|
| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB1488 Introduced 2/9/2011, by Sen. Christine Radogno SYNOPSIS AS INTRODUCED:
| | 105 ILCS 5/18-1 | from Ch. 122, par. 18-1 |
|
Amends the School Code. Makes a technical change in a Section concerning the
Common School Fund.
|
| |
| | A BILL FOR |
|
|
| | SB1488 | | LRB097 06942 NHT 47035 b |
|
|
| 1 | | AN ACT concerning education.
|
| 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 Section |
| 5 | | 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
The common school fund of the state shall consist of |
| 9 | | any sums accredited
thereto in pursuance of law, of the |
| 10 | | interest on the school fund proper,
which fund is 3% upon the |
| 11 | | proceeds of the sales of public lands in the
State, 1/6 part |
| 12 | | excepted; and the interest on the surplus revenue
distributed |
| 13 | | by Act of Congress and made part of the common school fund by
|
| 14 | | Act of the legislature, March 4, 1837. The interest on the |
| 15 | | school fund
proper and the surplus revenue shall be paid by the |
| 16 | | State annually at the
rate of 6%, and shall be distributed as |
| 17 | | provided by law. |
| 18 | | (Source: Laws 1961, p. 31.)
|