Bill Text: IL SB0275 | 2013-2014 | 98th General Assembly | Introduced
Bill Title: Amends the Short Term Borrowing Act. Makes a technical change in a Section concerning cash flow borrowing.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2015-01-13 - Session Sine Die [SB0275 Detail]
Download: Illinois-2013-SB0275-Introduced.html
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1 | AN ACT concerning finance.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Short Term Borrowing Act is amended by | |||||||||||||||||||
5 | changing Section 1 as follows:
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6 | (30 ILCS 340/1) (from Ch. 120, par. 406)
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7 | Sec. 1. Cash flow borrowing. Whenever significant timing | |||||||||||||||||||
8 | variations
occur between disbursement and
and receipt of | |||||||||||||||||||
9 | budgeted funds within a fiscal year,
making it necessary to | |||||||||||||||||||
10 | borrow in anticipation of revenues to be collected in a
fiscal | |||||||||||||||||||
11 | year,
in order to meet the same, the Governor, Comptroller and | |||||||||||||||||||
12 | Treasurer
may contract debts, in an amount not exceeding 5%
of | |||||||||||||||||||
13 | the State's appropriations for that fiscal year, and moneys | |||||||||||||||||||
14 | thus borrowed
shall be applied to the purpose for which they | |||||||||||||||||||
15 | were obtained, or to pay the
debts thus created, and to no | |||||||||||||||||||
16 | other purpose. All moneys so borrowed shall be
repaid by the | |||||||||||||||||||
17 | close of the fiscal year in which borrowed. | |||||||||||||||||||
18 | (Source: P.A. 88-669, eff. 11-29-94; 93-1046, eff. 10-15-04.)
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