99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB6556

 

Introduced , by Rep. Rita Mayfield

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 105/5k

    Amends the State Finance Act. Provides that certain funds shall not be repaid in certain amounts for moneys transferred pursuant to Fiscal Year 2015 cash flow borrowing. Effective immediately, but does not take effect at all unless House Bill 5045 of the 99th General Assembly becomes law.


LRB099 21461 MLM 47589 b

 

 

A BILL FOR

 

HB6556LRB099 21461 MLM 47589 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 5k as follows:
 
6    (30 ILCS 105/5k)
7    Sec. 5k. Cash flow borrowing and general funds liquidity;
8FY15.
9    (a) In order to meet cash flow deficits and to maintain
10liquidity in the General Revenue Fund and the Health Insurance
11Reserve Fund, on and after July 1, 2014 and through June 30,
122015, the State Treasurer and the State Comptroller shall make
13transfers to the General Revenue Fund and the Health Insurance
14Reserve Fund, as directed by the Governor, out of special funds
15of the State, to the extent allowed by federal law. No such
16transfer may reduce the cumulative balance of all of the
17special funds of the State to an amount less than the total
18debt service payable during the 12 months immediately following
19the date of the transfer on any bonded indebtedness of the
20State and any certificates issued under the Short Term
21Borrowing Act. At no time shall the outstanding total transfers
22made from the special funds of the State to the General Revenue
23Fund and the Health Insurance Reserve Fund under this Section

 

 

HB6556- 2 -LRB099 21461 MLM 47589 b

1exceed $650,000,000; once the amount of $650,000,000 has been
2transferred from the special funds of the State to the General
3Revenue Fund and the Health Insurance Reserve Fund, additional
4transfers may be made from the special funds of the State to
5the General Revenue Fund and the Health Insurance Reserve Fund
6under this Section only to the extent that moneys have first
7been re-transferred from the General Revenue Fund and the
8Health Insurance Reserve Fund to those special funds of the
9State. Notwithstanding any other provision of this Section, no
10such transfer may be made from any special fund that is
11exclusively collected by or appropriated to any other
12constitutional officer without the written approval of that
13constitutional officer.
14    (b) If moneys have been transferred to the General Revenue
15Fund and the Health Insurance Reserve Fund pursuant to
16subsection (a) of this Section, this amendatory Act of the 98th
17General Assembly shall constitute the continuing authority for
18and direction to the State Treasurer and State Comptroller to
19reimburse the funds of origin from the General Revenue Fund by
20transferring to the funds of origin, at such times and in such
21amounts as directed by the Governor when necessary to support
22appropriated expenditures from the funds, an amount equal to
23that transferred from them plus any interest that would have
24accrued thereon had the transfer not occurred, except that any
25moneys transferred pursuant to subsection (a) of this Section
26shall be repaid to the fund of origin within 18 months after

 

 

HB6556- 3 -LRB099 21461 MLM 47589 b

1the date on which they were borrowed, except that the following
2funds shall not be repaid in the named amounts: .
3        (1) the Lobbyist Registration Administration Fund in
4    the amount of $1,000,000;
5        (2) the Illinois State Medical Disciplinary Fund in the
6    amount of $5,000,000;
7        (3) the State Police Firearm Services Fund in the
8    amount of $6,000,000;
9        (4) the State Police Vehicle Fund in the amount of
10    $2,000,000;
11        (5) the Securities Investors Education Fund in the
12    amount of $5,000,000;
13        (6) the Securities Audit and Enforcement Fund in the
14    amount of $4,000,000;
15        (7) the Death Penalty Abolition Fund in the amount of
16    $8,000,000;
17        (8) the School Infrastructure Fund in the amount of
18    $60,000,000;
19        (9) the Roadside Memorial Fund in the amount of
20    $1,375,000;
21        (10) the Tobacco Settlement Recovery Fund in the amount
22    of $15,000,000;
23        (11) the State Police Services Fund in the amount of
24    $5,000,000; and
25        (12) the Park and Conservation Fund in the amount of
26    $10,000,000.

 

 

HB6556- 4 -LRB099 21461 MLM 47589 b

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

 

 

HB6556- 5 -LRB099 21461 MLM 47589 b

1    on the date the transfer was made.
2(Source: P.A. 98-682, eff. 6-30-14.)
 
3    Section 99. Effective date. This Act takes effect upon
4becoming law, but this Act does not take effect at all unless
5House Bill 5045 of the 99th General Assembly becomes law.