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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB7055
Introduced 02/09/04, by Tom Cross SYNOPSIS AS INTRODUCED:
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30 ILCS 340/1 |
from Ch. 120, par. 406 |
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Amends the Short Term Borrowing Act. Makes a technical change in a Section concerning cash flow borrowing.
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A BILL FOR
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HB7055 |
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LRB093 19608 SJM 45349 b |
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| AN ACT concerning bonds.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Short Term Borrowing Act is amended by |
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| changing Section 1 as follows:
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| (30 ILCS 340/1) (from Ch. 120, par. 406)
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| Sec. 1. Cash flow borrowing. Whenever significant timing |
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| variations
occur between disbursement and receipt of budgeted |
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| funds within a fiscal year,
making it necessary to borrow in |
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| anticipation of revenues to be collected in a
fiscal year,
in |
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| order to meet the same, the Governor, Comptroller and Treasurer
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| may contract debts, in an amount not exceeding 5%
of the |
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| State's appropriations for that fiscal year, and moneys thus |
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| borrowed
shall be applied to the purpose for which they were |
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| obtained, or to pay the
debts thus created, and to no other |
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| purpose. All moneys so borrowed shall be
repaid by the close of |
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| the fiscal year in which they were borrowed.
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| (Source: P.A. 88-669, eff. 11-29-94.)
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