Sen. Christine Radogno
Filed: 3/10/2015
 
 

 

 

 
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1
AMENDMENT TO SENATE BILL 1605




2    AMENDMENT NO. ______. Amend Senate Bill 1605 by replacing 
3everything after the enacting clause with the following:

 
4    "Section 5. The School Code is amended  by changing Section 
510-22.44 as follows:
 



6    (105 ILCS 5/10-22.44)  (from Ch. 122, par. 10-22.44)



7    Sec. 10-22.44. 
To transfer the interest earned from any 
8moneys of the
district in the respective fund of the district 
9that is most in need of such
interest income, as determined by 
10the board.  This Section does not apply to
any interest earned 
11which has been earmarked or restricted by the board for a

12designated purpose.  This Section does not apply to any interest 
13earned on any
funds for purposes of Illinois Municipal 
14Retirement under the Pension Code,
Tort Immunity under the 
15Local Governmental and Governmental Employees Tort
Immunity 
16Act, Fire Prevention, Safety, Energy Conservation and School 
 
 
09900SB1605sam001- 2 -LRB099 09381 NHT 32247 a

1Security
Purposes under Section 17-2.11, and Capital 
2Improvements under Section 17-2.3.
Interest earned on these 
3exempted funds shall be used only for the purposes
authorized 
4for the respective exempted funds from which the interest 
5earnings
were derived.

6    Any high school district whose territory is in 2 counties 
7and that is eligible for Section 8002 Federal Impact Aid may 
8make a one-time declaration as to interest income (earnings on 
9investments) not previously declared as such from 1998 through 
102011 in the debt service fund, declaring said moneys as 
11interest earnings on or before June 30, 2016. Any such earnings 
12income so declared shall thereafter, for purposes of this Code, 
13be considered interest earnings and shall be subject to all 
14provisions of this Code related thereto. 
15(Source: P.A. 87-984.)


 
16    Section 99. Effective date. This Act takes effect upon 
17becoming law.".