91st General Assembly
Summary of HB0857
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House Sponsors:

Short description: 
RAINY DAY EDUC FIRST ACT                                                   

Synopsis of Bill as introduced:
        Creates the Rainy Day Fund 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 estimated revenues  to  the  Revenue      
   Stabilization  Fund.    Provides  for  the  transfer of funds into the      
   Revenue Stabilization Fund. Provides for transfers  into  the  General      
   Revenue  Fund  when that fund's resources are insufficient to meet the      
   State's obligations.  Effective immediately.                                
          FISCAL NOTE (State Treasurer)                                        
          HB857 will not increase nor decrease revenues or expenditures        
          of the State.                                                        
          FISCAL NOTE (Bureau of the Budget)                                   
          Setting aside funds does not require expenditure of funds or         
          change State revenues.                                               
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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