HB1597 101ST GENERAL ASSEMBLY

LRB101 07099 RJF 52136 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB1597

Introduced , by Rep. Monica Bristow

SYNOPSIS AS INTRODUCED:

30 ILCS 105/5l new

Amends the State Finance Act. Creates the Transportation Maintenance Fund. Provides that moneys in the Transportation Maintenance Fund shall be used by the Department of Transportation for the maintenance and construction of roads and bridges in the State. Provides for transfers from the General Revenue Fund to the Transportation Maintenance Fund if the average balance in the General Revenue Fund for any fiscal year exceeds the average balance in the General Revenue Fund for the immediately preceding fiscal year by more than 2%. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning finance.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The State Finance Act is amended by adding Section 5l as follows:

(30 ILCS 105/5l new)

Sec. 5l. General Revenue Fund transfers; Transportation Maintenance Fund.

(a) The Transportation Maintenance Fund is hereby created as a special fund in the State treasury. Moneys in the Fund shall be used by the Department of Transportation for the maintenance and construction of roads and bridges in the State.

(b) Notwithstanding any other provision of law, if, beginning with fiscal year 2019, the average balance in the General Revenue Fund for any fiscal year exceeds the average balance in the General Revenue Fund for the immediately preceding fiscal year by more than 2%, then, by October 1 following the close of that fiscal year, the State Comptroller shall order transferred and the State Treasurer shall transfer from the General Revenue Fund to the Transportation Maintenance Fund an amount equal to 50% of the amount by which that average balance exceeds 102% of the immediately preceding fiscal year's average balance.

Section 99. Effective date. This Act takes effect upon becoming law.