Illinois General Assembly - Full Text of Public Act 099-0404
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Public Act 099-0404





Public Act 099-0404
HB3093 EnrolledLRB099 09227 SXM 29430 b

    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 changing Section
10-22.44 as follows:
    (105 ILCS 5/10-22.44)  (from Ch. 122, par. 10-22.44)
    Sec. 10-22.44. To transfer the interest earned from any
moneys of the district in the respective fund of the district
that is most in need of such interest income, as determined by
the board. This Section does not apply to any interest earned
which has been earmarked or restricted by the board for a
designated purpose. This Section does not apply to any interest
earned on any funds for purposes of Illinois Municipal
Retirement under the Pension Code, Tort Immunity under the
Local Governmental and Governmental Employees Tort Immunity
Act, Fire Prevention, Safety, Energy Conservation and School
Security Purposes under Section 17-2.11, and Capital
Improvements under Section 17-2.3. Interest earned on these
exempted funds shall be used only for the purposes authorized
for the respective exempted funds from which the interest
earnings were derived.
    Any high school district whose territory is in 2 counties
and that is eligible for Section 8002 Federal Impact Aid may
make a one-time declaration as to interest income (earnings on
investments) not previously declared as such from 1998 through
2011 in the debt service fund, declaring said moneys as
interest earnings on or before June 30, 2016. Any such earnings
income so declared shall thereafter, for purposes of this Code,
be considered interest earnings and shall be subject to all
provisions of this Code related thereto.
(Source: P.A. 87-984.)
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 8/19/2015