Illinois General Assembly - Bill Status for HB3871

Amends the State Budget Law. Provides for a continuing appropriation for funding of public education and human services. Amends the State Comptroller Act. Provides that if any cash flow deficit resulting from timing variation between disbursement and receipt of funds in the General Revenue Fund is anticipated, the Comptroller's efforts to manage timing variations shall include issuing payments for education and human services before issuing payments for financial services. Amends the State Treasurer Act. Provides that when any warrant is presented to the State Treasurer to be countersigned, he shall do so if the warrant is in proper form, there are sufficient moneys in the fund to pay the warrant, and payments for education and human services have been issued. Amends the General Obligation Bond Act. Provides that the irrevocable and continuing authority to appropriate funds under the Act shall cover payments to bondholders, but shall not cover fees for credit enhancements or net payments on interest rate swap agreements, or financial futures contracts associated with General Obligation Bonds. Defines terms.

Replaces everything after the enacting clause. Reinserts the provisions of the bill as introduced with changes. Removes language providing that the aggregate appropriations available for funding of public education and human services in this State from all State funds for each State fiscal year shall be no less than the total aggregate appropriations made available for funding of public education and human services in this State for the immediately preceding fiscal year. Removes language providing for an irrevocable and continuing appropriation for the funding of public education and human services at the previous year's levels, and the irrevocable and continuing authority for and direction to the State Treasurer and the Comptroller to make payments at those levels. Provides that if any cash flow deficit resulting from timing variation between disbursement and receipt of funds in the General Revenue Fund is anticipated, in efforts to manage timing variations, the Comptroller shall prioritize payments for education and human services relative to payments for financial services. Provides that when any warrant is presented to the State Treasurer to be countersigned, he shall do so, among other requirements, if the Comptroller certifies that specified provisions of the State Comptroller Act have been followed (currently, the Comptroller is not required to certify). Provides that the estimate of the amounts of net payments to be included in the calculation of interest required to be paid by the State shall be itemized by each agreement or contract for which a net amount has been included. Provides that the amounts included in appropriations for the payment of interest on variable rate bonds shall include the total amount (rather than amounts) certified by the Director of the Governor's Office of Management and Budget. Removes language providing that the irrevocable and continuing authority to appropriate funds under the General Obligation Bond Act shall cover payments to bondholders, but shall not cover fees for credit enhancements or net payments on interest rate swap agreements, or financial futures contracts associated with General Obligation Bonds. Provides that any amounts included in the Comptroller's computations and certifications of specified payable interest that are based on amounts from the Director of the Governor's Office of Management and Budget certified under a specified Section shall be itemized by each agreement or contract for which a net amount has been included. Provides that computations on specified payable interest that include amounts certified under a specified Section shall be itemized by each agreement or contract for which a net amount is included, and documents created by either the State Treasurer or State Comptroller in the course of executing transfers and payments shall include this itemization. Modifies the term "Payments for financial services".

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