(30 ILCS 340/1)
(from Ch. 120, par. 406)
Cash flow borrowing.
Whenever significant timing variations
occur between disbursement and receipt of budgeted funds within a fiscal year,
making it necessary to borrow in anticipation of revenues to be collected in a
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.)