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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB0505 Introduced 1/25/2013, 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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| | HB0505 | | LRB098 03316 NHT 33331 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. The
The common school |
| 8 | | fund of the state shall consist of any sums accredited
thereto |
| 9 | | in pursuance of law, of the interest on the school fund proper,
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| 10 | | which fund is 3% upon the proceeds of the sales of public lands |
| 11 | | in the
State, 1/6 part excepted; and the interest on the |
| 12 | | surplus revenue
distributed by Act of Congress and made part of |
| 13 | | the common school fund by
Act of the legislature, March 4, |
| 14 | | 1837. The interest on the school fund
proper and the surplus |
| 15 | | revenue shall be paid by the State annually at the
rate of 6%, |
| 16 | | and shall be distributed as provided by law. |
| 17 | | (Source: Laws 1961, p. 31.)
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