95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB2405

 

Introduced 2/26/2007, by Rep. Michael J. Madigan - Barbara Flynn Currie - Jack D. Franks

 

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.


LRB095 01053 RCE 21055 b

 

 

A BILL FOR

 

HB2405 LRB095 01053 RCE 21055 b

1     AN ACT concerning finance.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The State Finance Act is amended by changing
5 Section 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
9 the State Treasury, shall consist of moneys appropriated or
10 transferred to that Fund, as provided in Section 6z-43 and as
11 otherwise provided by law. All earnings on Budget Stabilization
12 Fund investments shall be deposited into that Fund.
13     (b) The State Comptroller may direct the State Treasurer to
14 transfer moneys from the Budget Stabilization Fund to the
15 General Revenue Fund in order to meet cash flow deficits
16 resulting from timing variations between disbursements and the
17 receipt of funds within a fiscal year. Any moneys so borrowed
18 shall be repaid by June 30 of the fiscal year in which they
19 were borrowed.
20 (Source: P.A. 92-11, eff. 6-11-01; 92-651, eff. 7-11-02;
21 93-660, eff. 7-1-04.)