4:40 Operational Services - Incurring Debt
(Acrobat File)

Incurring Debt

The Superintendent shall provide early notice to the School Board of the District’s need to borrow money. The Superintendent or designee shall prepare all documents and notices necessary for the School 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 other financial institution. The Superintendent shall notify the State Board of Education 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 by law.

LEGAL REF.:        30 ILCS 305/2.
50 ILCS 420/5.
105 ILCS 5/17-16, 5/17-17, 5/18-18, 5/19-1 et seq.


Reviewed: February 28, 2005, April 23, 2012
Adopted: March 21, 2005
Revisions Adopted: December 18, 2006, February 01, 2010; May 14, 2012