(30 ILCS 440/2)
Findings and Declaration of Policy.
It is hereby found and
A. It is an essential governmental function to
maintain funds in an amount sufficient to pay unemployment benefits when due;
B. At the time of the enactment of this Act,
unemployment benefits payments are made from Illinois' account in the Unemployment Trust Fund of the United States Treasury and are funded by employer contributions;
C. At the time of the enactment of this Act,
borrowing from the Federal government is the only option available to obtain sufficient funds to pay benefits when the balance in Illinois' account in the Unemployment Trust Fund of the United States Treasury is insufficient to make necessary payments;
D. Alternative methods of replenishing Illinois'
account in the Unemployment Trust Fund of the United States Treasury may reduce the costs of providing unemployment benefits and employers' cost of doing business in the State;
E. It is in the State's best interests to authorize
the issuance of bonds when appropriate for the purpose of continuing the unemployment insurance program at the lowest possible cost to the State and employers in Illinois; and
F. It is the public policy of this State to promote
and encourage the full participation of female- and minority-owned firms with regard to bonds issued by State departments, agencies, and authorities. The Director shall, therefore, ensure that the process for procuring contracts with regard to Bonds includes outreach to female- and minority-owned firms and gives due consideration to those firms in the selection and approval of any contracts with any parties necessary to issue Bonds.
(Source: P.A. 93-634, eff. 1-1-04.)