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Rep. Sara Feigenholtz
Filed: 3/30/2011
| | 09700HB2934ham001 | | LRB097 06801 KTG 53616 a |
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| 1 | | AMENDMENT TO HOUSE BILL 2934
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| 2 | | AMENDMENT NO. ______. Amend House Bill 2934 by replacing |
| 3 | | everything after the enacting clause with the following:
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| 4 | | "Section 1. Short title. This Act may be cited as the |
| 5 | | Interfund Borrowing Act of 2011.
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| 6 | | Section 5. Interfund transfers. |
| 7 | | (a) Notwithstanding any other provision of State law to the |
| 8 | | contrary, on the effective date of this Act,
or as soon |
| 9 | | thereafter as practical, for the purpose of accessing enhanced |
| 10 | | federal Medicaid matching
funds that expire on June 30, 2011, |
| 11 | | on or after June 20, 2011 and no later than June 25, 2011 the |
| 12 | | State
Comptroller shall direct and the State Treasurer shall |
| 13 | | transfer amounts into the Healthcare Provider
Relief Fund from |
| 14 | | the designated funds not exceeding the following totals:
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| 15 | | Water Revolving Fund.........................$400,000,000 |
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| 1 | | General Obligation Bond Retirement |
| 2 | | and Interest Fund........................$500,000,000
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| 3 | | (b) On and after the effective date of this Act through |
| 4 | | July 30, 2011, if
either the Water Revolving Fund or the |
| 5 | | General Obligation Bond Retirement and Interest Fund has
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| 6 | | insufficient cash from which the State Comptroller may make |
| 7 | | expenditures properly supported by
appropriations from the |
| 8 | | fund, then the State Treasurer and the State Comptroller shall |
| 9 | | transfer from the
General Revenue Fund to the fund only such |
| 10 | | amount as is immediately necessary to satisfy outstanding
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| 11 | | expenditure obligations on a timely basis, subject to the |
| 12 | | provisions of the State Prompt Payment Act. All
or a portion of |
| 13 | | the amounts transferred from the General Revenue Fund to a fund |
| 14 | | pursuant to this
subsection (b) from time to time may be |
| 15 | | re-transferred by the State Comptroller and the State Treasurer
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| 16 | | from the receiving fund into the General Revenue Fund as soon |
| 17 | | as and to the extent that deposits are
made into or receipts |
| 18 | | are collected by the receiving fund. |
| 19 | | (c) By no later than July 30, 2011 any amounts transferred |
| 20 | | from the Water Revolving Fund or the
General Obligation Bond |
| 21 | | Retirement and Interest Fund under the authority of this |
| 22 | | Section shall be
transferred back and receipted by the General |
| 23 | | Revenue Fund. These transfers back to the funds of origin
shall |
| 24 | | be made and receipted notwithstanding any other State law to |
| 25 | | the contrary.
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| 1 | | Section 10. Interest payable to the Water Revolving Fund |
| 2 | | and the General Obligation Bond Retirement
and Interest Fund. |
| 3 | | As soon as practical after all amounts initially transferred |
| 4 | | from the Water Revolving
Fund and the General Obligation Bond |
| 5 | | Retirement and Interest Fund have been transferred back
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| 6 | | pursuant to Section 5 of this Act, the State Treasurer shall |
| 7 | | calculate the amounts of interest that would
have accrued to |
| 8 | | both the Water Revolving Fund and the General Obligation Bond |
| 9 | | Retirement and Interest
Fund if those transfers had not |
| 10 | | occurred and transfer those amounts from the General Revenue |
| 11 | | Fund to
the Water Revolving Fund and the General Obligation |
| 12 | | Bond Retirement and Interest Fund.
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| 13 | | Section 15. Prohibition on payments to contractors. No |
| 14 | | fees or expenses shall be paid by the State to
any contractual |
| 15 | | legal counsel, financial advisor, or other consultant or |
| 16 | | contractor in relation to the
actions authorized pursuant to |
| 17 | | this Act.
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| 18 | | Section 99. Effective date. This Act takes effect upon |
| 19 | | becoming law.".
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