Bill Text: IL SB0610 | 2009-2010 | 96th General Assembly | Introduced
Bill Title: Amends the School Code. Makes a technical change in a Section concerning the Common School Fund.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2009-08-15 - Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB0610 Detail]
Download: Illinois-2009-SB0610-Introduced.html
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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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