Common use of Incurring Debt Clause in Contracts

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 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 in State law. LEGAL REF.: Securities Act of 1933, 15 U.S.C. §77a et seq. Securities Exchange Act of 1934, 15 U.S.C. §78a et seq. 17 C.F.R. §240.15c2-12. Bond Authorization Act, 30 ILCS 305/2 Bond Issue Notification Act, 30 ILCS 352/ Local Government Debt Reform Act, 30 ILCS 350/. Tax Anticipation Note Act, 50 ILCS 420/. 105 ILCS 5/17-16, 5/17-17, 5/18-18, and 5/19-1 et seq. CROSS REF.:4:10 (Fiscal and Business Management) ADOPTED:November 18, 1997 REVISED:December 19, 2006; December 15, 2009; September 16, 2014; April 17, 2018

Incurring Debt. The Superintendent shall provide early notice earlynotice to the School Board of the District's need to borrow money. The Superintendent or designee shall prepare all documents and notices necessary for necessaryfor the Board, at its discretion, to: (1) issue State Aid Anticipation Certificates, tax anticipation taxanticipation 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 anyform of long-term or short-term debt that will result in outstanding debt that exceeds 75% of the debt limit specified in State law. LEGAL REF.: Securities Act of 1933, 15 U.S.C. §77a et seq. Securities Exchange Act of 1934, 15 U.S.C. §78a et seq. 17 C.F.R. §240.15c2-12. Bond Authorization Act, 30 ILCS 305/2 Bond Issue Notification Act, 30 ILCS 352/ Local Government Debt Reform Act, 30 ILCS 350/. Tax Anticipation Note Act, 50 ILCS 420/. 105 ILCS 5/17-16, 5/17-17, 5/18-18, and 5/19-1 et seq. CROSS REF.:4:10 (Fiscal and Business Management) ADOPTED:November 18, 1997 REVISED:December 19, 2006; December 15, 2009; September 16, 2014; April 17, 2018