Sen. Christine Radogno

Filed: 3/10/2015

 

 


 

 


 
09900SB1605sam001LRB099 09381 NHT 32247 a

1
AMENDMENT TO SENATE BILL 1605

2    AMENDMENT NO. ______. Amend Senate Bill 1605 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The School Code is amended by changing Section
510-22.44 as follows:
 
6    (105 ILCS 5/10-22.44)  (from Ch. 122, par. 10-22.44)
7    Sec. 10-22.44. To transfer the interest earned from any
8moneys of the district in the respective fund of the district
9that is most in need of such interest income, as determined by
10the board. This Section does not apply to any interest earned
11which has been earmarked or restricted by the board for a
12designated purpose. This Section does not apply to any interest
13earned on any funds for purposes of Illinois Municipal
14Retirement under the Pension Code, Tort Immunity under the
15Local Governmental and Governmental Employees Tort Immunity
16Act, Fire Prevention, Safety, Energy Conservation and School

 

 

09900SB1605sam001- 2 -LRB099 09381 NHT 32247 a

1Security Purposes under Section 17-2.11, and Capital
2Improvements under Section 17-2.3. Interest earned on these
3exempted funds shall be used only for the purposes authorized
4for the respective exempted funds from which the interest
5earnings were derived.
6    Any high school district whose territory is in 2 counties
7and that is eligible for Section 8002 Federal Impact Aid may
8make a one-time declaration as to interest income (earnings on
9investments) not previously declared as such from 1998 through
102011 in the debt service fund, declaring said moneys as
11interest earnings on or before June 30, 2016. Any such earnings
12income so declared shall thereafter, for purposes of this Code,
13be considered interest earnings and shall be subject to all
14provisions of this Code related thereto.
15(Source: P.A. 87-984.)
 
16    Section 99. Effective date. This Act takes effect upon
17becoming law.".