Public Act 099-0404
 
HB3093 EnrolledLRB099 09227 SXM 29430 b


  
    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 
10-22.44 as follows:
 



    (105 ILCS 5/10-22.44)  (from Ch. 122, par. 10-22.44)



    Sec. 10-22.44. 
To transfer the interest earned from any 
moneys of the
district in the respective fund of the district 
that is most in need of such
interest income, as determined by 
the board.  This Section does not apply to
any interest earned 
which has been earmarked or restricted by the board for a

designated purpose.  This Section does not apply to any interest 
earned on any
funds for purposes of Illinois Municipal 
Retirement under the Pension Code,
Tort Immunity under the 
Local Governmental and Governmental Employees Tort
Immunity 
Act, Fire Prevention, Safety, Energy Conservation and School 
Security
Purposes under Section 17-2.11, and Capital 
Improvements under Section 17-2.3.
Interest earned on these 
exempted funds shall be used only for the purposes
authorized 
for the respective exempted funds from which the interest 
earnings
were derived.

    Any high school district whose territory is in 2 counties 
and that is eligible for Section 8002 Federal Impact Aid may 
make a one-time declaration as to interest income (earnings on 
investments) not previously declared as such from 1998 through 
2011 in the debt service fund, declaring said moneys as 
interest earnings on or before June 30, 2016. Any such earnings 
income so declared shall thereafter, for purposes of this Code, 
be considered interest earnings and shall be subject to all 
provisions of this Code related thereto. 
(Source: P.A. 87-984.)

 
 
    Section 99. Effective date. This Act takes effect upon 
becoming law.