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91_HB1161
LRB9102939PTpkB
1 AN ACT concerning a rainy day fund.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 1. Short title. This Act may be cited as the
5 Rainy Day Fund Act.
6 Section 5. Rainy Day Fund. For any fiscal year in which
7 the revenues into the State's general funds exceed the prior
8 year's general funds revenues by more than $750,000,000, the
9 excess funds over that $750,000,000 shall be deposited into
10 the Rainy Day Fund, a special fund that is hereby created in
11 the State treasury to retain State revenues for future needs,
12 reduce the need for future tax increases, and provide
13 available resources to meet State obligations whenever
14 failures in revenues occur.
15 Section 10. Use of Fund. The Governor may, upon a
16 determination that there are insufficient resources available
17 within the general funds of the State to meet the State's
18 obligations, request the General Assembly, by appropriation,
19 to direct the transfer of moneys in the Fund to the general
20 funds of the State. The timing and amount of those transfers
21 by the General Assembly may be as specified by the Governor.
22 Section 15. Transfer of excess. If, at the close of a
23 fiscal year on June 30, the Rainy Day Fund contains more than
24 $500,000,000, then the Treasurer and Comptroller shall
25 transfer the excess amount to the General Revenue Fund.
26 Section 95. The State Finance Act is amended by adding
27 Section 5.490 as follows:
-2- LRB9102939PTpkB
1 (30 ILCS 105/5.490 new)
2 Sec. 5.490. The Rainy Day Fund.