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| | SB1605 Engrossed | | LRB099 09381 NHT 29587 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,
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3 | | represented in the General Assembly:
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4 | | Section 5. The School Code is amended by changing Section |
5 | | 10-22.44 as follows:
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6 | | (105 ILCS 5/10-22.44) (from Ch. 122, par. 10-22.44)
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7 | | Sec. 10-22.44.
To transfer the interest earned from any |
8 | | moneys of the
district in the respective fund of the district |
9 | | that is most in need of such
interest income, as determined by |
10 | | the board. This Section does not apply to
any interest earned |
11 | | which has been earmarked or restricted by the board for a
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12 | | designated purpose. This Section does not apply to any interest |
13 | | earned on any
funds for purposes of Illinois Municipal |
14 | | Retirement under the Pension Code,
Tort Immunity under the |
15 | | Local Governmental and Governmental Employees Tort
Immunity |
16 | | Act, Fire Prevention, Safety, Energy Conservation and School |
17 | | Security
Purposes under Section 17-2.11, and Capital |
18 | | Improvements under Section 17-2.3.
Interest earned on these |
19 | | exempted funds shall be used only for the purposes
authorized |
20 | | for the respective exempted funds from which the interest |
21 | | earnings
were derived.
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22 | | Any high school district whose territory is in 2 counties |
23 | | and that is eligible for Section 8002 Federal Impact Aid may |