State of Illinois
90th General Assembly
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90_SB0978

      105 ILCS 5/18-11          from Ch. 122, par. 18-11
          Amends the School Code.  Deletes from the  provisions  of
      the  School  Code relating to the payment of State aid claims
      language applicable to fiscal  years  preceding  fiscal  year
      1996.
                                                     LRB9002173THpk
                                               LRB9002173THpk
 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-                LRB9002173THpk
 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-                LRB9002173THpk
 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-                LRB9002173THpk
 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)  (Blank).  With  respect  to all school districts but
11    for fiscal year 1994 only, as soon as may be after  the  10th
12    and 20th days of August, 1993 and as soon as may be after the
13    10th  and  20th  days  of each of the months of October, 1993
14    through July, 1994 if moneys  are  available  in  the  Common
15    School Fund in the State treasury for payments under Sections
16    18-8  through  18-10,  the  State  Comptroller shall draw his
17    warrants upon the State Treasurer as directed  by  the  State
18    Board  of  Education  in  accordance  with transfers from the
19    General Revenue Fund to the Common School Fund  as  specified
20    in  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.)

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