Senate Sponsors: WATSON AND DEMUZIO. House Sponsors: HOLBROOK-ERWIN-MCKEON-BOLAND Short description: 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 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status