(30 ILCS 340/1.1)
Sec. 1.1. Borrowing upon emergencies or failures in revenue. Whenever emergencies or failures in
revenues of the State occur, in order to meet deficits caused by those emergencies or failures, the Governor,
Comptroller, and Treasurer may contract debts in an amount
not exceeding 15% of the State's appropriations for that fiscal year. The
moneys thus borrowed shall be applied to the purposes for which they were
obtained, or to pay the costs of borrowing and the debts thus created by the borrowing, and to no other
purpose. Before incurring debt under this Section, the Governor shall give
written notice to the Clerk of the House of Representatives, the Secretary of
the Senate, and the Secretary of State setting forth the reasons for the
proposed borrowing and the corrective measures recommended to restore the
State's fiscal soundness. The notice shall be a public record and open for
inspection at the offices of the Secretary of State during normal business
hours. No debt may be incurred under this Section until 7 days after the
notice is served. All moneys so borrowed shall be borrowed for no longer time
than one year.
(Source: P.A. 101-630, eff. 5-29-20.)
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