(110 ILCS 947/113)
Sec. 113.
Federal Student Loan Fund; Student Loan Operating Fund; Federal
Reserve Recall Fund. The Commission shall create the Federal Student Loan
Fund, the
Student Loan Operating Fund, and the Federal Reserve Recall Fund. At the
request of
the Commission's Executive Director, the Comptroller shall transfer funds, as
necessary,
from the Student Assistance Commission Student Loan Fund into the Federal
Student
Loan Fund, the Student Loan Operating Fund, and the Federal Reserve Recall
Fund. On
or before August 31, 2000, the Commission's Executive Director shall request
the
Comptroller to transfer all funds from the Student Assistance Commission
Student Loan
Fund into any of the following funds: the Federal Student Loan Fund, the
Student Loan Operating Fund, or
the
Federal Reserve Recall Fund. On September 1, 2000, the Student Assistance
Commission Student Loan Fund is abolished. Any future liabilities of this
abolished fund
shall be assignable to the appropriate fund created as one of its successors.
At the request of the Commission's Executive Director, the Comptroller shall
transfer funds from the Federal Student Loan Fund into the Student Loan
Operating Fund.
(Source: P.A. 91-670, eff. 12-22-99; 92-45, eff. 6-29-01.)
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