SB2383 93RD GENERAL ASSEMBLY

LRB093 19185 NHT 44920 b

93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
SB2383

Introduced 2/3/2004, by Kathleen L. Wojcik

SYNOPSIS AS INTRODUCED:

105 ILCS 5/18-1

from Ch. 122, par. 18-1

Amends the School Code. Notwithstanding any other law, requires the Department of Revenue to deposit 25% of all tax receipts each month that would otherwise be deposited into the General Revenue Fund directly into the Common School Fund.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning education.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The School Code is amended by changing Section 18-1 as follows:

(105 ILCS 5/18-1) (from Ch. 122, par. 18-1)

Sec. 18-1. Moneys constituting fund.

(a) The common school fund of the state shall consist of any sums accredited thereto in pursuance of law, of the interest on the school fund proper, which fund is 3% upon the proceeds of the sales of public lands in the State, 1/6 part excepted; and the interest on the surplus revenue distributed by Act of Congress and made part of the common school fund by Act of the legislature, March 4, 1837. The interest on the school fund proper and the surplus revenue shall be paid by the State annually at the rate of 6%, and shall be distributed as provided by law.

(b) Notwithstanding any other law, the Department of Revenue shall deposit 25% of all tax receipts each month that would otherwise be deposited into the General Revenue Fund directly into the Common School Fund.

(Source: Laws 1961, p. 31.)