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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB1243 Introduced 2/17/2021, by Rep. Emanuel Chris Welch SYNOPSIS AS INTRODUCED:
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Amends the State Finance Act. Makes a technical change in a Section
concerning
the Budget Stabilization Fund.
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| | A BILL FOR |
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| | HB1243 | | LRB102 03258 RJF 13271 b |
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| 1 | | AN ACT concerning finance.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The State Finance Act is amended by changing |
| 5 | | Section 6z-51 as follows:
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| 6 | | (30 ILCS 105/6z-51)
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| 7 | | Sec. 6z-51. Budget Stabilization Fund.
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| 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 |
| 12 | | Stabilization Fund investments shall be deposited into
that |
| 13 | | Fund.
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| 14 | | (b) The State Comptroller may direct the State Treasurer |
| 15 | | to transfer moneys
from the Budget Stabilization Fund to the |
| 16 | | General Revenue Fund in order to meet
cash flow deficits |
| 17 | | resulting from timing variations between disbursements
and the |
| 18 | | receipt
of funds within a fiscal year. Any moneys so borrowed |
| 19 | | in any fiscal year other than Fiscal Year 2011 shall be repaid |
| 20 | | by June
30 of the fiscal year in which they were borrowed.
Any |
| 21 | | moneys so borrowed in Fiscal Year 2011 shall be repaid no later |
| 22 | | than July 15, 2011.
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| 23 | | (c) During Fiscal Year 2017 only, amounts may be expended |