HB6883 96TH GENERAL ASSEMBLY

LRB096 22338 NHT 41476 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB6883

Introduced , by Rep. Naomi D. Jakobsson

SYNOPSIS AS INTRODUCED:

110 ILCS 205/9.34 new

Amends the Board of Higher Education Act. Provides that if the board of trustees of a public university exercises its power to borrow money in anticipation of receiving payments from the State of Illinois, then the university is entitled to reimbursement from the State for the payment of interest on that borrowing, subject to an appropriation for that purpose. Requires the university to apply to the Board of Higher Education for reimbursement and provide the Board with any verification that the Board deems necessary with respect to the reimbursement amount. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning education.

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

Section 5. The Board of Higher Education Act is amended by adding Section 9.34 as follows:

(110 ILCS 205/9.34 new)

Sec. 9.34. University borrowing; interest reimbursement. If the board of trustees of a public university exercises its power to borrow money in anticipation of receiving payments from the State of Illinois, then the university is entitled to reimbursement from the State for the payment of interest on that borrowing, subject to an appropriation for that purpose. The university must apply to the Board for reimbursement and provide the Board with any verification that the Board deems necessary with respect to the reimbursement amount. The Board may adopt any rules necessary to implement this Section.

Section 99. Effective date. This Act takes effect upon becoming law.