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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB1507
Introduced 2/22/2007, by Rep. Jay C. Hoffman 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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HB1507 |
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LRB095 05229 RCE 25304 b |
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| AN ACT concerning finance.
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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
and receipt of |
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| budgeted funds within a fiscal year,
making it necessary to |
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| borrow in anticipation of revenues to be collected in a
fiscal |
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| year,
in order to meet the same, the Governor, Comptroller and |
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| Treasurer
may contract debts, in an amount not exceeding 5%
of |
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| the State's appropriations for that fiscal year, and moneys |
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| thus borrowed
shall be applied to the purpose for which they |
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| were obtained, or to pay the
debts thus created, and to no |
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| other purpose. All moneys so borrowed shall be
repaid by the |
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| close of the fiscal year in which borrowed.
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| (Source: P.A. 88-669, eff. 11-29-94; 93-1046, eff. 10-15-04.)
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