COMMON SCH FUND-ED ASSIST FUND

Amends the State Finance Act and the School Code. Provides that on or before the 11th and 21st days of each of the months of August through the following June, the State Treasurer and the State Comptroller shall transfer from the General Revenue Fund to the Common School Fund and Education Assistance Fund 1/22 of the amount appropriated to the State Board of Education for distribution to all school districts from the Common School Fund and Education Assistance Fund for the fiscal year (now, 1/24 of the amount appropriated to the State Board is transferred on or before the 11th and 21st days of each of the months of August through the following July). Provides that as soon as may be after the 10th and 20th days of each of the months of August through the following June, if moneys are available in the Common School Fund in the State treasury for State aid payments, then the State Comptroller shall draw his or her warrants upon the State Treasurer as directed by the State Board of Education, with each such semimonthly warrant being in an amount equal to 1/22 of the total amount to be distributed to school districts for the fiscal year (now, the State Comptroller draws his or her warrants upon the State Treasurer as soon as may be after the 10th and 20th days of each of the months of August through the following July with each such semimonthly warrant being in an amount equal to 1/24 of the total amount to be distributed). Effective immediately.