State of Illinois
91st General Assembly
Legislation

   [ Search ]   [ Legislation ]
[ Home ]   [ Back ]   [ Bottom ]



91_SB1976

 
                                               LRB9115014NTks

 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 changing Section 113 as follows:

 6        (110 ILCS 947/113)
 7        Sec.  113.   Federal  Student  Loan  Fund;  Student  Loan
 8    Operating  Fund; Federal Reserve Recall Fund.  The Commission
 9    shall create the Federal Student Loan Fund, the Student  Loan
10    Operating  Fund, and the Federal Reserve Recall Fund.  At the
11    request  of  the   Commission's   Executive   Director,   the
12    Comptroller  shall  transfer  funds,  as  necessary, from the
13    Student Assistance Commission  Student  Loan  Fund  into  the
14    Federal  Student  Loan Fund, the Student Loan Operating Fund,
15    and the Federal Reserve Recall Fund.  On or before August 31,
16    2000, the Commission's Executive Director shall  request  the
17    Comptroller to transfer all funds from the Student Assistance
18    Commission Student Loan Fund into any of the following funds:
19    the  Federal  Student  Loan  Fund, the Student Loan Operating
20    Fund, or the Federal Reserve Recall Fund.   On  September  1,
21    2000,  the Student Assistance Commission Student Loan Fund is
22    abolished.  Any future liabilities  of  this  abolished  fund
23    shall be assignable to the appropriate fund created as one of
24    its  successors. At the request of the Commission's Executive
25    Director, the Comptroller shall transfer funds, as necessary,
26    from the Student Loan Operating Fund into the Federal Student
27    Loan Fund.
28    (Source: P.A. 91-670, eff. 12-22-99.)

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

[ Top ]