Bill Text: IL HB4697 | 2009-2010 | 96th General Assembly | Introduced

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Bill Title: Amends the Baccalaureate Savings Act. In a Section concerning the administration of a grant program, provides that no limit may be placed on the number of bonds that may be purchased under the program on an annual basis. Provides that while all grants awarded under the program are subject to annual appropriation of funds by the General Assembly, there shall be no expiration date placed on the grants and any person who is denied disbursement of a grant due to a lack of funding shall remain eligible for disbursement of that grant until such time as funding becomes available, provided that he or she properly applies for disbursement of the grant on an annual basis.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2010-01-04 - Referred to Rules Committee [HB4697 Detail]

Download: Illinois-2009-HB4697-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 HB4697 Introduced , by Rep. Jack D. Franks SYNOPSIS AS INTRODUCED:
110 ILCS 920/8 from Ch. 144, par. 2408
Amends the Baccalaureate Savings Act. In a Section concerning the administration of a grant program, provides that no limit may be placed on the number of bonds that may be purchased under the program on an annual basis. Provides that while all grants awarded under the program are subject to annual appropriation of funds by the General Assembly, there shall be no expiration date placed on the grants and any person who is denied disbursement of a grant due to a lack of funding shall remain eligible for disbursement of that grant until such time as funding becomes available, provided that he or she properly applies for disbursement of the grant on an annual basis.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning education.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Baccalaureate Savings Act is amended by
changing Section 8 as follows:
(110 ILCS 920/8) (from Ch. 144, par. 2408)
Sec. 8. Grant Program. The proceedings of the Governor and
the Director of the Governor's Office of Management and Budget
authorizing the issuance of College Savings Bonds shall also
provide for a grant program of additional financial incentives
to be provided to holders of such Bonds to encourage the
enrollment of students at Institutions of Higher Education
located in the State of Illinois. The Grant Program of
financial incentives shall be administered by the State
Scholarship Commission pursuant to administrative rules
promulgated by the Commission. Such financial incentives shall
be in such forms as determined by the Governor and the Director
of the Governor's Office of Management and Budget at the time
of the authorization of such College Savings Bonds and may
include, among others, supplemental payments to the holders of
such Bonds at maturity to be applied to tuition costs at
institutions of higher education located in the State of
Illinois. The Commission may establish, by rule,

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administrative procedures and eligibility criteria for the
Grant Program, provided that such rules are consistent with the
purposes of this Act and that no limit may be placed on the
number of bonds that may be purchased on an annual basis. The
Commission may require bond holders, institutions of higher
education and other necessary parties to assist in the
determination of eligibility for financial incentives under
the Grant Program. All grants shall be subject to annual
appropriation of funds for such purpose by the General
Assembly; however, there shall be no expiration date placed on
grants awarded under this Section and any person who is denied
disbursement of a grant due to a lack of funding shall remain
eligible for disbursement of that grant until such time as
funding becomes available, provided that he or she properly
applies for disbursement of the grant on an annual basis. Such
financial incentives shall be provided only if, in the sole
judgment of the Director of the Governor's Office of Management
and Budget, the cost of such incentives shall not cause the
cost to the State of the proceeds of the College Savings Bonds
being sold to be increased by more than 1/2 of 1%. No such
financial incentives shall be paid to assist in the financing
of the education of a student (i) in a school or department of
divinity for any religious denomination or (ii) pursuing a
course of study consisting of training to become a minister,
priest, rabbi or other professional person in the field of
religion.

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(Source: P.A. 94-793, eff. 5-19-06.)