(30 ILCS 122/5)
Sec. 5. Budget Stabilization Fund. The Budget
Stabilization Fund is a special fund in the State treasury
established for the purpose of reducing the need for future
tax increases, maintaining the highest possible bond rating,
reducing the need for short term borrowing, providing
available resources to meet State obligations whenever casual
deficits or failures in revenue occur, and providing the
means of addressing budgetary shortfalls. In authorizing
transfers from the Budget Stabilization Fund, whenever
possible, priority consideration should be given to meeting
obligations for secondary and elementary education, child
care, and other programs that may provide a direct benefit to
children.
(Source: P.A. 93-660, eff. 7-1-04.) |