H FEB-07-2002 H ADOPTED FEB-07-2002 H DO PASS AMENDED/SHORT DEBATE 020-000-000 HELM FEB-07-2002 H PLACED CALENDAR 2ND READING-SHORT DEBATE FEB-13-2002 H ADDED AS A JOINT SPONSOR DAVIS,MONIQUE FEB-14-2002 H ADDED AS A JOINT SPONSOR MITCHELL,JERRY FEB-14-2002 H ADDED AS A JOINT SPONSOR HOEFT FEB-20-2002 H AMENDMENT NO. 02-OSTERMAN FEB-20-2002 H AMENDMENT REFERRED TO HRUL FEB-20-2002 H RECOMMENDS BE ADOPTED HRUL/005-000-000 FEB-20-2002 H FISCAL NOTE REQUESTED AS AMENDED BY HA #2/BLACK FEB-20-2002 H STATE MNDT FISCAL NOTE RQSTD AS AMENDED BY HA #2/BLACK FEB-20-2002 H CALENDAR ORDER 2ND READING-SHORT DEBATE FEB-21-2002 H SECOND READING-SHORT DEBATE FEB-21-2002 H AMENDMENT NO. 02-OSTERMAN FEB-21-2002 H ADOPTED FEB-21-2002 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE FEB-22-2002 H FISCAL NOTE FILED AS AMENDED BY HA #1 & 2 FEB-22-2002 H STATE MNDT FISCAL NOTE FILED AS AMENDED BY HA #1 & 2 FEB-22-2002 H PLCD CAL ORDER 3RD READING-SHORT DEBATE FEB-22-2002 H THIRD READING/SHORT DEBATE/PASSED 114-000-000 FEB-26-2002 S ARRIVE IN SENATE FEB-26-2002 S PLACED CALENDAR ORDER OF FIRST READING 02-02-27 MAR-05-2002 S CHIEF SPONSOR DUDYCZ MAR-06-2002 S FIRST READING MAR-06-2002 S REFERRED TO SENATE RULES COMMITTEE RULES APR-10-2002 S ASSIGNED TO COMMITTEE EDUCATION APR-17-2002 S DO PASS 008-001-000 SESE APR-17-2002 S PLACED ON CALENDAR ORDER OF 2ND READING 02-04-18 APR-18-2002 S SECOND READING APR-18-2002 S PLACED ON CALENDAR ORDER OF 3RD READING 02-04-23 APR-25-2002 S THIRD READING - PASSED 056-000-000 APR-25-2002 H PASSED BOTH HOUSES MAY-24-2002 H SENT TO THE GOVERNOR JUL-11-2002 H GOVERNOR APPROVED JUL-11-2002 H EFFECTIVE DATE 02-07-11 JUL-11-2002 H PUBLIC ACT.............................. 92-0620 END OF INQUIRY Full Text Bill Summary