SB1605 EngrossedLRB099 09381 NHT 29587 b

1    AN ACT concerning education.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The School Code is amended by changing Section
510-22.44 as follows:
 
6    (105 ILCS 5/10-22.44)  (from Ch. 122, par. 10-22.44)
7    Sec. 10-22.44. To transfer the interest earned from any
8moneys of the district in the respective fund of the district
9that is most in need of such interest income, as determined by
10the board. This Section does not apply to any interest earned
11which has been earmarked or restricted by the board for a
12designated purpose. This Section does not apply to any interest
13earned on any funds for purposes of Illinois Municipal
14Retirement under the Pension Code, Tort Immunity under the
15Local Governmental and Governmental Employees Tort Immunity
16Act, Fire Prevention, Safety, Energy Conservation and School
17Security Purposes under Section 17-2.11, and Capital
18Improvements under Section 17-2.3. Interest earned on these
19exempted funds shall be used only for the purposes authorized
20for the respective exempted funds from which the interest
21earnings were derived.
22    Any high school district whose territory is in 2 counties
23and that is eligible for Section 8002 Federal Impact Aid may

 

 

SB1605 Engrossed- 2 -LRB099 09381 NHT 29587 b

1make a one-time declaration as to interest income (earnings on
2investments) not previously declared as such from 1998 through
32011 in the debt service fund, declaring said moneys as
4interest earnings on or before June 30, 2016. Any such earnings
5income so declared shall thereafter, for purposes of this Code,
6be considered interest earnings and shall be subject to all
7provisions of this Code related thereto.
8(Source: P.A. 87-984.)
 
9    Section 99. Effective date. This Act takes effect upon
10becoming law.