91st General Assembly
Status of SB1716
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 Full Text  Bill Summary

   New Act                                                                     
   30 ILCS 105/5.541 new                                                       

        Creates the Rainy Day Budget Stabilization  Act  and  amends  the      
   State Finance Act.  Creates the Budget Stabilization Fund as a special      
   fund  in  the  State  treasury  to  be used to meet the State's casual      
   deficits and revenue failures and for other specified  purposes,  with      
   priority  given to the needs of children.  Requires the Comptroller to      
   transfer $100,000,000 into the Fund in  fiscal  year  2001.  Beginning      
   with fiscal year 2002, in fiscal years when the Governor's estimate of      
   anticipated  general  funds revenues exceeds the prior year's revenues      
   by more than 4%, requires the Comptroller to transfer 0.25%  of  those      
   anticipated  revenues  from  the  General Revenue Fund into the Budget      
   Stabilization Fund in monthly installments that  may  be  individually      
   suspended  by  the  Governor.   Suspends  transfers  when  the  Budget      
   Stabilization  Fund  reaches  a specified balance.  Authorizes certain      
   legislative responses to  the  Governor's  notification  that  general      
   funds  are  insufficient,  including  approval by the President of the      
   Senate and  the  Speaker  of  the  House  of  Representatives  of  the      
   Governor's  directive  to  the Comptroller to transfer moneys from the      
   Budget Stabilization Fund until the General Assembly  can  convene  to      
   enact appropriate legislation.  Effective July 1, 2000.                     
   00-02-03  S  FIRST READING                                                  
   00-02-03  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   01-01-09  S  SESSION SINE DIE                                               


 Full Text  Bill Summary