Bill Text: IL HB4282 | 2011-2012 | 97th General Assembly | Introduced

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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: (Failed) 2013-01-08 - Session Sine Die [HB4282 Detail]

Download: Illinois-2011-HB4282-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB4282 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
105 ILCS 5/18-1 from Ch. 122, par. 18-1
Amends the School Code. Makes a technical change in a Section concerning the Common School Fund.
LRB097 15272 NHT 60372 b
A BILL FOR
HB4282 LRB097 15272 NHT 60372 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
18-1 as follows:
(105 ILCS 5/18-1) (from Ch. 122, par. 18-1)
Sec. 18-1. Moneys constituting fund.
The The common school fund of the state shall consist of
any sums accredited thereto in pursuance of law, of the
interest on the school fund proper, which fund is 3% upon the
proceeds of the sales of public lands in the State, 1/6 part
excepted; and the interest on the surplus revenue distributed
by Act of Congress and made part of the common school fund by
Act of the legislature, March 4, 1837. The interest on the
school fund proper and the surplus revenue shall be paid by the
State annually at the rate of 6%, and shall be distributed as
provided by law.
(Source: Laws 1961, p. 31.)