[ Search ] [ PDF text ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
[ Engrossed ] | [ House Amendment 001 ] |
92_HB2111 LRB9204366NTsbA 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 from the 26 Federal Student Loan Fund into the Student Loan Operating 27 Fund. 28 (Source: P.A. 91-670, eff. 12-22-99.) 29 Section 99. Effective date. This Act takes effect upon 30 becoming law.