99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB3093

 

Introduced , by Rep. Jim Durkin

 

SYNOPSIS AS INTRODUCED:
 
105 ILCS 5/10-22.14  from Ch. 122, par. 10-22.14

    Amends the School Boards Article of the School Code. Allows any high school district whose territory is in 2 counties and that is eligible for 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.


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A BILL FOR

 

HB3093LRB099 09227 SXM 29430 b

1    AN ACT concerning education.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The School Code is amended by changing Section
510-22.14 as follows:
 
6    (105 ILCS 5/10-22.14)  (from Ch. 122, par. 10-22.14)
7    Sec. 10-22.14. Borrowing money and issuing bonds. To borrow
8money, and issue bonds for the purposes and in the manner
9provided by this Act.
10    When bond proceeds from the sale of bonds include a
11premium, or when the proceeds of bonds issued for fire
12prevention, safety, energy conservation, and school security
13purposes as specified in Section 17-2.11 are invested as
14authorized by law, the board shall determine by resolution
15whether the interest earned on the investment of bond proceeds
16authorized under Section 17-2.11 or the premium realized in the
17sale of bonds, as the case may be, is to be used for the
18purposes for which the bonds were issued or, instead, for
19payment of the principal indebtedness and interest on those
20bonds.
21    When bonds, other than bonds issued for fire prevention,
22safety, energy conservation, and school security purposes as
23specified in Section 17-2.11 are issued by any school district,

 

 

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1and the purposes for which the bonds have been issued are
2accomplished and paid for in full, and there remain funds on
3hand from the proceeds of the bonds so issued, the board by
4resolution may transfer those excess funds to the operations
5and maintenance fund.
6    When bonds are issued by any school district for fire
7prevention, safety, energy conservation, and school security
8purposes as specified in Section 17-2.11, and the purposes for
9which the bonds have been issued are accomplished and paid in
10full, and there remain funds on hand from the proceeds of the
11bonds issued, the board by resolution shall use those excess
12funds (1) for other authorized fire prevention, safety, energy
13conservation, and school security purposes as specified in
14Section 17-2.11 or (2) for transfer to the Bond and Interest
15Fund for payment of principal and interest on those bonds. If
16any transfer is made to the Bond and Interest Fund, the
17secretary of the school board shall within 30 days notify the
18county clerk of the amount of that transfer and direct the
19clerk to abate the taxes to be extended for the purposes of
20principal and interest payments on the respective bonds issued
21under Section 17-2.11 by an amount equal to such transfer.
22    Any high school district whose territory is in 2 counties
23and that is eligible for Section 8002 Federal Impact Aid may
24make a one-time declaration as to interest income (earnings on
25investments) not previously declared as such from 1998 through
262011 in the debt service fund, declaring said moneys as

 

 

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1interest earnings on or before June 30, 2016. Any such earnings
2income so declared shall thereafter, for purposes of this Code,
3be considered interest earnings and shall be subject to all
4provisions of this Code related thereto.
5(Source: P.A. 86-970; 87-984.)
 
6    Section 99. Effective date. This Act takes effect upon
7becoming law.