Illinois Compiled Statutes 110 ILCS 945 Higher Education Loan Act. Section 3.10

    (110 ILCS 945/3.10) (from Ch. 144, par. 1603.10)

    Sec. 3.10. Loan funding deposit. "Loan funding deposit" means monies or other property deposited by an institution of higher education or education loan corporation with the Authority or a trustee for the purpose of (a) providing security for Bonds, (b) funding a default reserve fund, (c) acquiring default insurance, or (d) defraying costs of the Authority, such monies or properties to be in such amounts as deemed necessary by the Authority as a condition for such institution's or education loan corporation's participation in the Authority's programs.

(Source: P.A. 85-1326.)

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Last modified: February 18, 2015