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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB4282 Introduced 1/30/2012, by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
| | 105 ILCS 5/18-1 | from Ch. 122, par. 18-1 |
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Amends the School Code. Makes a technical change in a Section concerning the
Common School Fund.
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| | A BILL FOR |
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| | HB4282 | | LRB097 15272 NHT 60372 b |
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| 1 | | AN ACT concerning education.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The School Code is amended by changing Section |
| 5 | | 18-1 as follows:
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| 6 | | (105 ILCS 5/18-1) (from Ch. 122, par. 18-1)
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| 7 | | Sec. 18-1.
Moneys
constituting fund.
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| 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
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| 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.)
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