HB6298 96TH GENERAL ASSEMBLY

LRB096 19345 NHT 34736 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB6298

Introduced 2/17/2010, by Rep. Richard P. Myers

SYNOPSIS AS INTRODUCED:

105 ILCS 5/3-9.2 new

Amends the School Code. Requires the State Board of Education to reimburse regional offices of education, from appropriations from State general revenue funds, for all interest paid from borrowing or establishing a line of credit for the purpose of maintaining operations and services. Provides that payments are subject to appropriation of moneys for this purpose from the General Revenue Fund and must be distributed to regional offices of education upon certification by the State Superintendent of Education of the amount of interest paid by the regional superintendent of schools as a result of borrowing or establishing a line of credit due to delayed State payments. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning education.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The School Code is amended by adding Section 3-9.2 as follows:

(105 ILCS 5/3-9.2 new)

Sec. 3-9.2. Reimbursement.

(a) The State Board of Education shall reimburse regional offices of education, from appropriations from State general revenue funds, for all interest paid from borrowing or establishing a line of credit for the purpose of maintaining operations and services.

(b) Payments under this Section are subject to appropriation of moneys for this purpose from the General Revenue Fund and must be distributed to regional offices of education upon certification by the State Superintendent of Education of the amount of interest paid by the regional superintendent of schools as a result of borrowing or establishing a line of credit due to delayed State payments.

Section 99. Effective date. This Act takes effect upon becoming law.