100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB1101

 

Introduced , by Rep. Michael J. Madigan

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 105/6z-51

    Amends the State Finance Act. Makes a technical change in a Section concerning the Budget Stabilization Fund.


LRB100 02265 MLM 12270 b

 

 

A BILL FOR

 

HB1101LRB100 02265 MLM 12270 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The State Finance Act is amended by changing
5Section 6z-51 as follows:
 
6    (30 ILCS 105/6z-51)
7    Sec. 6z-51. Budget Stabilization Fund.
8    (a) The The Budget Stabilization Fund, a special fund in
9the State Treasury, shall consist of moneys appropriated or
10transferred to that Fund, as provided in Section 6z-43 and as
11otherwise provided by law. All earnings on Budget Stabilization
12Fund investments shall be deposited into that Fund.
13    (b) The State Comptroller may direct the State Treasurer to
14transfer moneys from the Budget Stabilization Fund to the
15General Revenue Fund in order to meet cash flow deficits
16resulting from timing variations between disbursements and the
17receipt of funds within a fiscal year. Any moneys so borrowed
18in any fiscal year other than Fiscal Year 2011 shall be repaid
19by June 30 of the fiscal year in which they were borrowed. Any
20moneys so borrowed in Fiscal Year 2011 shall be repaid no later
21than July 15, 2011.
22    (c) During Fiscal Year 2017 only, amounts may be expended
23from the Budget Stabilization Fund only pursuant to specific

 

 

HB1101- 2 -LRB100 02265 MLM 12270 b

1authorization by appropriation. Any moneys expended pursuant
2to appropriation shall not be subject to repayment.
3(Source: P.A. 99-523, eff. 6-30-16.)