Bill Text: IL SB1492 | 2015-2016 | 99th 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 - Dead) 2015-02-20 - Referred to Assignments [SB1492 Detail]

Download: Illinois-2015-SB1492-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 SB1492 Introduced 2/20/2015, by Sen. Dan Kotowski 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.
LRB099 02911 SXM 22919 b
A BILL FOR
SB1492 LRB099 02911 SXM 22919 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.)