Bill Title: Amends the Higher Education Student Assistance Act. Provides that bonds issued in accordance with the Act may be designated by the Illinois Student Assistance Commission as guaranteed by the State of Illinois. Provides that this guarantee shall constitute a general obligation of the State of Illinois, with the full faith, credit, and resources of the State of Illinois irrevocably pledged for the punctual payment of the principal of, interest on, and premium, if any, on any such bond. Provides that these provisions are irrepealable until all such bonds are paid in full as to both principal and interest. Provides that any bonds designated pursuant to these provisions shall be issued by the Commission on or prior to December 31, 2009 and shall be limited in aggregate principal issuance amount to not greater than $50,000,000. Sets forth provisions concerning appropriations for insufficient amounts, a continuing appropriation for insufficient appropriations, the rights and powers of the Commission not being impaired, and allowing a civil action to compel payment. Effective immediately.
Spectrum: Partisan Bill (Democrat 8-0)
Status: (Passed) 2009-05-07 - Public Act . . . . . . . . . 96-0009
[SB0325 Detail]
Bill Drafts
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| Enrolled | Not Avail | HTML/Text | Link | View |
| Engrossed | Not Avail | HTML/Text | Link | View |
| Introduced | Not Avail | HTML/Text | Link | View |
Amendments
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| No bill amendments currently on file for Illinois SB0325 |
Supplemental Documents
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| No supplemental documents for Illinois SB0325 currently on file. |
Social Comments on IL SB0325
