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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.