SHORT TERM BORROW-GA APPROVE Senate SponsorsSen. Tim Bivins 1/12/2011SenateSession Sine Die 30 ILCS 340/1.130 ILCS 340/4 newAmends the Short Term Borrowing Act. Provides that, when debt is incurred to address failures in revenues of the State, the required notice must contain a detailed plan to repay the debt. Provides that no debt may be incurred under the Act for the purpose of addressing failures in revenues of the State unless a majority of each chamber of the General Assembly has approved the borrowing by a recorded majority vote. Provides that no debt may be incurred under the Act while any debt previously incurred under this Act remains outstanding, unless a majority of each chamber of the General Assembly has approved the new borrowing by a recorded majority vote. Effective immediately. 2/10/2010SenateFiled with Secretary by Sen. Tim Bivins 2/10/2010SenateFirst Reading 2/10/2010SenateReferred to Assignments 2/24/2010SenateAssigned to Executive 3/5/2010SenateRule 2-10 Committee Deadline Established As March 19, 2010 3/8/2010SenateTo Executive Subcommittee on State And Local Government 3/10/2010SenatePostponed - Executive 3/19/2010SenateRule 3-9(a) / Re-referred to Assignments 1/12/2011SenateSession Sine Die