SCHOENBERG-SILVA-FLOWERS-GASH, DAVIS,MONIQUE AND LANG. New Act 30 ILCS 105/5.541 new 30 ILCS 105/5.542 new Creates the Rainy Day Budget Stabilization and Children First Act and amends the State Finance Act. Requires the Comptroller to transfer from the General Revenue Fund, during fiscal year 2001, $50,000,000 into a Budget Stabilization Fund and $50,000,000 into a Children First Reserve Fund. In each subsequent fiscal year when anticipated general revenues are estimated by the Governor to exceed the prior fiscal year's revenues by more than 4%, requires the Comptroller to transfer .25% of the anticipated revenues from the General Revenue Fund divided equally into the Budget Stabilization Fund and the Children First Reserve Fund. Permits suspension of transfers. Authorizes use of the Budget Stabilization Fund to meet general funds revenue shortfalls. Limits the use of the Children First Reserve Fund to meet shortfalls in funding educational and child care programs. Creates the necessary special funds within the State treasury. Effective immediately. 00-02-07 H FIRST READING 00-02-07 H REFERRED TO HOUSE RULES COMMITTEE RULES 00-02-10 H ADDED AS A JOINT SPONSOR SILVA 00-02-10 H ADDED AS A JOINT SPONSOR FLOWERS 00-02-10 H ADDED AS A JOINT SPONSOR GASH 00-02-22 H ADDED AS A CO-SPONSOR DAVIS,MONIQUE 00-02-23 H ADDED AS A CO-SPONSOR LANG 01-01-09 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary