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[ Introduced ] | [ House Amendment 001 ] |
92_HB2111eng HB2111 Engrossed 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 adding Section 77 and changing Section 113 as 6 follows: 7 (110 ILCS 947/77 new) 8 Sec. 77. Illinois Student Assistance Commission 9 Contracts and Grants Fund. 10 (a) The Illinois Student Assistance Commission Contracts 11 and Grants Fund is created as a special fund in the State 12 treasury. All gifts, grants, or donations of money received 13 by the Commission must be deposited into this Fund. 14 (b) Moneys in the Fund may be used by the Commission, 15 subject to appropriation, for support of the Commission's 16 student assistance outreach activities. 17 (110 ILCS 947/113) 18 Sec. 113. Federal Student Loan Fund; Student Loan 19 Operating Fund; Federal Reserve Recall Fund. The Commission 20 shall create the Federal Student Loan Fund, the Student Loan 21 Operating Fund, and the Federal Reserve Recall Fund. At the 22 request of the Commission's Executive Director, the 23 Comptroller shall transfer funds, as necessary, from the 24 Student Assistance Commission Student Loan Fund into the 25 Federal Student Loan Fund, the Student Loan Operating Fund, 26 and the Federal Reserve Recall Fund. On or before August 31, 27 2000, the Commission's Executive Director shall request the 28 Comptroller to transfer all funds from the Student Assistance 29 Commission Student Loan Fund into any of the following funds: 30 the Federal Student Loan Fund, the Student Loan Operating HB2111 Engrossed -2- LRB9204366NTsbA 1 Fund, or the Federal Reserve Recall Fund. On September 1, 2 2000, the Student Assistance Commission Student Loan Fund is 3 abolished. Any future liabilities of this abolished fund 4 shall be assignable to the appropriate fund created as one of 5 its successors. At the request of the Commission's Executive 6 Director, the Comptroller shall transfer funds from the 7 Federal Student Loan Fund into the Student Loan Operating 8 Fund. 9 (Source: P.A. 91-670, eff. 12-22-99.) 10 Section 95. The State Finance Act is amended by adding 11 Section 5.545 as follows: 12 (30 ILCS 105/5.545 new) 13 Sec. 5.545. The Illinois Student Assistance Commission 14 Contracts and Grants Fund. 15 Section 99. Effective date. This Act takes effect upon 16 becoming law, except that the provisions adding Section 77 of 17 the Higher Education Student Assistance Act and Section 5.545 18 of the State Finance Act take effect on July 1, 2001.