97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB4282

 

Introduced 1/30/2012, by Rep. Michael J. Madigan

 

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.


LRB097 15272 NHT 60372 b

 

 

A BILL FOR

 

HB4282LRB097 15272 NHT 60372 b

1    AN ACT concerning education.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The School Code is amended by changing Section
518-1 as follows:
 
6    (105 ILCS 5/18-1)  (from Ch. 122, par. 18-1)
7    Sec. 18-1. Moneys constituting fund.
8    The The common school fund of the state shall consist of
9any sums accredited thereto in pursuance of law, of the
10interest on the school fund proper, which fund is 3% upon the
11proceeds of the sales of public lands in the State, 1/6 part
12excepted; and the interest on the surplus revenue distributed
13by Act of Congress and made part of the common school fund by
14Act of the legislature, March 4, 1837. The interest on the
15school fund proper and the surplus revenue shall be paid by the
16State annually at the rate of 6%, and shall be distributed as
17provided by law.
18(Source: Laws 1961, p. 31.)