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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB4244
Introduced 1/28/2004, by Jim Watson SYNOPSIS AS INTRODUCED:
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Amends the State Finance Act.
At the end of each fiscal year when the State has a cash balance in excess of
$750,000,000, requires that the excess be transferred into the Budget
Stabilization Fund. Conditions the State Comptroller's authority to use the
Fund to meet deficits and shortfalls upon the agreement of the State Treasurer
and advance approval of the General Assembly by adoption of a joint resolution.
Effective immediately.
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A BILL FOR
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HB4244 |
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LRB093 17470 JAM 43137 b |
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| AN ACT concerning State finance.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The State Finance Act is amended by changing
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| Section 6z-51 as follows:
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| (30 ILCS 105/6z-51)
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| Sec. 6z-51. Budget Stabilization Fund; transfer of excess |
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| State revenues.
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| (a) Notwithstanding any other provision of law, in each |
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| fiscal year in
which the State's cash balance at the end of the |
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| fiscal year is in excess of
$750,000,000, that excess shall be |
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| transferred into
the Budget Stabilization Fund, a
special fund |
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| in the State treasury. ,
The Budget Stabilization Fund
also |
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| shall include
shall consist of moneys appropriated or |
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| transferred
to that Fund, as provided
in Section 6z-43 and as |
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| otherwise provided by law.
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| (b) Upon agreement of the State Comptroller and State |
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| Treasurer, and upon
advance approval of the General Assembly by |
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| joint resolution, the State
Comptroller may direct the State |
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| Treasurer to transfer moneys from the Budget
Stabilization Fund |
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| to the General Revenue Fund in order to meet deficits
resulting |
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| from timing variations between disbursements and the receipt
of |
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| funds within a fiscal year. Any moneys so borrowed shall be |
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| repaid by
June
30 of the fiscal year in which they were |
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| borrowed.
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| (Source: P.A. 92-11, eff. 6-11-01; 92-651, eff. 7-11-02.)
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.
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