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91_HB0644
LRB9104132NTsb
1 AN ACT to amend the School Code by changing Section
2 18-11.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The School Code is amended by changing
6 Section 18-11 as follows:
7 (105 ILCS 5/18-11) (from Ch. 122, par. 18-11)
8 Sec. 18-11. Payment of claims.
9 (a) Except as provided in subsection (b) of this
10 Section, and except as provided in subsection (c) of this
11 Section with respect to payments made under Sections 18-8
12 through 18-10 for fiscal year 1994 only, as soon as may be
13 after the 10th and 20th days of each of the months of August
14 through the following July if moneys are available in the
15 common school fund in the State treasury for payments under
16 Sections 18-8 through 18-10 the State Comptroller shall draw
17 his warrants upon the State Treasurer as directed by the
18 State Board of Education pursuant to Section 2-3.17b and in
19 accordance with the transfers from the General Revenue Fund
20 to the Common School Fund as specified in Section 8a of the
21 State Finance Act.
22 Each such semimonthly warrant shall be in an amount equal
23 to 1/24 of the total amount to be distributed to school
24 districts for the fiscal year. The amount of payments made
25 in July of each year shall be considered as payments for
26 claims covering the school year that commenced during the
27 immediately preceding calendar year. If the payments provided
28 for under Sections 18-8 through 18-10 have been assigned as
29 security for State aid anticipation certificates pursuant to
30 Section 18-18, the State Board of Education shall pay the
31 appropriate amount of the payment, as specified in the
-2- LRB9104132NTsb
1 notification required by Section 18-18, directly to the
2 assignee.
3 (b) As soon as may be after the 10th and 20th days of
4 each of the months of June, 1982 through July, 1983, if
5 moneys are available in the Common School Fund in the State
6 treasury for payments under Sections 18-8 through 18-10, the
7 State Comptroller shall draw his warrants upon the State
8 Treasurer proportionate for the various counties payable to
9 the regional superintendent of schools in accordance with the
10 transfers from the General Revenue Fund to the Common School
11 Fund as specified in Section 8a of the State Finance Act.
12 Each such semimonthly warrant for the months of June and
13 July, 1982 shall be in an amount equal to 1/24 of the total
14 amount to be distributed to school districts by the regional
15 superintendent for school year 1981-1982.
16 Each such semimonthly warrant for the months of August,
17 1982 through July, 1983 shall be in an amount equal to 1/24
18 of the total amount to be distributed to school districts by
19 the regional superintendent for school year 1982-1983.
20 The State Superintendent of Education shall, from monies
21 appropriated for such purpose, compensate districts for
22 interest lost arising from the change in payments in June,
23 1982 to payments in the months of June and July, 1982, for
24 claims arising from school year 1981-1982. The amount
25 appropriated for such purpose shall be based upon the Prime
26 Commercial Rate in effect May 15, 1982. The amount of such
27 compensation shall be equal to the ratio of the district's
28 net State aid entitlement for school year 1981-1982 divided
29 by the total net State aid entitlement times the funds
30 appropriated for such purpose. Payment in full of the amount
31 of compensation derived from the computation required in the
32 preceding sentence shall be made as soon as may be after July
33 1, 1982 upon warrants payable to the several regional
34 superintendents of schools.
-3- LRB9104132NTsb
1 The State Superintendent of Education shall, from monies
2 appropriated for such purpose, compensate districts for
3 interest lost arising from the change in payments in June,
4 1983 to payments in the months of June and July, 1983, for
5 claims arising from school year 1982-1983. The amount
6 appropriated for such purpose shall be based upon an interest
7 rate of no less than 15 per cent or the Prime Commercial Rate
8 in effect May 15, 1983, whichever is greater. The amount of
9 such compensation shall be equal to the ratio of the
10 district's net State aid entitlement for school year
11 1982-1983 divided by the total net State aid entitlement
12 times the funds appropriated for such purpose. Payment in
13 full of the amount of compensation derived from the
14 computation required in the preceding sentence shall be made
15 as soon as may be after July 1, 1983 upon warrants payable to
16 the several regional superintendents of schools.
17 The State Superintendent of Education shall, from monies
18 appropriated for such purpose, compensate districts for
19 interest lost arising from the change in payments in June,
20 1992 and each year thereafter to payments in the months of
21 June and July, 1992 and each year thereafter. The amount
22 appropriated for such purpose shall be based upon the Prime
23 Commercial Rate in effect June 15, 1992 and June 15 annually
24 thereafter. The amount of such compensation shall be equal
25 to the ratio of the district's net State aid entitlement
26 divided by the total net State aid entitlement times the
27 amount of funds appropriated for such purpose. Payment of
28 the compensation shall be made as soon as may be after July 1
29 upon warrants payable to the several regional superintendents
30 of schools.
31 The regional superintendents shall make payments to their
32 respective school districts as soon as may be after receipt
33 of the warrants unless the payments have been assigned as
34 security for State aid anticipation certificates pursuant to
-4- LRB9104132NTsb
1 Section 18-18. If such an assignment has been made, the
2 regional superintendent shall, as soon as may be after
3 receipt of the warrants, pay the appropriate amount of the
4 payment as specified in the notification required by Section
5 18-18, directly to the assignee.
6 As used in this Section, "Prime Commercial Rate" means
7 such prime rate as from time to time is publicly announced by
8 the largest commercial banking institution in this State,
9 measured in terms of total assets.
10 (c) With respect to all school districts but for fiscal
11 year 1994 only, as soon as may be after the 10th and 20th
12 days of August, 1993 and as soon as may be after the 10th and
13 20th days of each of the months of October, 1993 through
14 July, 1994 if moneys are available in the Common School Fund
15 in the State treasury for payments under Sections 18-8
16 through 18-10, the State Comptroller shall draw his warrants
17 upon the State Treasurer as directed by the State Board of
18 Education in accordance with transfers from the General
19 Revenue Fund to the Common School Fund as specified in
20 Section 8a of the State Finance Act. The warrant for the
21 10th day of August, 1993 and each semimonthly warrant for the
22 months of October, 1993 through July, 1994 shall be in an
23 amount equal to 1/24 of the total amount to be distributed to
24 that school district for fiscal year 1994, and the warrant
25 for the 20th day of August, 1993 shall be in an amount equal
26 to 3/24 of that total. The amount of payments made in July
27 of 1994 shall be considered as payments for claims covering
28 the school year that commenced during the immediately
29 preceding calendar year.
30 (Source: P.A. 87-14; 87-887; 87-895; 88-45; 88-89; 88-641,
31 eff. 9-9-94.)