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| [ Engrossed ] | [ House Amendment 001 ] |
90_SB0720
105 ILCS 5/18-1 from Ch. 122, par. 18-1
Amends the School Code. Makes a change of grammar in a
provision relating to the Common School Fund.
LRB9003219THpk
LRB9003219THpk
1 AN ACT to amend the School Code by changing Section 18-1.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The School Code is amended by changing
5 Section 18-1 as follows:
6 (105 ILCS 5/18-1) (from Ch. 122, par. 18-1)
7 Sec. 18-1. Moneys constituting fund.
8 The common school fund of the state shall consist of any
9 sums that are accredited thereto pursuant to in pursuance of
10 law, of the interest on the school fund proper, which fund is
11 3% upon the proceeds of the sales of public lands in the
12 State, 1/6 part excepted; and the interest on the surplus
13 revenue distributed by Act of Congress and made part of the
14 common school fund by Act of the legislature, March 4, 1837.
15 The interest on the school fund proper and the surplus
16 revenue shall be paid by the State annually at the rate of
17 6%, and shall be distributed as provided by law.
18 (Source: Laws 1961, p. 31.)