Bill Text: IL SB1605 | 2015-2016 | 99th General Assembly | Engrossed
Bill Title: Amends the School Code. Allows any high school district whose territory is in 2 counties and that is eligible for Section 8002 Federal Impact Aid to make a one-time declaration as to interest income not previously declared from 1998 through 2011 in the debt service fund, declaring said moneys as interest earnings on or before June 30, 2016. Requires any such earnings income to thereafter be considered interest earnings. Effective immediately.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Engrossed - Dead) 2015-04-16 - Referred to Rules Committee [SB1605 Detail]
Download: Illinois-2015-SB1605-Engrossed.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,
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| 3 | represented in the General Assembly:
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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 | ||||||
| 17 | Security
Purposes under Section 17-2.11, and Capital | ||||||
| 18 | Improvements under Section 17-2.3.
Interest earned on these | ||||||
| 19 | exempted funds shall be used only for the purposes
authorized | ||||||
| 20 | for the respective exempted funds from which the interest | ||||||
| 21 | earnings
were derived.
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| 22 | Any high school district whose territory is in 2 counties | ||||||
| 23 | and that is eligible for Section 8002 Federal Impact Aid may | ||||||
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| 1 | make a one-time declaration as to interest income (earnings on | ||||||
| 2 | investments) not previously declared as such from 1998 through | ||||||
| 3 | 2011 in the debt service fund, declaring said moneys as | ||||||
| 4 | interest earnings on or before June 30, 2016. Any such earnings | ||||||
| 5 | income so declared shall thereafter, for purposes of this Code, | ||||||
| 6 | be considered interest earnings and shall be subject to all | ||||||
| 7 | provisions of this Code related thereto. | ||||||
| 8 | (Source: P.A. 87-984.)
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