State of Illinois
91st General Assembly

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 1        AN ACT concerning State revenue stabilization.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  1.   Short  title.  This Act may be cited as the
 5    Rainy Day Fund Act.

 6        Section 5.   Revenue  Stabilization  Fund.   The  Revenue
 7    Stabilization Fund, referred to in this Act as the "Fund", is
 8    established as a special fund in the State treasury to retain
 9    State  revenues  for future needs, reduce the need for future
10    tax increases, and provide available resources to meet  State
11    obligations  whenever casual deficits or failures in revenues
12    occur.

13        Section 10.   Payments  into  the  Revenue  Stabilization
14    Fund.
15        (a)  For   any  fiscal  year  in  which  the  anticipated
16    revenues into the State's general funds are estimated by  the
17    Governor to exceed the prior year's general funds revenues by
18    more  than  4%,  the  Governor  shall  submit  to the General
19    Assembly a proposed budget that includes transfers  into  the
20    Revenue  Stabilization  Fund of an amount not less than 0.25%
21    of the anticipated general funds revenues.
22        (b)  In any year that the Governor includes  payments  to
23    the  Revenue  Stabilization  Fund  in  the  State budget, the
24    General Assembly shall appropriate amounts for  payment  into
25    the  Revenue  Stabilization Fund for each fiscal year so that
26    the total amount appropriated is sufficient to allow for  the
27    payment  of no less than 0.25% of estimated revenues into the
28    State's general funds.
29        (c)  Beginning on July 1 of each fiscal year, and the 1st
30    day of each subsequent month of the fiscal year, or  as  soon
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 1    thereafter  as  may  be possible, the Comptroller shall order
 2    paid and the Treasurer shall pay 0.25% of revenues  from  the
 3    prior month into the Revenue Stabilization Fund.
 4        (d)  As  soon  as practical after January 1 of each year,
 5    the Comptroller  and  Treasurer  shall  calculate  the  total
 6    amount  of revenues into the State's general funds during the
 7    preceding 6 months.  If the revenues into the  general  funds
 8    during  that  period  exceed  the  amount of revenues for the
 9    first 6 months of the preceding fiscal year by more  than  4%
10    and there are no appropriations for payments into the Revenue
11    Stabilization  Fund,  the  Comptroller  shall  direct and the
12    Treasurer shall pay 0.25% of  all  subsequent  general  funds
13    revenues each month for the remainder of the fiscal year into
14    the  Revenue  Stabilization  Fund.  For the purpose of making
15    the transfers and payments required by this paragraph,  there
16    are  hereby appropriated from the General Revenue Fund to the
17    Comptroller, on a continuing basis, sums equal to the  amount
18    of  0.25%  of  general funds revenues for the sole purpose of
19    funding the Revenue Stabilization Fund.
20        (e)  At any time during the fiscal  year,  the  Governor,
21    Comptroller,  and Treasurer may agree to suspend any payments
22    required  by  this  Section.   Payment   into   the   Revenue
23    Stabilization  Fund  shall resume during the fiscal year upon
24    the agreement of the Governor, Comptroller, and Treasurer.

25        Section 15. Use of Fund.  The Governor, Comptroller,  and
26    Treasurer   may,   upon   a   determination  that  there  are
27    insufficient resources available within the general funds  of
28    the  State  to  meet  the  State's  obligations,  direct  the
29    transfer  of  moneys  in the Fund to the general funds of the
30    State.  The timing and the amount of those transfers shall be
31    as specified by the Governor, Comptroller, and Treasurer.

32        Section 95.  The State Finance Act is amended  by  adding
                            -3-                LRB9105397DHmg
 1    Section 5.490 as follows:

 2        (30 ILCS 105/5.490 new)
 3        Sec. 5.490.  The Revenue Stabilization Fund.

 4        Section  99.  Effective date.  This Act takes effect upon
 5    becoming law.

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