|
| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB1101 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
| | |
Amends the State Finance Act. Makes a technical change in a Section
concerning
the Budget Stabilization Fund.
|
| |
| | A BILL FOR |
|
|
| | HB1101 | | LRB100 02265 MLM 12270 b |
|
|
| 1 | | AN ACT concerning finance.
|
| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The State Finance Act is amended by changing |
| 5 | | Section 6z-51 as follows:
|
| 6 | | (30 ILCS 105/6z-51)
|
| 7 | | Sec. 6z-51. Budget Stabilization Fund.
|
| 8 | | (a) The The Budget Stabilization Fund, a special fund in |
| 9 | | the State Treasury,
shall consist of moneys appropriated or |
| 10 | | transferred to that Fund, as provided
in Section 6z-43 and as |
| 11 | | otherwise provided by law.
All earnings on Budget Stabilization |
| 12 | | Fund investments shall be deposited into
that Fund.
|
| 13 | | (b) The State Comptroller may direct the State Treasurer to |
| 14 | | transfer moneys
from the Budget Stabilization Fund to the |
| 15 | | General Revenue Fund in order to meet
cash flow deficits |
| 16 | | resulting from timing variations between disbursements
and the |
| 17 | | receipt
of funds within a fiscal year. Any moneys so borrowed |
| 18 | | in any fiscal year other than Fiscal Year 2011 shall be repaid |
| 19 | | by June
30 of the fiscal year in which they were borrowed.
Any |
| 20 | | moneys so borrowed in Fiscal Year 2011 shall be repaid no later |
| 21 | | than July 15, 2011.
|
| 22 | | (c) During Fiscal Year 2017 only, amounts may be expended |
| 23 | | from the Budget Stabilization Fund only pursuant to specific |