(70 ILCS 650/25)
(Section scheduled to be repealed on January 31, 2018)
Promise zone development plan.
A Lincoln Promise Zone Authority created under Section 15 of this Act shall prepare and adopt a promise zone development plan, which shall include all of the following:
(1) A complete description of the proposed promise
of financial assistance. The proposed promise of financial assistance shall include, without limitation, a promise of financial assistance for the 2015-2016 and 2016-2017 academic years to all students residing within the promise zone who graduate from a public high school located within that promise zone to attend community college in the public community college district where the eligible entity is located. The proposed promise of financial assistance shall, at a minimum, provide funding sufficient to provide an eligible student the tuition necessary to obtain an associate degree or its equivalent at the local community college during the 2015-2016 and 2016-2017 academic years, subject to any limitations authorized under this Section. The proposed promise of financial assistance may also authorize the expenditure of funds for educational improvement activities designed to increase readiness for postsecondary education at public schools located in the promise zone.
(2) A complete description of any limitation on the
promise of financial assistance, including, but not limited to, the following:
(A) whether the promise of financial assistance
will be prorated based on the number of years the student has resided within the promise zone;
(B) whether the promise of financial assistance
will be restricted to students who have resided within or attended a public high school within the promise zone for a minimum number of years;
(C) whether the promise of financial assistance
is predicated on the student maintaining a minimum college grade point average and carrying a minimum college credit hour classload.
(3) A requirement that graduates of a public high
school exhaust all other known and available grants for tuition and fees for postsecondary education provided by a federal, State, or local governmental entity, as determined by the Board.
(4) A description of how the funds necessary to
accomplish the promise of financial assistance will be raised. The promise zone development plan shall be financed from one or more of the following sources:
(A) private donations;
(B) money obtained from other private sources
approved by the governing body or otherwise authorized by law; or
(C) interest or other investment income,
earnings, or proceeds from item (A) or (B) of this subdivision (4).
(5) An actuarial model of how much the proposed plan
The Board shall submit the promise zone development plan to the review committee established under Section 35 of this Act promptly after the plan's adoption. The promise zone development plan shall be published on the Internet website of the eligible entity that established the promise zone.
(Source: P.A. 98-198, eff. 8-9-13.)