Bill Text: IL HB0948 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Short Term Borrowing Act. Makes a technical change in a Section concerning cash flow borrowing.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2023-03-27 - Rule 19(a) / Re-referred to Rules Committee [HB0948 Detail]

Download: Illinois-2023-HB0948-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB0948 Introduced , by Rep. Emanuel Chris Welch SYNOPSIS AS INTRODUCED:
30 ILCS 340/1 from Ch. 120, par. 406
Amends the Short Term Borrowing Act. Makes a technical change in a Section concerning cash flow borrowing.
LRB103 04576 HLH 49583 b
A BILL FOR
HB0948 LRB103 04576 HLH 49583 b
AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Short Term Borrowing Act is amended by
changing Section 1 as follows:
(30 ILCS 340/1) (from Ch. 120, par. 406)
Sec. 1. Cash flow borrowing. Whenever significant timing
variations occur between disbursement and and receipt of
budgeted funds within a fiscal year, making it necessary to
borrow in anticipation of revenues to be collected in a fiscal
year, in order to meet the same, the Governor, Comptroller and
Treasurer may contract debts, in an amount not exceeding 5% of
the State's appropriations for that fiscal year, and moneys
thus borrowed shall be applied to the purpose for which they
were obtained, or to pay the costs of borrowing and the debts
thus created, and to no other purpose. All moneys so borrowed
shall be repaid by the close of the fiscal year in which
borrowed.
(Source: P.A. 101-630, eff. 5-29-20.)