105 ILCS 5/5-17

If the income of the permanent township fund is not sufficient to
meet such items the additional amount needed may be taken from the total
of other funds subject to distribution, each district -- exclusive of
any district which has withdrawn from the jurisdiction and authority of the
trustees of schools of the township and which has elected or appointed its
own school treasurer as provided in subsection (b) of Section
5-1 -- being charged as its share of such items the proportion which the
amount of school funds of the district handled by the township treasurer
bears to the total amount of all school funds handled by such treasurer.

In Class II county school units (excluding therefrom, however, any
township therein in which the offices of township treasurer and trustee of
schools have been abolished as provided in subsection (c) of Section 5-1)
if any balance of the income from the
permanent township fund in any township remains after paying such items,
such balance shall be apportioned and distributed to the districts and
parts of districts in the township -- including any district which has
withdrawn from the jurisdiction and authority of the trustees of schools of
the township and which has elected or appointed its own school treasurer as
provided in subsection (b) of Section 5-1 -- in which schools
have been kept as required by law during the preceding year ending June 30,
according to the number of pupils in average daily attendance in grades one to
eight inclusive. At the
semi-annual meetings in all such townships all remaining funds subject
to distribution shall be apportioned and distributed to the districts
and parts of districts in the township in which schools have been kept
as required by law during the preceding year ending June 30, in the
manner and subject to the limitations prescribed in Sections 18-2
through 18-11 for the distribution of the common school fund among the
counties, provided that -- except for any balance of the income from the
permanent township fund remaining after payment of the items set forth in
subparagraphs 1, 2, 3 and 4 of this Section -- no funds shall be
apportioned or distributed to any school district which has withdrawn from
the jurisdiction and authority of the trustees of schools and appointed its
own school treasurer pursuant to Section 5-1; and the trustees shall
direct the treasurer to make a regular monthly apportionment and
distribution between semi-annual meetings, in the manner prescribed by
those sections, of any available funds on hand from the common school fund.
The funds distributed shall be credited to the respective districts and
parts of districts.

In Class I county school units and in any township forming a part of
a Class II county school unit in which township the offices of township
treasurer and trustee of schools have been abolished as provided in
subsection (c) of Section 5-1, if any balance of income from the
permanent township fund in any township remains after paying such items,
such balance or a part thereof equal to but not greater than the then
current tax levy or tax levies for common school purposes by all the
school districts or parts of school districts in said township on
property in said township in process of collection in the county wherein
the township having such fund is located, shall, upon an order drawn by
the treasurer and signed by the president and secretary of the township land
commissioners or regional board of school trustees, be paid annually on
or before February 1 to the County
Treasurer of the county in which such township is situated. It shall
then be the duty of the County Treasurer to apply and credit the sum so
received upon all tax bills for school purposes of the taxpayers in the
township, said sum to be applied and credited proportionately upon the
basis of the value of assessed property represented by each such tax
bill. Any sum received by the County Treasurer in excess of the amount
required to discharge in full the amount of all taxes for school
purposes so extended against taxable property within the township shall
be held by the County Treasurer and applied to taxes subsequently
extended for such purposes: Provided, that if a petition, signed by at
least 5% of the legal voters of the township, is presented to the regional
superintendent of schools of the educational service region
in which the township is located
requesting a vote on the proposition that such balance of the income
from the permanent township fund shall be apportioned and distributed to
the districts and parts of districts in the township in which schools
have been kept as required by law during the preceding year ending June
30, according to the number of pupils in average daily attendance in
grades one to eight, inclusive, upon an order drawn by the treasurer and signed by the
president and secretary of the township land commissioners or regional
board of school trustees, to be paid annually
on or before February 1, the regional superintendent of schools shall certify
to the proper election authority the proposition for submission to the
voters of the township in accordance with the general election law.
The treasurer shall cause a copy of the order to be published in one or
more newspapers published in the county school unit within 10 days after
the order is drawn. If no newspaper is published in the county school unit,
the order shall be published in a newspaper having general circulation
within the county school unit. The publication of the order shall include a
notice of (1) the specific number of voters required to sign a petition
requesting that the proposition to apportion and distribute to the several
school districts the excess of the income from the permanent township fund
be submitted to the voters of the township; (2) the time within which
the petition must be filed; and
(3) the date of the prospective referendum. The treasurer shall provide a
petition form to any individual requesting one. If the proposition receives
a majority of the votes cast thereon, it shall supersede the preceding
provisions for the distribution of such balance.

(Source: P.A. 94-1105, eff. 6-1-07.)