State of Illinois
90th General Assembly
Legislation

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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.)

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