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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB2598 Introduced 1/18/2012, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED:
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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.
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| | A BILL FOR |
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| | SB2598 | | LRB097 16074 PJG 61227 b |
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| 1 | | AN ACT concerning finance.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Short Term Borrowing Act is amended by |
| 5 | | changing Section 1 as follows:
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| 6 | | (30 ILCS 340/1) (from Ch. 120, par. 406)
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| 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.)
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