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. In connection with the Board’s issuance of bonds, the Superintendent shall be responsible for ensuring the District’s compliance with federal securities laws, including the anti-fraud provisions of the Securities Act of 1933, as amended and, if applicable, the continuing disclosure obligations under Rule 15c2-12 of the Securities Exchange Act of 1934, as amended. Additionally, in connection with the Board’s issuance of bonds, the interest on which is excludable from gross income for federal income tax purposes, or which enable the District or bond holder to receive other federal tax benefits, the Board authorizes the Superintendent to establish written procedures for post-issuance compliance monitoring for such bonds to protect their tax-exempt (or tax-advantaged) status. The Board may contract with outside professionals, such as bond counsel and/or a qualified financial consulting firm, to assist it in meeting the requirements of this subsection. 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: September 15, 2003 RE-ADOPTED: December 14, 2009; February 24, 2020
Incurring Debt. The Superintendentshall provide early notice to the Board of Education of the District's need to borrow money. The Superintendent shall prepare all documents and notices necessary for the Board of Education, 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.:30 ILCS 305/2 and 352/1 et seq. 50 ILCS 420/. 105 ILCS 5/17-16, 5/17-17, 5/18-18, and 5/19-1 et seq. ADOPTED:September 21, 2010
Incurring Debt. The incurring of any indebtedness or obligation in the nature of borrowing under any loan, guarantee or other financial facility.
Incurring Debt. Tenant has no authority to incur any debt, make any contracts or agreements on behalf of the Landlord, Owner for any work, services, utilities, or materials. Castle Property LLC 2022-2023 Lease Terms Page 7 of 8
Incurring Debt. A. The Committee may vote by majority vote to incur debt consistent with the terms and conditions of X.X. x. 71, § 16, as amended. The provisions of X.X. x. 71, § 16(n) shall be followed to secure the approval of any such vote by the registered voters of the Member Towns, provided, however, that the Committee may elect to follow the process under section 16(d) upon a vote of 2/3 of its members.
B. Debt may be incurred by the District, if approved in accordance with the Committee’s chosen statutory method.
C. Each Member Town shall pay to the District its proportionate share of capital costs that consist of payments of principal and/or interest on bonds or notes issued by the District in accordance with section V(B) above.
Incurring Debt. The Company shall not borrow, mortgage any Company assets, enter into any financing and/or credit facility agreement, excluding trade accounts payable incurred in the ordinary course of business, for an amount equal or superior to FIFTY THOUSAND AND NO/100 DOLLARS ($50,000.00) in the aggregate in any one (1) year.
Incurring Debt. The District School Committee is empowered to incur debt consistent with the terms and conditions of G.L. chapter 71, section 16. Except for the incurring of temporary debt in anticipation of revenue, for an issuance of debt which is less than two percent (2%) of the District's total annual budget in the fiscal year in which the Committee votes to incur the debt, the process that appears in subsection (d) of chapter 71, section 16 will be followed. For an issuance of debt equal to or greater than two percent (2%) of the District's total annual budget in the fiscal year in which the Committee votes to incur the debt, the process that appears in subsection (n) of chapter 71, section 16 will be followed. Notwithstanding the above, the Committee by majority vote may choose to follow the process that appears in subsection (n) of chapter 71, section 16 for an issuance of debt which is less than two percent (2%) of the District's total annual budget in the year in which the Committee votes to incur the debt.
Incurring Debt. The Business Manager shall provide early notice to the Board of Education of the District's need to borrow money. The Business Manager shall prepare all documents and notices necessary for the Board of Education, 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 Business Manager 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.
Incurring Debt. The Director shall provide earlynotice to the Board of Control of the Association's need to borrow money. The Director or designee shall prepare all documents and notices necessaryfor the Board, at its discretion, to: (1) issue State Aid Anticipation Certificates, 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 Director shall notify the State Board of Education before the Association issues 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.
Incurring Debt. The Superintendent shall provide earlynotice to the School Board of the District's need to borrow money. The Superintendent or designee shall prepare all documents and notices necessaryfor the Board, at its discretion, to: (1) issue State Aid Anticipation Certificates, 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 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
