102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB1890

 

Introduced 2/17/2021, by Rep. Amy Elik

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 105/5h.5

    Amends the State Finance Act. In provisions concerning cash flow borrowing and general funds liquidity, provides that moneys transferred to general funds and the Health Insurance Reserve Fund under specified provisions shall be repaid to the fund of origin within 24 months (currently, 48 months) after the date on which they were borrowed. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB1890LRB102 10657 RJF 15986 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 changing
5Section 5h.5 as follows:
 
6    (30 ILCS 105/5h.5)
7    Sec. 5h.5. Cash flow borrowing and general funds
8liquidity; Fiscal Years 2018, 2019, 2020, and 2021.
9    (a) In order to meet cash flow deficits and to maintain
10liquidity in general funds and the Health Insurance Reserve
11Fund, on and after July 1, 2017 and through June 30, 2021, the
12State Treasurer and the State Comptroller, in consultation
13with the Governor's Office of Management and Budget, shall
14make transfers to general funds and the Health Insurance
15Reserve Fund, as directed by the State Comptroller, out of
16special funds of the State, to the extent allowed by federal
17law.
18    No such transfer may reduce the cumulative balance of all
19of the special funds of the State to an amount less than the
20total debt service payable during the 12 months immediately
21following the date of the transfer on any bonded indebtedness
22of the State and any certificates issued under the Short Term
23Borrowing Act. At no time shall the outstanding total

 

 

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1transfers made from the special funds of the State to general
2funds and the Health Insurance Reserve Fund under this Section
3exceed $1,500,000,000; once the amount of $1,500,000,000 has
4been transferred from the special funds of the State to
5general funds and the Health Insurance Reserve Fund,
6additional transfers may be made from the special funds of the
7State to general funds and the Health Insurance Reserve Fund
8under this Section only to the extent that moneys have first
9been re-transferred from general funds and the Health
10Insurance Reserve Fund to those special funds of the State.
11Notwithstanding any other provision of this Section, no such
12transfer may be made from any special fund that is exclusively
13collected by or directly appropriated to any other
14constitutional officer without the written approval of that
15constitutional officer.
16    (b) If moneys have been transferred to general funds and
17the Health Insurance Reserve Fund pursuant to subsection (a)
18of this Section, Public Act 100-23 shall constitute the
19continuing authority for and direction to the State Treasurer
20and State Comptroller to reimburse the funds of origin from
21general funds by transferring to the funds of origin, at such
22times and in such amounts as directed by the Comptroller when
23necessary to support appropriated expenditures from the funds,
24an amount equal to that transferred from them plus any
25interest that would have accrued thereon had the transfer not
26occurred, except that any moneys transferred pursuant to

 

 

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1subsection (a) of this Section shall be repaid to the fund of
2origin within 24 48 months after the date on which they were
3borrowed. When any of the funds from which moneys have been
4transferred pursuant to subsection (a) have insufficient cash
5from which the State Comptroller may make expenditures
6properly supported by appropriations from the fund, then the
7State Treasurer and State Comptroller shall transfer from
8general funds to the fund only such amount as is immediately
9necessary to satisfy outstanding expenditure obligations on a
10timely basis.
11    (c) On the first day of each quarterly period in each
12fiscal year, until such time as a report indicates that all
13moneys borrowed and interest pursuant to this Section have
14been repaid, the Comptroller shall provide to the President
15and the Minority Leader of the Senate, the Speaker and the
16Minority Leader of the House of Representatives, and the
17Commission on Government Forecasting and Accountability a
18report on all transfers made pursuant to this Section in the
19prior quarterly period. The report must be provided in
20electronic format. The report must include all of the
21following:
22        (1) the date each transfer was made;
23        (2) the amount of each transfer;
24        (3) in the case of a transfer from general funds to a
25    fund of origin pursuant to subsection (b) of this Section,
26    the amount of interest being paid to the fund of origin;

 

 

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1    and
2        (4) the end of day balance of the fund of origin, the
3    general funds, and the Health Insurance Reserve Fund on
4    the date the transfer was made.
5(Source: P.A. 100-23, eff. 7-6-17; 100-587, eff. 6-4-18;
6101-10, eff. 6-5-19; 101-636, eff. 6-10-20.)
 
7    Section 99. Effective date. This Act takes effect upon
8becoming law.