HB1745 Summary

• Amends Section 18-1 of the School Code (105 ILCS 5/18-1) concerning the Common School Fund
• Makes a technical grammatical change by removing a duplicate instance of the word "The" at the beginning of the section
• Defines the Common School Fund as consisting of sums accredited by law, including interest on the school fund proper and surplus revenue distributed by Congress and made part of the fund through legislative act
• Specifies that interest on the school fund proper and surplus revenue shall be paid by the State annually at a rate of 6% and distributed as provided by law