Bill Text: IL HB1101 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the State Finance Act. Makes a technical change in a Section concerning the Budget Stabilization Fund.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB1101 Detail]

Download: Illinois-2017-HB1101-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB1101 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
30 ILCS 105/6z-51
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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AN ACT concerning finance.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The State Finance Act is amended by changing
Section 6z-51 as follows:
(30 ILCS 105/6z-51)
Sec. 6z-51. Budget Stabilization Fund.
(a) The The Budget Stabilization Fund, a special fund in
the State Treasury, shall consist of moneys appropriated or
transferred to that Fund, as provided in Section 6z-43 and as
otherwise provided by law. All earnings on Budget Stabilization
Fund investments shall be deposited into that Fund.
(b) The State Comptroller may direct the State Treasurer to
transfer moneys from the Budget Stabilization Fund to the
General Revenue Fund in order to meet cash flow deficits
resulting from timing variations between disbursements and the
receipt of funds within a fiscal year. Any moneys so borrowed
in any fiscal year other than Fiscal Year 2011 shall be repaid
by June 30 of the fiscal year in which they were borrowed. Any
moneys so borrowed in Fiscal Year 2011 shall be repaid no later
than July 15, 2011.
(c) During Fiscal Year 2017 only, amounts may be expended
from the Budget Stabilization Fund only pursuant to specific

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authorization by appropriation. Any moneys expended pursuant
to appropriation shall not be subject to repayment.
(Source: P.A. 99-523, eff. 6-30-16.)