Sterling Schools CUSD #5 4.40
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Operational Services
Incurring
Debt
The
Superintendent or designee shall provide early notice to the Board of Education
of the District’s need to borrow money. The Superintendent or designee shall
prepare all documents and notices necessary for the Board of Education, at its
discretion, to issue State Aid Anticipation Certificates, tax anticipation warrants, working cash fund bonds, bonds, notes, and other
evidence of indebtedness. 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.: 30 ILCS 305/2 and 352/1 et seq.
50 ILCS 420/1.
105 ILCS 5/17-16, 5/18-18, 5/19-1 et seq.
CROSS REF.: 4.10
Adopted:
Revised: January 24, 2007