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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB2383
Introduced 2/3/2004, by Kathleen L. Wojcik SYNOPSIS AS INTRODUCED:
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105 ILCS 5/18-1 |
from Ch. 122, par. 18-1 |
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Amends the School Code. Notwithstanding any other law, requires the Department of Revenue to deposit 25% of all tax receipts each month that would otherwise be deposited into the General Revenue Fund directly into the Common School Fund.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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SB2383 |
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LRB093 19185 NHT 44920 b |
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| AN ACT concerning education.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The School Code is amended by changing Section |
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| 18-1 as follows:
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| (105 ILCS 5/18-1) (from Ch. 122, par. 18-1)
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| Sec. 18-1. Moneys
constituting fund.
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| (a) The common school fund of the state shall consist of |
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| any sums accredited
thereto in pursuance of law, of the |
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| interest on the school fund proper,
which fund is 3% upon the |
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| proceeds of the sales of public lands in the
State, 1/6 part |
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| excepted; and the interest on the surplus revenue
distributed |
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| by Act of Congress and made part of the common school fund by
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| Act of the legislature, March 4, 1837. The interest on the |
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| school fund
proper and the surplus revenue shall be paid by the |
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| State annually at the
rate of 6%, and shall be distributed as |
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| provided by law.
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| (b) Notwithstanding any other law, the Department of |
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| Revenue shall deposit 25% of all tax receipts each month that |
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| would otherwise be deposited into the General Revenue Fund |
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| directly into the Common School Fund.
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| (Source: Laws 1961, p. 31.)
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