Bill Amendment: IL SB0580 | 2015-2016 | 99th General Assembly
NOTE: For additional amemendments please see the Bill Drafting List
Bill Title: STATE FINANCE-FUNDS-TRANSFER
Status: 2017-01-03 - Rule 19(b) / Re-referred to Rules Committee [SB0580 Detail]
Download: Illinois-2015-SB0580-Senate_Amendment_001.html
Bill Title: STATE FINANCE-FUNDS-TRANSFER
Status: 2017-01-03 - Rule 19(b) / Re-referred to Rules Committee [SB0580 Detail]
Download: Illinois-2015-SB0580-Senate_Amendment_001.html
| |||||||
| |||||||
| |||||||
1 | AMENDMENT TO SENATE BILL 580
| ||||||
2 | AMENDMENT NO. ______. Amend Senate Bill 580 by replacing | ||||||
3 | everything after the enacting clause with the following:
| ||||||
4 | "Section 5. The State Finance Act is amended by changing | ||||||
5 | Section 5k as follows:
| ||||||
6 | (30 ILCS 105/5k) | ||||||
7 | Sec. 5k. Cash flow borrowing and general funds liquidity; | ||||||
8 | FY15. | ||||||
9 | (a) In order to meet cash flow deficits and to maintain | ||||||
10 | liquidity in the General Revenue Fund and the Health Insurance | ||||||
11 | Reserve Fund, on and after July 1, 2014 and through June 30, | ||||||
12 | 2015, the State Treasurer and the State Comptroller shall make | ||||||
13 | transfers to the General Revenue Fund and the Health Insurance | ||||||
14 | Reserve Fund, as directed by the Governor, out of special funds | ||||||
15 | of the State, to the extent allowed by federal law. No such | ||||||
16 | transfer may reduce the cumulative balance of all of the |
| |||||||
| |||||||
1 | special funds of the State to an amount less than the total | ||||||
2 | debt service payable during the 12 months immediately following | ||||||
3 | the date of the transfer on any bonded indebtedness of the | ||||||
4 | State and any certificates issued under the Short Term | ||||||
5 | Borrowing Act. At no time shall the outstanding total transfers | ||||||
6 | made from the special funds of the State to the General Revenue | ||||||
7 | Fund and the Health Insurance Reserve Fund under this Section | ||||||
8 | exceed $650,000,000; once the amount of $650,000,000 has been | ||||||
9 | transferred from the special funds of the State to the General | ||||||
10 | Revenue Fund and the Health Insurance Reserve Fund, additional | ||||||
11 | transfers may be made from the special funds of the State to | ||||||
12 | the General Revenue Fund and the Health Insurance Reserve Fund | ||||||
13 | under this Section only to the extent that moneys have first | ||||||
14 | been re-transferred from the General Revenue Fund and the | ||||||
15 | Health Insurance Reserve Fund to those special funds of the | ||||||
16 | State. Notwithstanding any other provision of this Section, no | ||||||
17 | such transfer may be made from any special fund that is | ||||||
18 | exclusively collected by or appropriated to any other | ||||||
19 | constitutional officer without the written approval of that | ||||||
20 | constitutional officer. | ||||||
21 | (b) If moneys have been transferred to the General Revenue | ||||||
22 | Fund and the Health Insurance Reserve Fund pursuant to | ||||||
23 | subsection (a) of this Section, this amendatory Act of the 98th | ||||||
24 | General Assembly shall constitute the continuing authority for | ||||||
25 | and direction to the State Treasurer and State Comptroller to | ||||||
26 | reimburse the funds of origin from the General Revenue Fund by |
| |||||||
| |||||||
1 | transferring to the funds of origin, at such times and in such | ||||||
2 | amounts as directed by the Governor when necessary to support | ||||||
3 | appropriated expenditures from the funds, an amount equal to | ||||||
4 | that transferred from them plus any interest that would have | ||||||
5 | accrued thereon had the transfer not occurred , except that any | ||||||
6 | moneys transferred pursuant to subsection (a) of this Section | ||||||
7 | shall be repaid to the fund of origin within 18 months after | ||||||
8 | the date on which they were borrowed . When any of the funds | ||||||
9 | from which moneys have been transferred pursuant to subsection | ||||||
10 | (a) have insufficient cash from which the State Comptroller may | ||||||
11 | make expenditures properly supported by appropriations from | ||||||
12 | the fund, then the State Treasurer and State Comptroller shall | ||||||
13 | transfer from the General Revenue Fund to the fund only such | ||||||
14 | amount as is immediately necessary to satisfy outstanding | ||||||
15 | expenditure obligations on a timely basis. | ||||||
16 | (c) On the first day of each quarterly period in each | ||||||
17 | fiscal year, until such time as a report indicates that all | ||||||
18 | moneys borrowed and interest pursuant to this Section have been | ||||||
19 | repaid, the Governor's Office of Management and Budget shall | ||||||
20 | provide to the President and the Minority Leader of the Senate, | ||||||
21 | the Speaker and the Minority Leader of the House of | ||||||
22 | Representatives, and the Commission on Government Forecasting | ||||||
23 | and Accountability a report on all transfers made pursuant to | ||||||
24 | this Section in the prior quarterly period. The report must be | ||||||
25 | provided in electronic format. The report must include all of | ||||||
26 | the following: |
| |||||||
| |||||||
1 | (1) The date each transfer was made. | ||||||
2 | (2) The amount of each transfer. | ||||||
3 | (3) In the case of a transfer from the General Revenue | ||||||
4 | Fund to a fund of origin pursuant to subsection (b) of this | ||||||
5 | Section, the amount of interest being paid to the fund of | ||||||
6 | origin. | ||||||
7 | (4) The end of day balance of the fund of
origin, the | ||||||
8 | General Revenue Fund and the Health Insurance Reserve Fund | ||||||
9 | on the date the transfer was made.
| ||||||
10 | (Source: P.A. 98-682, eff. 6-30-14.)
| ||||||
11 | Section 99. Effective date. This Act takes effect upon | ||||||
12 | becoming law.".
|