HB5282 EngrossedLRB100 16871 HLH 32012 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The State Finance Act is amended by adding
5Section 5l as follows:
 
6    (30 ILCS 105/5l new)
7    Sec. 5l. General Revenue Fund transfers; Transportation
8Maintenance Fund.
9    (a) The Transportation Maintenance Fund is hereby created
10as a special fund in the State treasury. Moneys in the Fund
11shall be used by the Department of Transportation for the
12maintenance and construction of roads and bridges in the State.
13    (b) Notwithstanding any other provision of law, if,
14beginning with fiscal year 2018, the average balance in the
15General Revenue Fund for any fiscal year exceeds the average
16balance in the General Revenue Fund for the immediately
17preceding fiscal year by more than 2%, then, by October 1
18following the close of that fiscal year, the State Comptroller
19shall order transferred and the State Treasurer shall transfer
20from the General Revenue Fund to the Transportation Maintenance
21Fund an amount equal to 50% of the amount by which that average
22balance exceeds 102% of the immediately preceding fiscal year's
23average balance.
 

 

 

HB5282 Engrossed- 2 -LRB100 16871 HLH 32012 b

1    Section 99. Effective date. This Act takes effect upon
2becoming law.