Sec[Section] 1 Be it enacted by the people of the State of Illinois Represented in the General Assembly that the Commissioners of the School fund of the state shall ascertain from the returns of the census taken in the year one thousand eight hundred and thirty five, the number of white persons in each County, under the age of twenty years, and the whole amount of School funds placed under the control of the Legislature of this State under the provisions of an act of Congress of the eighteenth of April one thousand eight hundred and eighteen for the encouragement of learning shall be equally distributed among the Counties according the population

Sec 2. That on the first Monday of August next there shall be held in each County in this State an election for School CommissionerSaid elections shall be held in the same manner that other elections are held in the County for State and County OfficersThe Judges Appointed for holding the General election shall act as the Judges for the election of said Commissioners. And the election shall be held at the same places that are appointed for holding the General elections. And the same qualifications shall be requisted to entitle an elector to vote for School Commissioners which are in all cases of General elections for State and County Officers. The person receiving the highest number of votes in the County shall be School Commissioner for the County

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for the term of two years from the date of his election upon his giving the necessary bonds and complying with the requisitions of this act.

Sec 3. It shall also be the duty of the Judges of the election for School Commissioner, to cause a poll to be opened at the same time and place of holding said election at which at which the persons voting for said Commissioners shall also vote for or against receiving the Counties wherein they reside receiving its distributive share of the School fund on the terms of this act. And the Judges of such election shall immediately make return of election as well the vote on the Subject of the Counties receiving the monies as that of School Commissioner to the Clerk of the County Commissioners court who shall make the due return of the same to the office of Secretary of State and the Secretary who shall immediately cause a statement of the votes of each of the Counties on the Subject of receiving the School fund to be presented to the School fund Commissioners of this State

Sec 4. The person who shall be elected school Commissioner shall within twenty days after this election execute a good and sufficient bond to the County Commissioners Court of his respective County in a sum double the amount which shall have been shown to stand to the credit of said County by the auditor which bond may be increased or additional security

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required in proportion to any increase of responsibility which may in the opinion of the Court make such increase of Bond or additional Security necessary in consequence of the accumulation of the three per cent fund or other causeAnd the first bond shall contain a condition that additional Security or increase of bond shall be given when the said Court shall require the sameAlso that the Court shall have power to vacate the office for a failure or refusal on the part of said Commissioner to give such increase bond or additional Security

Sec 5. The School Commissioner before he shall receive the warrant for the distributive share of his County shall receive from the Clerk of the County Commissioners Court a certificate under the Seal of the Court that he has given bond and Security which has been accepted by the Court for the faithful discharge of all the duties of School Commissioner of his respective County. And the Auditor shall file said certificate in his Office with the receipt of the Commissioners for said warrantAnd the Governor shall grant unto the said Commissioner a Commission as School Commissioner of the County for which he has been elected in the usual manner of Commissioning other County Officers in this State. And the money shall be considered in the possession of the County so soon as the Commissioner shall have received the warrant from the AuditorAnd from and after that time the County in

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agreeing to take the money shall be considered responsible, that the money shall always be subject to the control of further legislation and that it will be safely returned when necessary

Sec 6. The School Commissioner shall so soon as this act takes effect ascertain the amount of the distributive share due each County and make a full Statement of the same to the Auditor of Public accounts, who shall thereupon open an account in a Book prepared and suitable for that purpose with each County, and shall place to the credit of each County, the sum ascertained to be due in the manner before recited. And when the County has voted for receiving the principal, the amount shall be placed to the credit of the County to be drawn from the County by the Commissioner. And when the County has voted against receiving the principal on the terms of this act, then the distributive share, of that County, shall be credited to the County as loaned to the state at six per cent per annum which Interest shall be payable semi annually on a warrant of the Auditor in favor of the said County to the School Commissioner of said County, and the funds left in the Treasury shall be subject, and used for revenue purposes untill the said Counties may chose at a subsequent election for School Commissioners by vote, a poll always at such elections to be opened for that purpose to receive the principal on the conditions of this bill. And the Auditor shall immediately inform the Clerk of the County CommissionersCourt of each Countyof the Amount of School fund standing to the credit of the County on his book

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County Commissioners Court of each county of the amount of School fund standing to the credit of the County on his book which may be drawn by said County in the manner following.

