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: Bipartisan Bill

Status: (Introduced - Dead) 2009-04-03 - Rule 19(a) / Re-referred to Rules Committee [HB0689 Detail]

Text: Latest bill text (Engrossed) [HTML]

---

Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Arthur Turner [D]	Sponsor	Sponsored Bills	HD-009	FollowTheMoney	Ballotpedia	VoteSmart
Representative David Miller [D]	Sponsor	Sponsored Bills	HD-029	FollowTheMoney	Ballotpedia	VoteSmart
Representative Karen May [D]	Sponsor	Sponsored Bills	HD-058	FollowTheMoney	Ballotpedia	VoteSmart
Representative Robert Pritchard [R]	Sponsor	Sponsored Bills	HD-070	FollowTheMoney	Ballotpedia	VoteSmart
Representative William Black [R]	Sponsor	Sponsored Bills	HD-104	FollowTheMoney	Ballotpedia	VoteSmart

Social Comments on IL HB0689