State of Illinois
92^nd General Assembly
Legislation

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92_HB2111eng

 
HB2111 Engrossed                              LRB9204366NTsbA

 1        AN ACT concerning higher education student assistance.

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

 4        Section 5.  The Higher Education Student  Assistance  Act
 5    is  amended  by adding Section 77 and changing Section 113 as
 6    follows:

 7        (110 ILCS 947/77 new)
 8        Sec.   77.  Illinois   Student   Assistance    Commission
 9    Contracts and Grants Fund.
10        (a)  The Illinois Student Assistance Commission Contracts
11    and  Grants  Fund  is  created as a special fund in the State
12    treasury.  All gifts, grants, or donations of money  received
13    by the Commission must be deposited into this Fund.
14        (b)  Moneys  in  the  Fund may be used by the Commission,
15    subject to appropriation, for  support  of  the  Commission's
16    student assistance outreach activities.

17        (110 ILCS 947/113)
18        Sec.  113.   Federal  Student  Loan  Fund;  Student  Loan
19    Operating  Fund; Federal Reserve Recall Fund.  The Commission
20    shall create the Federal Student Loan Fund, the Student  Loan
21    Operating  Fund, and the Federal Reserve Recall Fund.  At the
22    request  of  the   Commission's   Executive   Director,   the
23    Comptroller  shall  transfer  funds,  as  necessary, from the
24    Student Assistance Commission  Student  Loan  Fund  into  the
25    Federal  Student  Loan Fund, the Student Loan Operating Fund,
26    and the Federal Reserve Recall Fund.  On or before August 31,
27    2000, the Commission's Executive Director shall  request  the
28    Comptroller to transfer all funds from the Student Assistance
29    Commission Student Loan Fund into any of the following funds:
30    the  Federal  Student  Loan  Fund, the Student Loan Operating
 
HB2111 Engrossed            -2-               LRB9204366NTsbA
 1    Fund, or the Federal Reserve Recall Fund.   On  September  1,
 2    2000,  the Student Assistance Commission Student Loan Fund is
 3    abolished.  Any future liabilities  of  this  abolished  fund
 4    shall be assignable to the appropriate fund created as one of
 5    its  successors. At the request of the Commission's Executive
 6    Director, the  Comptroller  shall  transfer  funds  from  the
 7    Federal  Student  Loan  Fund  into the Student Loan Operating
 8    Fund.
 9    (Source: P.A. 91-670, eff. 12-22-99.)

10        Section 95.  The State Finance Act is amended  by  adding
11    Section 5.545 as follows:

12        (30 ILCS 105/5.545 new)
13        Sec.  5.545.  The  Illinois Student Assistance Commission
14    Contracts and Grants Fund.

15        Section 99.  Effective date.  This Act takes effect  upon
16    becoming law, except that the provisions adding Section 77 of
17    the Higher Education Student Assistance Act and Section 5.545
18    of the State Finance Act take effect on July 1, 2001.

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