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.


LRB095 05228 RCE 25303 b

 

 

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.)