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Glenbard Township High School District 87
Policy 4:40

Operational Services

Incurring Debt

The Assistant Superintendent for Business Services shall provide early notice to the Board of Education of the District’s need to borrow money.  The Assistant Superintendent for Business Services 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 or 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:       30 ILCS 305/2.50 ILCS 420/5.
                          105 ILCS 5/17-16, 5/18-18, 5/19-1 et seq.

ADOPTED:          December 8, 1997

REVIEWED:         March 13, 2006

REVIEWED:         April 12, 2010

REVISED:            May 24, 2010