|
|
|
|
96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB3581
Introduced 2/10/2010, by Sen. Tim Bivins SYNOPSIS AS INTRODUCED:
|
|
30 ILCS 340/1.1 |
|
30 ILCS 340/4 new |
|
|
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.
|
|
| | |
|
|
| FISCAL NOTE ACT MAY APPLY | |
|
|
|
A BILL FOR
|
|
|
|
|
SB3581 |
|
LRB096 20235 HLH 35810 b |
|
|
| 1 |
| AN ACT concerning finance.
|
| 2 |
| Be it enacted by the People of the State of Illinois,
|
| 3 |
| represented in the General Assembly:
|
| 4 |
| Section 5. The Short Term Borrowing Act is amended by |
| 5 |
| changing Section 1.1 and by adding Section 4 as follows:
|
| 6 |
| (30 ILCS 340/1.1)
|
| 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 |