92nd General Assembly
Summary of HB5921
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House Sponsors:
MADIGAN,MJ-SCHOENBERG-MULLIGAN-GARRETT-MURPHY, HOLBROOK, 
   BLACK, BIGGINS, DAVIS,STEVE, DAVIS,MONIQUE, FOWLER, 
   GRANBERG, HANNIG, NOVAK, MCKEON, CURRY,JULIE, O'BRIEN, 
   BUGIELSKI, LANG AND DART.

Senate Sponsors:
DILLARD-CLAYBORNE-TROTTER

Short description: 
BUDGET STABILIZATION                                                       

Synopsis of Bill as introduced:
        Creates the Budget Stabilization and Reform  Act.   Provides  for      
   transfers  of  moneys into the Budget Stabilization Fund and the Early      
   Debt Retirement Fund from the general revenues  of  the  State  during      
   fiscal  years  in  which  the State's general revenue funds exceed the      
   prior year's estimated general funds revenue by more than 4%.   Amends      
   the  State  Budget  Law  of the Civil Administrative Code of Illinois.      
   Creates the Revenue Estimating Council.   Provides  that  the  General      
   Assembly  must  adopt  the estimates of the Council.  Provides that in      
   fiscal year 2004 and in each fiscal year thereafter, the State  budget      
   must  contain  one  or  more  line  items  appropriating moneys to pay      
   certain liabilities incurred in the previous fiscal year.  Amends  the      
   State  Finance  Act.  Creates the Early Debt Retirement Fund and makes      
   conforming changes.  Provides that  earnings  on  investments  of  the      
   Budget Stabilization Fund shall be deposited in that Fund.  Amends the      
   Illinois  Economic  and  Fiscal  Commission  Act  to  make  conforming      
   changes.  Effective immediately.                                            
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

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


   END OF INQUIRY 



 Full Text  Bill Status