SCHOENBERG-BRADY-GRANBERG-SAVIANO-GASH, FEIGENHOLTZ, ERWIN AND MULLIGAN. (SIEBEN-BOWLES-OBAMA-DILLARD-WATSON) New Act 30 ILCS 105/5.449 new Creates the Rainy Day and Education First Act and amends the State Finance Act. Creates the Revenue Stabilization Fund as a special fund within the State treasury for use in meeting the State's obligations and casual deficits. Provides that for any year when the State's estimated general funds revenues exceed the prior year's general funds revenues by more than 4% the Governor shall submit a proposed budget to the General Assembly that includes transfers into the Revenue Stabilization Fund of an amount not less than 0.25% of the anticipated general funds revenues. Provides that the General Assembly shall appropriate no less than 0.25% of the estimated revenues to the Revenue Stabilization Fund. Provides for the transfer of funds into the Revenue Stabilization Fund. Sets a maximum Revenue Stabilization Fund balance and provides for transfers into the Educational Assistance Fund when that maximum is met. Effective immediately. FISCAL NOTE (Comptroller) Fiscal impact will vary year by year. For FY1996, the Gov's. budget would have included $42.5 M to move money from general funds to the Revenue Stabilization Fund (the .25% rule). For FY1996, this .25% amount actually equaled $44.8 M, reflective of revenues that were higher than originally estimated. 97-02-24 H FILED WITH CLERK 97-02-24 H ADDED AS A JOINT SPONSOR BRADY 97-02-24 H ADDED AS A CO-SPONSOR GRANBERG 97-02-24 H ADDED AS A CO-SPONSOR SAVIANO 97-02-24 H FIRST READING 97-02-24 H REFERRED TO HOUSE RULES COMMITTEE RULES 97-02-26 H ASSIGNED TO COMMITTEE STATE GOV ADM 97-02-28 H WAIVE POSTING NOTICE 97-02-28 H COMMITTEE STATE GOV ADM 97-03-06 H DO PASS/SHORT DEBATE 012-000-000 HSGE 97-03-06 H PLACED CALENDAR 2ND READING-SHORT DEBATE 97-03-06 H FISCAL NOTE REQUESTED CLAYTON 97-03-06 H CALENDAR ORDER 2ND READING-SHORT DEBATE 97-03-07 H ADDED AS A CO-SPONSOR GASH 97-03-07 H ADDED AS A CO-SPONSOR FEIGENHOLTZ 97-03-20 H ADDED AS A CO-SPONSOR SLONE 97-04-01 H FISCAL NOTE FILED 97-04-01 H CALENDAR ORDER 2ND READING-SHORT DEBATE 97-04-08 H SECOND READING-SHORT DEBATE 97-04-08 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 97-04-09 H ADDED AS A CO-SPONSOR ERWIN 97-04-09 H THIRD READING/SHORT DEBATE/PASSED 103-005-006 97-04-09 H ADDED AS A CO-SPONSOR MULLIGAN 97-04-10 S ARRIVE IN SENATE 97-04-10 S PLACED CALENDAR ORDER OF FIRST READING 97-04-10 S CHIEF SPONSOR DILLARD 97-04-10 S FIRST READING 97-04-10 S REFERRED TO SENATE RULES COMMITTEE RULES 97-04-17 S ADDED AS A CHIEF CO-SPONSOR BOWLES 97-04-18 S ADDED AS A CHIEF CO-SPONSOR OBAMA 97-10-16 S ADDED AS A CHIEF CO-SPONSOR SIEBEN 97-10-30 S SPONSOR REMOVED DILLARD 97-10-30 S ALTERNATE CHIEF SPONSOR CHANGED TO SIEBEN 97-10-30 S ADDED AS A CHIEF CO-SPONSOR DILLARD 97-12-05 S ADDED AS A CHIEF CO-SPONSOR WATSON 97-12-05 S ADDED AS A CO-SPONSOR KARPIEL 97-12-05 S ADDED AS A CO-SPONSOR BUTLER 97-12-05 S ADDED AS A CO-SPONSOR CRONIN 97-12-05 S ADDED AS A CO-SPONSOR LUECHTEFELD 97-12-05 S ADDED AS A CO-SPONSOR BERMAN 98-02-03 H ADDED AS A CO-SPONSOR FEIGENHOLTZ 98-09-10 S ADDED AS A CO-SPONSOR LAUZEN 99-01-12 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary