HB4988 98TH GENERAL ASSEMBLY

LRB098 17390 NHT 52488 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB4988

Introduced , by Rep. Jim Durkin

SYNOPSIS AS INTRODUCED:

105 ILCS 5/18-1

from Ch. 122, par. 18-1

Amends the School Code. Makes a technical change in a Section concerning the Common School Fund.

A BILL FOR

AN ACT concerning education.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The School Code is amended by changing Section 18-1 as follows:

(105 ILCS 5/18-1) (from Ch. 122, par. 18-1)

Sec. 18-1. Moneys constituting fund. The The common school fund of the state shall consist of any sums accredited thereto in pursuance of law, of the interest on the school fund proper, which fund is 3% upon the proceeds of the sales of public lands in the State, 1/6 part excepted; and the interest on the surplus revenue distributed by Act of Congress and made part of the common school fund by Act of the legislature, March 4, 1837. The interest on the school fund proper and the surplus revenue shall be paid by the State annually at the rate of 6%, and shall be distributed as provided by law.

(Source: Laws 1961, p. 31.)