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Illinois Compiled Statutes - Full Text
Illinois Compiled Statutes (ILCS)
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(105 ILCS 5/15-24) (from Ch. 122, par. 15-24)
Sec. 15-24.
Management of permanent funds.
The common school lands and township loanable funds in Class I
counties shall be managed and operated by township land commissioners
who shall receive no salary. In counties of fewer than 220,000
inhabitants, there shall be 3 land commissioners, who shall be elected
in the same manner as provided for the election of school directors, who
shall serve the same terms as school directors and shall be organized in
the same manner as school directors. In counties having 220,000
inhabitants or more but fewer than 2,000,000 inhabitants, the members of
the regional board of school trustees shall be the township land
commissioners, except that township land commissioners elected in any
such county prior to the effective date of this amendatory Act of 1963
shall continue to serve until the end of the term for which they were
elected. The township land commissioners shall hold title to, manage and
operate all common school lands and township loanable funds of such
township and receive the rents, issues and profits therefrom. Elections
shall be conducted in accordance with the general election law. The land commissioners
shall appoint a treasurer for a term of 2 years and fix his salary which
shall not be changed during such term. The proceeds of the rents, issues
and profits from such land and fund shall be promptly deposited with him
upon its receipt by the land commissioners. After the payment of the
necessary expenses incidental to the operation of such land and fund by
orders drawn on the treasurer and signed by the president and secretary
of the land commissioners, including actual expenses of the land
commissioners, the net income from such land and fund including
accumulated income undistributed at the effective date of this Act
shall, upon an order drawn by such treasurer and signed by the president
and secretary of such township land commissioners be distributed
annually on or before February 1 as provided in this Act.
(Source: P.A. 86-225.)
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