House Sponsors: GASH-COULSON-FEIGENHOLTZ-HUGHES-KLINGLER, MULLIGAN AND MCKEON. Short description: SAVINGS & ECONOMIC STABILITY Synopsis of Bill as introduced: Creates the Illinois Savings and Stability Act, and creates a Fund with that name in the State treasury, separate from State general funds. Requires the Department of Revenue to deposit a specified portion of monthly net income tax receipts (called the "Annual Budget Reserve") into the Fund. Defines the "Maximum Budget Reserve" as a specified percentage of estimated or actual appropriations from general funds. Provides that deposits into the Fund shall cease, starting in FY2004, if the balance in the Fund exceeds the Maximum Budget Reserve. Provides that moneys in the Fund may be used, starting April 1, 2003, to cover a budget shortfall. Contains text of a proposed Act to be prepared when moneys are sought to be appropriated from the Fund. Authorizes borrowing to cover a shortfall under specified circumstances. Amends the Short Term Borrowing Act by repealing the Act on April 1, 2003. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status