Bill Text: IL HB2285 | 2013-2014 | 98th 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: (Failed) 2014-12-03 - Session Sine Die [HB2285 Detail]

Download: Illinois-2013-HB2285-Introduced.html

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98TH GENERAL ASSEMBLY State of Illinois 2013 and 2014 HB2285 Introduced , by Rep. Frank J. Mautino 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.
LRB098 08046 JWD 38137 b
A BILL FOR
HB2285 LRB098 08046 JWD 38137 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 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. 88-669, eff. 11-29-94; 93-1046, eff. 10-15-04.)