Sec 7. Each and every County shall receive a ratable portion of the School fund is held bound and agrees to accept the same on these conditions, that the amount of principal shall be kept inviolable and undiminished, and shall be returned into the State Treasury, in part, or the whole whenever the same may be required by any subsequent law of the State, that the Interest arising from the loaning the principal shall belong to the County for school purposes, and shall be distributed among the Townships according to the population of each Township, to be used, in the Township for the purpose of promoting education, the population of the Township to be ascertained in the manner the Court may direct

Sec 8. The School Commissioner shall keep an account with each individual to whom he may loan money, shewing the amount of the principal sum loaned also the per cent per annum at which each individual has borrowed money, corresponding with each individuals note which shall be numbered and filed to correspond with reference on the books of the Commissioners, and the County Commissioners Court shall examine the books, notes, and proceedings of the Commissioners at any Term of said CourtAnd he is hereby

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required to lay before said Court for that purpose his books and notes, and all other papers vouchers &c which he may have in relation to the School fund

Sec 9. The Auditor of Public accounts shall after taking the census every five years [...?] ^reapportion^ the school fund among the Counties according to the white population under twenty years of age and immediately inform the School Commissioner of each County. And every School Commissioner who has in his hand or under his control a greater sum than is shown to be the rateable share of his respective County, he shall within fifteen days thereafter deposite in the State Treasury the amount of excess. And the Commissioner in each County who has less than the rateable Share due said County shall apply to the auditor of Public accounts, who shall issue his warrant in his favor as School Commissioner of his said County, which warrant shall be paid as all other warrants in favor of School Commissioner in specie, and the amount shall be loaned by said Commissioner in the same manner that the originial ratable share of the County herein required to be loaned

Sec 10. All warrants in favor of any School Commissioner shall be paid in specie, and shall be taken by said Commissioner to his respective County and loaned according to this act in specie.

Sec 11. It shall be the duty of the School Commissioners to loan to the inhabitants of his County all the money which may come into his hands from the State Treasury as School Commissioner, in sums not more than three hundred dollars to any one person, for a period not longer than one year with interest at twelve per cent per annum payable semi annually. And immediately after the money shall have been received by said Commissioner he shall give twenty days public notice by causing to be posted up in three of the most public places in each precinct written or printed notices that he will loan out at the Court house the amount of the School fund on hand on the day set forth in said notice

Sec 12. the mode of securing the payment of all sums either for money borrowed or for land purchased, shall be secured in the manner followingFor one hundred dollars or any sum under that may be secured by giving a note with two or more responsible free holders as Security, who shall sign the same and be considered in all respects as principals. Sums over one hundred dollars shall be secured by mortgage on real estate the title of which shall be clear unencumbered and indisputable in value treble the amount to be secured. And it shall be expressed in all mortgages and notes, that when additional security shall be required that the same shall be given to the satisfaction of the Commissioner or Trustees of the Townships, as the case may be. All mortgages and notes shall be drawn in the name of and payable to the said Commissioners

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or Trustees or his or their Successors in Office for the use of the inhabitants of the Township to which the money properly belongs.

Sec 13. All persons wishing to borrow money from any School Commissioner under this act shall on or before the day set forth in the advertisement of the Commissioner place in the hands of the Commissioner his proposition in writing sealed, which shall contain the names of his Security^s or the description of the land which will be offered to secure the faithful payments of the principal and interestAnd the Commissioner shall decide upon what notes or paper he will loan the money and shall be governed by the Sufficiency of the security

Sec 14. So much of the amount which the State may receive under the deposite law passed at the Session of Congress of 1835, & 1836, as may be required for distribution under the provisions of this act, shall be so appropriated. And all warrants drawn by the Auditor in favor of any School Commissioner shall be paid out of any money in the Treasury not otherwise appropriated

Sec 15. The School Commissioner for each County shall receive as compensation for all his duties relative to the management of the School fund two pr cent per annum on all sums of the principal of the School fund which may come into his hands & be loaned by him under this act.

Sec. 16. The act entitled an act to provide for the distribution and application of the interest on the School College and Seminary funds in force February 7. 1835, and all other acts and parts of acts on the subject of School funds and Education including the first, Second, and third section of an act entitled an act to amend the several acts in relation to common schools approved March 4, 1837 be and the same is hereby repealed.