SB0580 EngrossedLRB099 02994 MGM 23002 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The State Finance Act is amended by changing
5Section 5k as follows:
 
6    (30 ILCS 105/5k)
7    Sec. 5k. Cash flow borrowing and general funds liquidity;
8FY15.
9    (a) In order to meet cash flow deficits and to maintain
10liquidity in the General Revenue Fund and the Health Insurance
11Reserve Fund, on and after July 1, 2014 and through June 30,
122015, the State Treasurer and the State Comptroller shall make
13transfers to the General Revenue Fund and the Health Insurance
14Reserve Fund, as directed by the Governor, out of special funds
15of the State, to the extent allowed by federal law. No such
16transfer may reduce the cumulative balance of all of the
17special funds of the State to an amount less than the total
18debt service payable during the 12 months immediately following
19the date of the transfer on any bonded indebtedness of the
20State and any certificates issued under the Short Term
21Borrowing Act. At no time shall the outstanding total transfers
22made from the special funds of the State to the General Revenue
23Fund and the Health Insurance Reserve Fund under this Section

 

 

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1exceed $650,000,000; once the amount of $650,000,000 has been
2transferred from the special funds of the State to the General
3Revenue Fund and the Health Insurance Reserve Fund, additional
4transfers may be made from the special funds of the State to
5the General Revenue Fund and the Health Insurance Reserve Fund
6under this Section only to the extent that moneys have first
7been re-transferred from the General Revenue Fund and the
8Health Insurance Reserve Fund to those special funds of the
9State. Notwithstanding any other provision of this Section, no
10such transfer may be made from any special fund that is
11exclusively collected by or appropriated to any other
12constitutional officer without the written approval of that
13constitutional officer.
14    (b) If moneys have been transferred to the General Revenue
15Fund and the Health Insurance Reserve Fund pursuant to
16subsection (a) of this Section, this amendatory Act of the 98th
17General Assembly shall constitute the continuing authority for
18and direction to the State Treasurer and State Comptroller to
19reimburse the funds of origin from the General Revenue Fund by
20transferring to the funds of origin, at such times and in such
21amounts as directed by the Governor when necessary to support
22appropriated expenditures from the funds, an amount equal to
23that transferred from them plus any interest that would have
24accrued thereon had the transfer not occurred, except that any
25moneys transferred pursuant to subsection (a) of this Section
26shall be repaid to the fund of origin within 18 months after

 

 

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1the date on which they were borrowed. When any of the funds
2from which moneys have been transferred pursuant to subsection
3(a) have insufficient cash from which the State Comptroller may
4make expenditures properly supported by appropriations from
5the fund, then the State Treasurer and State Comptroller shall
6transfer from the General Revenue Fund to the fund only such
7amount as is immediately necessary to satisfy outstanding
8expenditure obligations on a timely basis.
9    (c) On the first day of each quarterly period in each
10fiscal year, until such time as a report indicates that all
11moneys borrowed and interest pursuant to this Section have been
12repaid, the Governor's Office of Management and Budget shall
13provide to the President and the Minority Leader of the Senate,
14the Speaker and the Minority Leader of the House of
15Representatives, and the Commission on Government Forecasting
16and Accountability a report on all transfers made pursuant to
17this Section in the prior quarterly period. The report must be
18provided in electronic format. The report must include all of
19the following:
20        (1) The date each transfer was made.
21        (2) The amount of each transfer.
22        (3) In the case of a transfer from the General Revenue
23    Fund to a fund of origin pursuant to subsection (b) of this
24    Section, the amount of interest being paid to the fund of
25    origin.
26        (4) The end of day balance of the fund of origin, the

 

 

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1    General Revenue Fund and the Health Insurance Reserve Fund
2    on the date the transfer was made.
3(Source: P.A. 98-682, eff. 6-30-14.)
 
4    Section 99. Effective date. This Act takes effect upon
5becoming law.