91st General Assembly
Summary of HB0932
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House Sponsors:

Short description: 
RAINY DAY FUND                                                             

Synopsis of Bill as introduced:
        Creates the Rainy Day 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  transfers into the Fund shall cease when      
   that maximum is met.  Effective immediately.                                
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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