SB1689 94TH GENERAL ASSEMBLY

LRB094 11293 JAM 42087 b

94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB1689

Introduced 2/24/2005, by Sen. Dale A. Righter

SYNOPSIS AS INTRODUCED:

30 ILCS 105/6z-75 new

Amends the State Finance Act. Requires the transfer into the Agricultural Premium Fund of specified percentages of named funds in each fiscal year from fiscal year 2006 through 2010. Caps the aggregate total transfer in each fiscal year at $356,619. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning finance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The State Finance Act is amended by adding Section 6z-75 as follows:

(30 ILCS 105/6z-75 new)

Sec. 6z-75. Transfers to Agricultural Premium Fund. Each fiscal year beginning with fiscal year 2006 and through fiscal year 2010, the State Treasurer shall transfer amounts reflecting the following percentages from the following funds into the Agricultural Premium Fund:Each fiscal year beginning with fiscal year 2006 and through fiscal year 2010, the State Treasurer shall transfer amounts reflecting the following percentages from the following funds into the Agricultural Premium Fund:

(1) The Illinois Thoroughbred Breeders Fund, 3%.

(2) The Illinois Standard Breeders Fund, 3%.

(3) The Agriculture Master Fund, 21.5%.

(4) The Illinois State Fair Fund, 4.5%. In no fiscal year, however, shall the aggregate total of moneys transferred under this Section into the Agricultural Premium Fund exceed $356, 619. The Treasurer may adjust the amount transferred from any or all funds under this Section in order to not surpass the maximum aggregate total that may be transferred each fiscal year.

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