SB 347

Abstract

Creates the Community Scholarship Foundation Program Act and amends the State Finance Act. Establishes the Community Scholarship Foundation Program, to be administered by the Illinois Student Assistance Commission, to encourage local communities to develop scholarship programs that assist their residents in obtaining a higher education. Requires the Commission to award a foundation $2,000 upon demonstration to the Commission that the foundation has raised $2,000 for scholarships or the creation of an endowment for scholarships. Creates the Community Scholarship Foundation Fund as a special fund in the State treasury. Repeals the Act on June 30, 2006.