Illinois General Assembly - Full Text of HB2934
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Full Text of HB2934  97th General Assembly

HB2934ham001 97TH GENERAL ASSEMBLY

Rep. Sara Feigenholtz

Filed: 3/30/2011

 

 


 

 


 
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1
AMENDMENT TO HOUSE BILL 2934

2    AMENDMENT NO. ______. Amend House Bill 2934 by replacing
3everything after the enacting clause with the following:
 
4    "Section 1. Short title. This Act may be cited as the
5Interfund Borrowing Act of 2011.
 
6    Section 5. Interfund transfers.
7    (a) Notwithstanding any other provision of State law to the
8contrary, on the effective date of this Act, or as soon
9thereafter as practical, for the purpose of accessing enhanced
10federal Medicaid matching funds that expire on June 30, 2011,
11on or after June 20, 2011 and no later than June 25, 2011 the
12State Comptroller shall direct and the State Treasurer shall
13transfer amounts into the Healthcare Provider Relief Fund from
14the designated funds not exceeding the following totals:
 
15    Water Revolving Fund.........................$400,000,000

 

 

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1    General Obligation Bond Retirement
2        and Interest Fund........................$500,000,000
 
3    (b) On and after the effective date of this Act through
4July 30, 2011, if either the Water Revolving Fund or the
5General Obligation Bond Retirement and Interest Fund has
6insufficient cash from which the State Comptroller may make
7expenditures properly supported by appropriations from the
8fund, then the State Treasurer and the State Comptroller shall
9transfer from the General Revenue Fund to the fund only such
10amount as is immediately necessary to satisfy outstanding
11expenditure obligations on a timely basis, subject to the
12provisions of the State Prompt Payment Act. All or a portion of
13the amounts transferred from the General Revenue Fund to a fund
14pursuant to this subsection (b) from time to time may be
15re-transferred by the State Comptroller and the State Treasurer
16from the receiving fund into the General Revenue Fund as soon
17as and to the extent that deposits are made into or receipts
18are collected by the receiving fund.
19    (c) By no later than July 30, 2011 any amounts transferred
20from the Water Revolving Fund or the General Obligation Bond
21Retirement and Interest Fund under the authority of this
22Section shall be transferred back and receipted by the General
23Revenue Fund. These transfers back to the funds of origin shall
24be made and receipted notwithstanding any other State law to
25the contrary.
 

 

 

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1    Section 10. Interest payable to the Water Revolving Fund
2and the General Obligation Bond Retirement and Interest Fund.
3As soon as practical after all amounts initially transferred
4from the Water Revolving Fund and the General Obligation Bond
5Retirement and Interest Fund have been transferred back
6pursuant to Section 5 of this Act, the State Treasurer shall
7calculate the amounts of interest that would have accrued to
8both the Water Revolving Fund and the General Obligation Bond
9Retirement and Interest Fund if those transfers had not
10occurred and transfer those amounts from the General Revenue
11Fund to the Water Revolving Fund and the General Obligation
12Bond Retirement and Interest Fund.
 
13    Section 15. Prohibition on payments to contractors. No
14fees or expenses shall be paid by the State to any contractual
15legal counsel, financial advisor, or other consultant or
16contractor in relation to the actions authorized pursuant to
17this Act.
 
18    Section 99. Effective date. This Act takes effect upon
19becoming law.".