Bill Text: IL SB3581 | 2009-2010 | 96th General Assembly | Introduced
Bill Title: Amends the Short Term Borrowing Act. Provides that, when debt is incurred to address failures in revenues of the State, the required notice must contain a detailed plan to repay the debt. Provides that no debt may be incurred under the Act for the purpose of addressing failures in revenues of the State unless a majority of each chamber of the General Assembly has approved the borrowing by a recorded majority vote. Provides that no debt may be incurred under the Act while any debt previously incurred under this Act remains outstanding, unless a majority of each chamber of the General Assembly has approved the new borrowing by a recorded majority vote. Effective immediately.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2010-03-19 - Rule 3-9(a) / Re-referred to Assignments [SB3581 Detail]
Download: Illinois-2009-SB3581-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 1.1 and by adding Section 4 as follows:
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6 | (30 ILCS 340/1.1)
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7 | Sec. 1.1. Borrowing upon failures in revenue. Whenever | ||||||||||||||||||||||||||
8 | failures in
revenues of the State occur, in order to meet those | ||||||||||||||||||||||||||
9 | failures, the Governor,
Comptroller, and Treasurer may | ||||||||||||||||||||||||||
10 | contract debts in an amount
not exceeding 15% of the State's | ||||||||||||||||||||||||||
11 | appropriations for that fiscal year. The
moneys thus borrowed | ||||||||||||||||||||||||||
12 | shall be applied to the purposes for which they were
obtained, | ||||||||||||||||||||||||||
13 | or to pay the debts thus created by the borrowing, and to no | ||||||||||||||||||||||||||
14 | other
purpose. Before incurring debt under this Section, the | ||||||||||||||||||||||||||
15 | Governor shall give
written notice to the Clerk of the House of | ||||||||||||||||||||||||||
16 | Representatives, the Secretary of
the Senate, and the Secretary | ||||||||||||||||||||||||||
17 | of State setting forth the reasons for the
proposed borrowing , | ||||||||||||||||||||||||||
18 | and the corrective measures recommended to restore the
State's | ||||||||||||||||||||||||||
19 | fiscal soundness , and a detailed plan to repay the debt, | ||||||||||||||||||||||||||
20 | including, but not limited to, any new or increased revenues or | ||||||||||||||||||||||||||
21 | spending reductions . The notice shall be a public record and | ||||||||||||||||||||||||||
22 | open for
inspection at the offices of the Secretary of State | ||||||||||||||||||||||||||
23 | during normal business
hours. No debt may be incurred under |
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1 | this Section until 30 days after the
notice is served and until | ||||||
2 | a majority of each chamber of the General Assembly has approved | ||||||
3 | the incurring of the debt by a recorded majority vote . All | ||||||
4 | moneys so borrowed shall be borrowed for no longer time
than | ||||||
5 | one year.
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6 | (Source: P.A. 88-669, eff. 11-29-94; 93-1046, eff. 10-15-04.)
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7 | (30 ILCS 340/4 new) | ||||||
8 | Sec. 4. General Assembly approval. No debt shall be | ||||||
9 | incurred under this Act while any debt previously incurred | ||||||
10 | under this Act remains outstanding, unless a majority of each | ||||||
11 | chamber of the General Assembly has approved the incurring of | ||||||
12 | the new debt by a recorded majority vote.
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13 | Section 99. Effective date. This Act takes effect upon | ||||||
14 | becoming law.
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