| of August, 1993 and on or before the 11th and 21st days of each of the months of October, 1993 through July, 1994 at a time or times designated by the Governor, the State Treasurer and the State Comptroller shall transfer from the General Revenue Fund to the Common School Fund 1/24 or so much thereof as may be necessary of the amount appropriated to the State Board of Education for distribution to all school districts from such Common School Fund, for fiscal year 1994, including interest on the School Fund proportionate for that distribution for such year; and on or before the 21st day of August, 1993 at a time or times designated by the Governor, the State Treasurer and the State Comptroller shall transfer from the General Revenue Fund to the Common School Fund 3/24 or so much thereof as may be necessary of the amount appropriated to the State Board of Education for distribution to all school districts from the Common School Fund, for fiscal year 1994, including interest proportionate for that distribution on the School Fund for such fiscal year.
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The amounts of the payments made in July of each year, if required: (i) shall be
considered an outstanding liability as of the 30th day of June immediately
preceding those July payments, within the meaning of Section 25 of this Act;
(ii) shall be payable from the appropriation for the fiscal year that ended on
that 30th day of June; and (iii) shall be considered payments for claims
covering the school year that commenced during the immediately preceding
calendar year.
Notwithstanding the foregoing provisions of this subsection, as soon
as may be after the 10th and 20th days of each of the months of August
through May, 1/24, and on or as soon as may be after the 10th and 20th days of June, 1/12 of the annual amount appropriated to the
State Board of Education for distribution and payment during that fiscal year
from the Common School Fund to and for the benefit of the Teachers' Retirement
System of the State of Illinois (until the end of State fiscal year 1995)
and the Public School Teachers' Pension and Retirement Fund of Chicago as
provided by the Illinois Pension Code and Section 18-7 of the School Code, or
so much thereof as may be necessary, shall be transferred by the State
Treasurer and the State Comptroller from the General Revenue Fund to the Common
School Fund to permit semi-monthly payments from the Common School Fund to and
for the benefit of such teacher retirement systems as required by Section 18-7
of the School Code.
Notwithstanding the other provisions of this Section, on or as soon as
may be after the 15th day of each month, beginning in July of 1995, 1/12
of the annual amount appropriated for that fiscal year from the Common School
Fund to the Teachers' Retirement System of the State of Illinois (other than
amounts appropriated under Section 1.1 of the State Pension Funds Continuing
Appropriation Act), or so much thereof as may be necessary, shall be
transferred by the State Treasurer and the State Comptroller from the General
Revenue Fund to the Common School Fund to permit monthly payments from the
Common School Fund to that retirement system in accordance with Section 16-158
of the Illinois Pension Code and Section 18-7 of the School Code, except that
such transfers in fiscal year 2004 from the General Revenue Fund
to the Common School Fund for the benefit of the Teachers' Retirement System of
the State of Illinois shall be reduced in the aggregate by the State
Comptroller and
State Treasurer to adjust for the amount transferred to the Teachers'
Retirement System of the State of Illinois pursuant to subsection (a) of
Section 6z-61.
Amounts
appropriated to the Teachers' Retirement System of the State of Illinois under
Section 1.1 of the State Pension Funds Continuing Appropriation Act shall be
transferred by the State Treasurer and the State Comptroller from the General
Revenue Fund to the Common School Fund as necessary to provide for the payment
of vouchers drawn against those appropriations.
The Governor may notify the State Treasurer and the State Comptroller to
transfer, at a time designated by the Governor, such additional amount as
may be necessary to effect advance distribution to school districts of amounts
that otherwise would be payable in the next month pursuant to Sections 18-8.05
through 18-9 of the School Code. The State Treasurer and the State Comptroller
shall thereupon transfer such additional amount. The aggregate amount
transferred from the General Revenue Fund to the Common School Fund in the
eleven months beginning August 1 of any fiscal year shall not be in excess
of the amount necessary for payment of claims certified by the State
Superintendent of Education pursuant to the appropriation of the Common
School Fund for that fiscal year. Notwithstanding the provisions of the
first paragraph in this section, no transfer to effect an advance
distribution shall be made in any month except on notification, as provided
above, by the Governor.
The State Comptroller and State Treasurer shall transfer from the General
Revenue Fund to the Common School Fund and the Education Assistance Fund
such amounts as may be required to
honor the vouchers presented by the State Board of Education pursuant to
Sections 18-3, 18-4.3, 18-5, 18-6 and 18-7 of the School Code.
The State Comptroller shall report all transfers provided for in this Act
to the President of the Senate, Minority Leader of the Senate, Speaker of
the House, and Minority Leader of the House.
(b) On or before the 11th and 21st days of each of the months of June,
1982 through July, 1983, at a time or times designated by the Governor,
the State Treasurer and the State Comptroller shall transfer from the General
Revenue Fund to the Common School Fund 1/24 or so much thereof as may be
necessary of the amount appropriated to the State Board of Education for
distribution from such Common School Fund, for that same fiscal year, including
interest on the School Fund for such year. The amounts of the payments
in the months of July, 1982 and July, 1983 shall be considered an outstanding
liability as of the 30th day of June immediately preceding such July payment,
within the meaning of Section 25 of this Act, and shall be payable from
the appropriation for the fiscal year which ended on such 30th day of June,
and such July payments shall be considered payments for claims covering
school years 1981-1982 and 1982-1983 respectively.
In the event the Governor makes notification to effect advanced distribution
under the provisions of subsection (a) of this Section, the aggregate amount
transferred from the General Revenue Fund to the Common School Fund in the
12 months beginning August 1, 1981 or the 12 months beginning August 1,
1982 shall not be in excess of the amount necessary for payment of claims
certified by the State Superintendent of Education pursuant to the
appropriation of the Common School Fund for the fiscal years commencing on
the first of July of the years 1981 and 1982.
(Source: P.A. 94-1105, eff. 6-1-07; 95-835, eff. 8-15-08.)
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