Sen. Toi W. Hutchinson

Filed: 4/21/2016

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 580

2    AMENDMENT NO. ______. Amend Senate Bill 580 by replacing
3everything after the enacting clause with the following:
 
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

 

 

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1special funds of the State to an amount less than the total
2debt service payable during the 12 months immediately following
3the date of the transfer on any bonded indebtedness of the
4State and any certificates issued under the Short Term
5Borrowing Act. At no time shall the outstanding total transfers
6made from the special funds of the State to the General Revenue
7Fund and the Health Insurance Reserve Fund under this Section
8exceed $650,000,000; once the amount of $650,000,000 has been
9transferred from the special funds of the State to the General
10Revenue Fund and the Health Insurance Reserve Fund, additional
11transfers may be made from the special funds of the State to
12the General Revenue Fund and the Health Insurance Reserve Fund
13under this Section only to the extent that moneys have first
14been re-transferred from the General Revenue Fund and the
15Health Insurance Reserve Fund to those special funds of the
16State. Notwithstanding any other provision of this Section, no
17such transfer may be made from any special fund that is
18exclusively collected by or appropriated to any other
19constitutional officer without the written approval of that
20constitutional officer.
21    (b) If moneys have been transferred to the General Revenue
22Fund and the Health Insurance Reserve Fund pursuant to
23subsection (a) of this Section, this amendatory Act of the 98th
24General Assembly shall constitute the continuing authority for
25and direction to the State Treasurer and State Comptroller to
26reimburse the funds of origin from the General Revenue Fund by

 

 

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1transferring to the funds of origin, at such times and in such
2amounts as directed by the Governor when necessary to support
3appropriated expenditures from the funds, an amount equal to
4that transferred from them plus any interest that would have
5accrued thereon had the transfer not occurred, except that any
6moneys transferred pursuant to subsection (a) of this Section
7shall be repaid to the fund of origin within 18 months after
8the date on which they were borrowed. When any of the funds
9from which moneys have been transferred pursuant to subsection
10(a) have insufficient cash from which the State Comptroller may
11make expenditures properly supported by appropriations from
12the fund, then the State Treasurer and State Comptroller shall
13transfer from the General Revenue Fund to the fund only such
14amount as is immediately necessary to satisfy outstanding
15expenditure obligations on a timely basis.
16    (c) On the first day of each quarterly period in each
17fiscal year, until such time as a report indicates that all
18moneys borrowed and interest pursuant to this Section have been
19repaid, the Governor's Office of Management and Budget shall
20provide to the President and the Minority Leader of the Senate,
21the Speaker and the Minority Leader of the House of
22Representatives, and the Commission on Government Forecasting
23and Accountability a report on all transfers made pursuant to
24this Section in the prior quarterly period. The report must be
25provided in electronic format. The report must include all of
26the following:

 

 

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1        (1) The date each transfer was made.
2        (2) The amount of each transfer.
3        (3) In the case of a transfer from the General Revenue
4    Fund to a fund of origin pursuant to subsection (b) of this
5    Section, the amount of interest being paid to the fund of
6    origin.
7        (4) The end of day balance of the fund of origin, the
8    General Revenue Fund and the Health Insurance Reserve Fund
9    on the date the transfer was made.
10(Source: P.A. 98-682, eff. 6-30-14.)
 
11    Section 99. Effective date. This Act takes effect upon
12becoming law.".