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HB0689 Engrossed |
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LRB096 08622 NHT 18745 b |
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| AN ACT concerning education.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Higher Education Student Assistance Act is |
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| amended by adding Section 152 as follows:
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| (110 ILCS 947/152 new) |
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| Sec. 152. Bonds guaranteed by the State of Illinois. |
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| Notwithstanding any other provision of this Act, bonds issued |
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| in accordance with the provisions of this Act may be designated |
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| by the Commission as guaranteed by the State of Illinois, and |
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| any bonds so designated shall so state on the face thereof. |
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| This guarantee shall constitute a general obligation of the |
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| State of Illinois, and the full faith, credit, and resources of |
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| the State of Illinois are hereby irrevocably pledged for the |
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| punctual payment of the principal of, interest on, and premium, |
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| if any, on any such bond as the same shall become due, whether |
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| at maturity or upon any earlier redemption date. The provisions |
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| of this Section shall be irrepealable until all such bonds are |
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| paid in full as to both principal and interest. Any bonds |
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| designated pursuant to this Section shall be issued by the |
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| Commission on or prior to December 31, 2009 and shall be |
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| limited in aggregate principal issuance amount to not greater |
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| than $50,000,000. |
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HB0689 Engrossed |
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LRB096 08622 NHT 18745 b |
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| Upon written notice to the Governor from the Chairperson of |
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| the Commission that the Commission has determined that amounts |
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| pledged pursuant to Section 150 of this Act to pay the bonds |
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| will not be sufficient for the payment of amounts due with |
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| respect to the bonds during the next State of Illinois fiscal |
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| year, the Governor shall include an appropriation in the State |
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| of Illinois budget for the next fiscal year with respect to the |
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| bonds. The appropriation shall be for such amount as determined |
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| by the Commission. Amounts included in the appropriation for |
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| the payment of interest on variable rate bonds may, at the |
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| determination of the Commission, be up to the maximum amount of |
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| interest that may be payable for the period covered by the |
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| budget; provided that any amounts appropriated for interest on |
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| variable rate bonds in excess of amounts necessary to pay the |
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| interest shall promptly be reimbursed by the Commission to the |
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| State of Illinois. |
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| If for any reason the General Assembly fails to make |
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| appropriations sufficient to pay the principal of, interest on, |
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| and premium, if any, on the bonds, as the same by their terms |
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| shall become due, this Section shall constitute an irrevocable |
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| and continuing appropriation of all amounts necessary for that |
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| purpose and the irrevocable and continuing authority for and |
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| direction to the State Treasurer and the State Comptroller to |
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| make the necessary transfers, as directed by the Governor, out |
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| of and disbursements from the revenues and funds of the State |
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| of Illinois. |
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HB0689 Engrossed |
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LRB096 08622 NHT 18745 b |
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| The State of Illinois pledges and agrees that it will not |
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| limit or alter the rights and powers vested in the Commission |
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| in this Section so as to impair the terms of any such |
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| irrevocable guarantee of the State of Illinois until each such |
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| guarantee is satisfied in full or the bonds shall have |
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| otherwise been paid in full. |
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| If the State of Illinois fails to honor any guarantee made |
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| pursuant to this Section, a civil action to compel payment may |
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| be instituted in the Supreme Court of Illinois as a court of |
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| original jurisdiction by any holder or holders of the bonds to |
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| which such failure relates. Delivery of a summons and a copy of |
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| the complaint to the Attorney General shall constitute |
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| sufficient service to give the Supreme Court of Illinois |
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| jurisdiction of the subject matter of such a suit and |
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| jurisdiction over the State of Illinois and its officers named |
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| as defendants for the purpose of compelling such payment. Any |
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| case, controversy, or cause of action concerning the validity |
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| of this Section relates to the revenue of the State of |
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| Illinois. |
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| If the Supreme Court of Illinois denies any holder or |
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| holders of bonds leave to file an original action in the |
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| Supreme Court, the holder or holders may bring such action in |
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| the Circuit Court of Sangamon County.
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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