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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB0507
Introduced 2/4/2009, by Rep. Roger L. Eddy 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. Makes a technical change in a Section concerning the
Common School Fund.
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A BILL FOR
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HB0507 |
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LRB096 08352 NHT 18462 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. The
The common school |
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| fund of the state shall consist of any sums accredited
thereto |
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| in pursuance of law, of the interest on the school fund proper,
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| which fund is 3% upon the proceeds of the sales of public lands |
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| in the
State, 1/6 part excepted; and the interest on the |
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| surplus revenue
distributed by Act of Congress and made part of |
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| the common school fund by
Act of the legislature, March 4, |
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| 1837. The interest on the school fund
proper and the surplus |
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| revenue shall be paid by the State annually at the
rate of 6%, |
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| and shall be distributed as provided by law. |
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| (Source: Laws 1961, p. 31.)
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