HB6351 96TH GENERAL ASSEMBLY

LRB096 20968 RCE 36812 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB6351

Introduced 2/18/2010, by Rep. Michael J. Madigan - Barbara Flynn Currie

SYNOPSIS AS INTRODUCED:

30 ILCS 340/1

from Ch. 120, par. 406

Amends the Short Term Borrowing Act. Makes a technical change in a Section concerning cash flow borrowing.

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 Short Term Borrowing Act is amended by changing Section 1 as follows:

(30 ILCS 340/1) (from Ch. 120, par. 406)

Sec. 1. Cash flow borrowing. Whenever significant timing variations occur between disbursement and and receipt of budgeted funds within a fiscal year, making it necessary to borrow in anticipation of revenues to be collected in a fiscal year, in order to meet the same, the Governor, Comptroller and Treasurer may contract debts, in an amount not exceeding 5% of the State's appropriations for that fiscal year, and moneys thus borrowed shall be applied to the purpose for which they were obtained, or to pay the debts thus created, and to no other purpose. All moneys so borrowed shall be repaid by the close of the fiscal year in which borrowed.

(Source: P.A. 88-669, eff. 11-29-94; 93-1046, eff. 10-15-04.)