State of Illinois
91st General Assembly

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 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.

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