Full Text of HB0689 96th General Assembly
HB0689eng 96TH GENERAL ASSEMBLY
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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 | 5 |
| amended by adding Section 152 as follows: | 6 |
| (110 ILCS 947/152 new) | 7 |
| Sec. 152. Bonds guaranteed by the State of Illinois. | 8 |
| Notwithstanding any other provision of this Act, bonds issued | 9 |
| in accordance with the provisions of this Act may be designated | 10 |
| by the Commission as guaranteed by the State of Illinois, and | 11 |
| any bonds so designated shall so state on the face thereof. | 12 |
| This guarantee shall constitute a general obligation of the | 13 |
| State of Illinois, and the full faith, credit, and resources of | 14 |
| the State of Illinois are hereby irrevocably pledged for the | 15 |
| punctual payment of the principal of, interest on, and premium, | 16 |
| if any, on any such bond as the same shall become due, whether | 17 |
| at maturity or upon any earlier redemption date. The provisions | 18 |
| of this Section shall be irrepealable until all such bonds are | 19 |
| paid in full as to both principal and interest. Any bonds | 20 |
| designated pursuant to this Section shall be issued by the | 21 |
| Commission on or prior to December 31, 2009 and shall be | 22 |
| limited in aggregate principal issuance amount to not greater | 23 |
| than $50,000,000. |
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| Upon written notice to the Governor from the Chairperson of | 2 |
| the Commission that the Commission has determined that amounts | 3 |
| pledged pursuant to Section 150 of this Act to pay the bonds | 4 |
| will not be sufficient for the payment of amounts due with | 5 |
| respect to the bonds during the next State of Illinois fiscal | 6 |
| year, the Governor shall include an appropriation in the State | 7 |
| of Illinois budget for the next fiscal year with respect to the | 8 |
| bonds. The appropriation shall be for such amount as determined | 9 |
| by the Commission. Amounts included in the appropriation for | 10 |
| the payment of interest on variable rate bonds may, at the | 11 |
| determination of the Commission, be up to the maximum amount of | 12 |
| interest that may be payable for the period covered by the | 13 |
| budget; provided that any amounts appropriated for interest on | 14 |
| variable rate bonds in excess of amounts necessary to pay the | 15 |
| interest shall promptly be reimbursed by the Commission to the | 16 |
| State of Illinois. | 17 |
| If for any reason the General Assembly fails to make | 18 |
| appropriations sufficient to pay the principal of, interest on, | 19 |
| and premium, if any, on the bonds, as the same by their terms | 20 |
| shall become due, this Section shall constitute an irrevocable | 21 |
| and continuing appropriation of all amounts necessary for that | 22 |
| purpose and the irrevocable and continuing authority for and | 23 |
| direction to the State Treasurer and the State Comptroller to | 24 |
| make the necessary transfers, as directed by the Governor, out | 25 |
| of and disbursements from the revenues and funds of the State | 26 |
| of Illinois. |
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HB0689 Engrossed |
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| The State of Illinois pledges and agrees that it will not | 2 |
| limit or alter the rights and powers vested in the Commission | 3 |
| in this Section so as to impair the terms of any such | 4 |
| irrevocable guarantee of the State of Illinois until each such | 5 |
| guarantee is satisfied in full or the bonds shall have | 6 |
| otherwise been paid in full. | 7 |
| If the State of Illinois fails to honor any guarantee made | 8 |
| pursuant to this Section, a civil action to compel payment may | 9 |
| be instituted in the Supreme Court of Illinois as a court of | 10 |
| original jurisdiction by any holder or holders of the bonds to | 11 |
| which such failure relates. Delivery of a summons and a copy of | 12 |
| the complaint to the Attorney General shall constitute | 13 |
| sufficient service to give the Supreme Court of Illinois | 14 |
| jurisdiction of the subject matter of such a suit and | 15 |
| jurisdiction over the State of Illinois and its officers named | 16 |
| as defendants for the purpose of compelling such payment. Any | 17 |
| case, controversy, or cause of action concerning the validity | 18 |
| of this Section relates to the revenue of the State of | 19 |
| Illinois. | 20 |
| If the Supreme Court of Illinois denies any holder or | 21 |
| holders of bonds leave to file an original action in the | 22 |
| Supreme Court, the holder or holders may bring such action in | 23 |
| the Circuit Court of Sangamon County.
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| Section 99. Effective date. This Act takes effect upon | 25 |
| becoming law.
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