Bill Text: IL SB1460 | 2013-2014 | 98th 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 (Republican 1-0)

Status: (Failed) 2015-01-13 - Session Sine Die [SB1460 Detail]

Download: Illinois-2013-SB1460-Introduced.html

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98TH GENERAL ASSEMBLY State of Illinois 2013 and 2014 SB1460 Introduced 2/6/2013, by Sen. David S. Luechtefeld 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.
LRB098 09546 NHT 39690 b
A BILL FOR
SB1460 LRB098 09546 NHT 39690 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.)