105 ILCS 5/ School Code.

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105 ILCS 5/15-23

(105 ILCS 5/15-23) (from Ch. 122, par. 15-23)

Sec. 15-23.

Common school lands.

The provisions of Sections 15-1 through 15-19, of this Article shall
have no application to the sale of any of the common school lands of any
township to a school district located within the township for use as a
schoolhouse site, and the trustees of schools or township land
commissioners in any township in which Section 16 or land granted in lieu
thereof remains unsold may sell to the governing body of any such school
district any tract of said common school lands where such tract has been
legally selected as a schoolhouse site for said district.

Where any tract of the common school lands of the township has been
legally selected as a schoolhouse site by the voters of any school district
within the township, the governing body of such school district may adopt a
resolution reciting the fact that the voters have legally selected such
tract as a schoolhouse site, describing it, setting forth the date of the
election and the fact that a majority of the voters voting at the election
selected the said tract as a schoolhouse site, and requesting the trustees
of schools, or township land commissioners upon payment to them of not to
exceed the sum authorized by the voters to be paid for any such tract, to
execute an instrument indicating that said trustees of schools or township
land commissioners of the township hold title to said tract for the use and
benefit of such school district. A certified copy of such resolution shall
be filed with the Clerk of the trustees of schools or township land
commissioners, and it shall be the duty of said trustees of schools or
township land commissioners of such township upon the filing of a certified
copy of such resolution with the Clerk of the trustees of schools, or
township land commissioners to execute an instrument of conveyance or an
instrument of declaration, indicating that they hold title to such property
for the use and benefit of said school district, which shall be filed of
record in the office of the recorder.
Notwithstanding the foregoing provisions of this Section, if the school
district is a school district located in a Class I county school unit, or if
the school district is a school district that has withdrawn from the
jurisdiction and authority of the trustees of schools of a township and the
township treasurer under subsection (b) of Section 5-1, the resolution of the
school board shall request the trustees of schools, township land
commissioners, regional board of school trustees, or other school officials
having title to the property, upon payment to them of not to exceed the sum
authorized by the voters, to deliver to the school board a deed, executed by
their president and their clerk or secretary, conveying good legal title to the
property selected as a schoolhouse site to the school board of the school
district.

(Source: P.A. 88-155.)

105 ILCS 5/15-24

(105 ILCS 5/15-24) (from Ch. 122, par. 15-24)

Sec. 15-24.

Management of permanent funds.

The common school lands and township loanable funds in Class I
counties shall be managed and operated by township land commissioners
who shall receive no salary. In counties of fewer than 220,000
inhabitants, there shall be 3 land commissioners, who shall be elected
in the same manner as provided for the election of school directors, who
shall serve the same terms as school directors and shall be organized in
the same manner as school directors. In counties having 220,000
inhabitants or more but fewer than 2,000,000 inhabitants, the members of
the regional board of school trustees shall be the township land
commissioners, except that township land commissioners elected in any
such county prior to the effective date of this amendatory Act of 1963
shall continue to serve until the end of the term for which they were
elected. The township land commissioners shall hold title to, manage and
operate all common school lands and township loanable funds of such
township and receive the rents, issues and profits therefrom. Elections
shall be conducted in accordance with the general election law. The land commissioners
shall appoint a treasurer for a term of 2 years and fix his salary which
shall not be changed during such term. The proceeds of the rents, issues
and profits from such land and fund shall be promptly deposited with him
upon its receipt by the land commissioners. After the payment of the
necessary expenses incidental to the operation of such land and fund by
orders drawn on the treasurer and signed by the president and secretary
of the land commissioners, including actual expenses of the land
commissioners, the net income from such land and fund including
accumulated income undistributed at the effective date of this Act
shall, upon an order drawn by such treasurer and signed by the president
and secretary of such township land commissioners be distributed
annually on or before February 1 as provided in this Act.

(Source: P.A. 86-225.)

105 ILCS 5/15-25

(105 ILCS 5/15-25) (from Ch. 122, par. 15-25)

Sec. 15-25.

Reports of treasurer.

The treasurer of the township land commissioners shall with respect to
the common school lands and township loanable fund held by them make the
reports to them required to be made by township treasurers to township
school trustees, give bond as required of township treasurers, and perform
the duties and exercise the powers of township treasurers.

(Source: Laws 1961, p. 31.)