HB4266 95TH GENERAL ASSEMBLY

LRB095 15005 NHT 40957 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB4266

Introduced , by Rep. Sidney H. Mathias - Chapin Rose

SYNOPSIS AS INTRODUCED:

105 ILCS 5/18-8.05a new

Amends the School Code. Requires the State Board of Education to reimburse school districts for interest not earned on general State aid allocations beginning in August 2007 due to the delay in implementing the Fiscal Year 2008 State budget. Provides for certification of the amount and a report to the General Assembly. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

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 adding Section 18-8.05a as follows:

(105 ILCS 5/18-8.05a new)

Sec. 18-8.05a. Reimbursement for interest not earned. The State Board of Education must reimburse school districts for interest not earned on general State aid allocations beginning in August 2007 due to the delay in implementing the Fiscal Year 2008 State budget. The school board of each district must certify the amount of interest and forward the certification to the State Board on or before March 1, 2008. The State Board must compile these certifications in a report to be filed with the General Assembly on or before March 31, 2008.

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