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| | HB5003 Engrossed | | LRB102 24000 CMG 33207 b |
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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 | | 2-3.127a as follows: |
6 | | (105 ILCS 5/2-3.127a) |
7 | | Sec. 2-3.127a. The State Board of Education Special |
8 | | Purpose Trust Fund. The State Board of Education Special |
9 | | Purpose Trust Fund is created as a special fund in the State |
10 | | treasury. The State Board of Education shall deposit all |
11 | | indirect costs recovered from federal programs into the State |
12 | | Board of Education Special Purpose Trust Fund. These funds may |
13 | | be used by the State Board of Education for its ordinary and |
14 | | contingent expenses. Additionally and unless specifically |
15 | | directed to be deposited into other funds, all moneys received |
16 | | by the State Board of Education from gifts, grants, royalty |
17 | | payments, or donations from any source, public or private, |
18 | | shall be deposited into the State Board of Education Special |
19 | | Purpose Trust Fund. These funds shall be used, subject to |
20 | | appropriation by the General Assembly, by the State Board of |
21 | | Education for the purposes established by the gifts, grants, |
22 | | royalty payments, or donations. Any royalty payments received |
23 | | by the State Board of Education as a result of licensing |