Bill Text: IL SB0287 | 2015-2016 | 99th General Assembly | Introduced
Bill Title: Amends the State Finance Act. Makes a technical change in a Section concerning the Budget Stabilization Fund.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2015-04-21 - Re-referred to Assignments [SB0287 Detail]
Download: Illinois-2015-SB0287-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, | |||||||||||||||||||
3 | represented in the General Assembly:
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4 | Section 5. The State Finance Act is amended by changing | |||||||||||||||||||
5 | Section 6z-51 as follows:
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6 | (30 ILCS 105/6z-51)
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7 | Sec. 6z-51. Budget Stabilization Fund.
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8 | (a) The
The Budget Stabilization Fund, a special fund in | |||||||||||||||||||
9 | the State Treasury,
shall consist of moneys appropriated or | |||||||||||||||||||
10 | transferred to that Fund, as provided
in Section 6z-43 and as | |||||||||||||||||||
11 | otherwise provided by law.
All earnings on Budget Stabilization | |||||||||||||||||||
12 | Fund investments shall be deposited into
that Fund.
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13 | (b) The State Comptroller may direct the State Treasurer to | |||||||||||||||||||
14 | transfer moneys
from the Budget Stabilization Fund to the | |||||||||||||||||||
15 | General Revenue Fund in order to meet
cash flow deficits | |||||||||||||||||||
16 | resulting from timing variations between disbursements
and the | |||||||||||||||||||
17 | receipt
of funds within a fiscal year. Any moneys so borrowed | |||||||||||||||||||
18 | in any fiscal year other than Fiscal Year 2011 shall be repaid | |||||||||||||||||||
19 | by June
30 of the fiscal year in which they were borrowed.
Any | |||||||||||||||||||
20 | moneys so borrowed in Fiscal Year 2011 shall be repaid no later | |||||||||||||||||||
21 | than July 15, 2011.
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22 | (Source: P.A. 97-44, eff. 6-28-11.)
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