Illinois Compiled Statutes 110 ILCS 945 Higher Education Loan Act. Section 14

    (110 ILCS 945/14) (from Ch. 144, par. 1614)

    Sec. 14. Funds from sale of Bonds as trust funds - Application of funds. All monies received by or on behalf of the Authority pursuant to the authority of this Act, whether as proceeds from the sale of Bonds or as revenues, shall be deemed to be trust funds to be held and applied solely as provided in this Act. Any officer with whom, or any bank or trust company with which, such monies shall be deposited shall act as trustee of such monies and shall hold and apply the same for the purposes hereof, subject to such regulations as this Act and the Bond resolution authorizing the Bonds of any issue may provide.

(Source: P.A. 82-658.)

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Last modified: February 18, 2015