Bill Amendment: IL HB3093 | 2015-2016 | 99th General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: SCH CD-INTEREST EARNINGS
Status: 2015-08-19 - Public Act . . . . . . . . . 99-0404 [HB3093 Detail]
Download: Illinois-2015-HB3093-Senate_Amendment_001.html
Bill Title: SCH CD-INTEREST EARNINGS
Status: 2015-08-19 - Public Act . . . . . . . . . 99-0404 [HB3093 Detail]
Download: Illinois-2015-HB3093-Senate_Amendment_001.html
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| 1 | AMENDMENT TO HOUSE BILL 3093
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| 2 | AMENDMENT NO. ______. Amend House Bill 3093 by replacing | ||||||
| 3 | everything after the enacting clause with the following:
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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 | ||||||
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| 1 | Security
Purposes under Section 17-2.11, and Capital | ||||||
| 2 | Improvements under Section 17-2.3.
Interest earned on these | ||||||
| 3 | exempted funds shall be used only for the purposes
authorized | ||||||
| 4 | for the respective exempted funds from which the interest | ||||||
| 5 | earnings
were derived.
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| 6 | Any high school district whose territory is in 2 counties | ||||||
| 7 | and that is eligible for Section 8002 Federal Impact Aid may | ||||||
| 8 | make a one-time declaration as to interest income (earnings on | ||||||
| 9 | investments) not previously declared as such from 1998 through | ||||||
| 10 | 2011 in the debt service fund, declaring said moneys as | ||||||
| 11 | interest earnings on or before June 30, 2016. Any such earnings | ||||||
| 12 | income so declared shall thereafter, for purposes of this Code, | ||||||
| 13 | be considered interest earnings and shall be subject to all | ||||||
| 14 | provisions of this Code related thereto. | ||||||
| 15 | (Source: P.A. 87-984.)
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| 16 | Section 99. Effective date. This Act takes effect upon | ||||||
| 17 | becoming law.".
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