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 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    Revenue Stabilization Fund.
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  1/12  of  the  amount
 3    appropriated 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  the  general funds revenues
13    received during that period into  the  Revenue  Stabilization
14    Fund.   For  the purpose of making the transfers and payments
15    required by this paragraph,  there  are  hereby  appropriated
16    from  the  General  Revenue  Fund  to  the  Comptroller, on a
17    continuing basis, sums  equal  to  the  amount  of  0.25%  of
18    general  funds  revenues  for the sole purpose of funding the
19    Revenue Stabilization Fund.
20        (e)  If, at any time, the balance  in  the  Fund  reaches
21    $600,000,000, transfers required by this Section shall cease.
22        (f)  At  any  time  during the fiscal year, the Governor,
23    Comptroller, and Treasurer may agree to suspend any  payments
24    required   by   this   Section.   Payment  into  the  Revenue
25    Stabilization Fund shall resume during the fiscal  year  upon
26    the agreement of the Governor, Comptroller, and Treasurer.

27        Section  15. Use of Fund.  The Governor, Comptroller, and
28    Treasurer  may,  upon  a   determination   that   there   are
29    insufficient  resources available within the general funds of
30    the  State  to  meet  the  State's  obligations,  direct  the
31    transfer of moneys in the Fund to the general  funds  of  the
32    State.  The timing and the amount of those transfers shall be
33    as specified by the Governor, Comptroller, and Treasurer.
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 1        Section  95.   The State Finance Act is amended by adding
 2    Section 5.490 as follows:

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

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

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