Sec. 1H-70. Tax anticipation warrants, tax anticipation notes, revenue anticipation certificates or notes, general State aid or evidence-based funding anticipation certific.
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Sec. 1H-70. Tax anticipation warrants, tax anticipation notes, revenue anticipation certificates or notes, general State aid or evidence-based funding anticipation certificates, and lines of credit. With the approval of the State Superintendent and provided that the district is unable to secure short-term financing after 3 attempts, a Panel shall have the same power as a district to do the following:
(1)issue tax anticipation warrants under the provisions of Section 17-16 of this Code
against taxes levied by either the school board or the Panel pursuant to Section 1H-25 of this Code;
(2)issue tax anticipation notes under the provisions of the Tax Anticipation Note Act
against taxes levied by either the school board or the Panel pursuant to Section 1H-25 of this Code;
(3)issue revenue anticipation certificates or notes under the provisions of the Revenue
Anticipation Act;
(4)issue general State aid or evidence-based funding anticipation certificates under
the provisions of Section 18-18 of this Code; and
(5)establish and utilize lines of credit under the provisions of Section 17-17 of this
Code.
Tax anticipation warrants, tax anticipation notes, revenue anticipation certificates or notes, general State aid or evidence-based funding anticipation certificates, and lines of credit are considered borrowing from sources other than the State and are subject to Section 1H-65 of this Code.