Incurring Debt
The Superintendent shall provide early notice to the Board of the District’s need to borrow money. The Superintendent or designee shall prepare all documents and notices necessary for the Board, at its discretion, to (1) issue State Aid Anticipation Certificates, tax anticipation warrants, working cash fund bonds, bonds, notes, and other evidence of indebtedness or (2) establish a line of credit with a bank or financial institution. The Superintendent shall notify the State Board before the District issues any form of long-term or short-term debt that will result in outstanding debt that exceeds 75% of the debt limit specified in state law.
Adopted: September 8, 1997
Revised: February 20, 2007; March 19, 2019; February 25, 2019; September 19, 2022; September 23, 2024
Legal Reference:
15 U.S.C. §77a et seq., Securities Act of 1933.
15 U.S.C. §78a et seq., Securities Exchange Act of 1934.
17 C.F.R. §240.15c2-12.
30 ILCS 305/2, Bond Authorization Act.
30 ILCS 352/, Bond Issue Notification Act.
30 ILCS 350/, Local Government Debt Reform Act.
50 ILCS 420/, Tax Anticipation Note Act.
105 ILCS 5/17-16, 5/17-17, 5/18-18, and 5/19-1 et seq.