HB5282eng 100TH GENERAL ASSEMBLY

HB5282 Engrossed LRB100 16871 HLH 32012 b

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 2018, 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.