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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB0468 Introduced 01/31/11, by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
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Amends the State Finance Act. Makes a technical change in a Section
concerning
the Budget Stabilization Fund.
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| | A BILL FOR |
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| | HB0468 | | LRB097 03295 PJG 43332 b |
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| 1 | | AN ACT concerning finance.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The State Finance Act is amended by changing |
| 5 | | Section 6z-51 as follows:
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| 6 | | (30 ILCS 105/6z-51)
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| 7 | | Sec. 6z-51. Budget Stabilization Fund.
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| 8 | | (a) The
The Budget Stabilization Fund, a special fund in |
| 9 | | the State Treasury,
shall consist of moneys appropriated or |
| 10 | | transferred to that Fund, as provided
in Section 6z-43 and as |
| 11 | | otherwise provided by law.
All earnings on Budget Stabilization |
| 12 | | Fund investments shall be deposited into
that Fund.
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| 13 | | (b) The State Comptroller may direct the State Treasurer to |
| 14 | | transfer moneys
from the Budget Stabilization Fund to the |
| 15 | | General Revenue Fund in order to meet
cash flow deficits |
| 16 | | resulting from timing variations between disbursements
and the |
| 17 | | receipt
of funds within a fiscal year. Any moneys so borrowed |
| 18 | | shall be repaid by June
30 of the fiscal year in which they |
| 19 | | were borrowed.
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| 20 | | (Source: P.A. 92-11, eff. 6-11-01; 92-651, eff. 7-11-02; |
| 21 | | 93-660, eff. 7-1-04.)
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