|
|
|
|
95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB1401
Introduced 2/9/2007, by Sen. Mike Jacobs SYNOPSIS AS INTRODUCED:
|
|
30 ILCS 340/1 |
from Ch. 120, par. 406 |
|
Amends the Short Term Borrowing Act. Makes a technical change in a Section concerning cash flow borrowing.
|
| |
|
|
|
|
A BILL FOR
|
|
|
|
|
SB1401 |
|
LRB095 05228 RCE 25303 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 Short Term Borrowing Act is amended by |
| 5 |
| changing Section 1 as follows:
|
| 6 |
| (30 ILCS 340/1) (from Ch. 120, par. 406)
|
| 7 |
| Sec. 1. Cash flow borrowing. Whenever significant timing |
| 8 |
| variations
occur between disbursement and
and receipt of |
| 9 |
| budgeted funds within a fiscal year,
making it necessary to |
| 10 |
| borrow in anticipation of revenues to be collected in a
fiscal |
| 11 |
| year,
in order to meet the same, the Governor, Comptroller and |
| 12 |
| Treasurer
may contract debts, in an amount not exceeding 5%
of |
| 13 |
| the State's appropriations for that fiscal year, and moneys |
| 14 |
| thus borrowed
shall be applied to the purpose for which they |
| 15 |
| were obtained, or to pay the
debts thus created, and to no |
| 16 |
| other purpose. All moneys so borrowed shall be
repaid by the |
| 17 |
| close of the fiscal year in which borrowed.
|
| 18 |
| (Source: P.A. 88-669, eff. 11-29-94; 93-1046, eff. 10-15-04.)
|