WATSON AND DEMUZIO.
PREPD TUITION-BENE-ADVIS PANEL
Synopsis of Bill as introduced:
Amends the Illinois Prepaid Tuition Act and the Public Funds
Investment Act. Provides that the Public Funds Investment Act does
not apply to the Illinois Prepaid Tuition Trust Fund. Provides that a
person who is less than one year of age must have a parent or legal
guardian who has been an Illinois resident for at least 12 months
before the date of the contract (instead of a relative who is an
Illinois resident) in order to be a qualified beneficiary. Changes
the name of the advisory panel to the investment advisory panel.
FISCAL NOTE (Ill. Student Assistance Commission)
There is no fiscal impact on State revenue.
GOVERNOR'S AMENDATORY VETO MESSAGE
Recommends that the Illinois Prepaid Tuition Act be further
amended to require the Illinois Student Assistance Commission (i) to
invest assets with the care, skill, prudence, and diligence that a
prudent person would use and (ii) to diversify the investments so as
to minimize the risk of large losses, unless it is clearly prudent not
to do so. Recommends adding a January 1, 2000 effective date.
Last action on Bill: PUBLIC ACT.............................. 91-0669
Last action date: 99-12-22
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status