Bill Text: IL SB3044 | 2015-2016 | 99th General Assembly | Introduced

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Bill Title: Amends the State Finance Act. Eliminates the requirement that funds transferred, as authorized for cash flow borrowing during fiscal year 2015, must be repaid within 18 months. Effective immediately.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced - Dead) 2016-07-31 - Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB3044 Detail]

Download: Illinois-2015-SB3044-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 SB3044 Introduced 2/18/2016, by Sen. Matt Murphy SYNOPSIS AS INTRODUCED:
30 ILCS 105/5k
Amends the State Finance Act. Eliminates the requirement that funds transferred, as authorized for cash flow borrowing during fiscal year 2015, must be repaid within 18 months. Effective immediately.
SRS099 00016 PIW 20017 b
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 5k as follows:
(30 ILCS 105/5k)
Sec. 5k. Cash flow borrowing and general funds liquidity;
FY15.
(a) In order to meet cash flow deficits and to maintain
liquidity in the General Revenue Fund and the Health Insurance
Reserve Fund, on and after July 1, 2014 and through June 30,
2015, the State Treasurer and the State Comptroller shall make
transfers to the General Revenue Fund and the Health Insurance
Reserve Fund, as directed by the Governor, out of special funds
of the State, to the extent allowed by federal law. No such
transfer may reduce the cumulative balance of all of the
special funds of the State to an amount less than the total
debt service payable during the 12 months immediately following
the date of the transfer on any bonded indebtedness of the
State and any certificates issued under the Short Term
Borrowing Act. At no time shall the outstanding total transfers
made from the special funds of the State to the General Revenue
Fund and the Health Insurance Reserve Fund under this Section

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exceed $650,000,000; once the amount of $650,000,000 has been
transferred from the special funds of the State to the General
Revenue Fund and the Health Insurance Reserve Fund, additional
transfers may be made from the special funds of the State to
the General Revenue Fund and the Health Insurance Reserve Fund
under this Section only to the extent that moneys have first
been re-transferred from the General Revenue Fund and the
Health Insurance Reserve Fund to those special funds of the
State. Notwithstanding any other provision of this Section, no
such transfer may be made from any special fund that is
exclusively collected by or appropriated to any other
constitutional officer without the written approval of that
constitutional officer.
(b) If moneys have been transferred to the General Revenue
Fund and the Health Insurance Reserve Fund pursuant to
subsection (a) of this Section, this amendatory Act of the 98th
General Assembly shall constitute the continuing authority for
and direction to the State Treasurer and State Comptroller to
reimburse the funds of origin from the General Revenue Fund by
transferring to the funds of origin, at such times and in such
amounts as directed by the Governor when necessary to support
appropriated expenditures from the funds, an amount equal to
that transferred from them plus any interest that would have
accrued thereon had the transfer not occurred, except that any
moneys transferred pursuant to subsection (a) of this Section
shall be repaid to the fund of origin within 18 months after

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the date on which they were borrowed. When any of the funds
from which moneys have been transferred pursuant to subsection
(a) have insufficient cash from which the State Comptroller may
make expenditures properly supported by appropriations from
the fund, then the State Treasurer and State Comptroller shall
transfer from the General Revenue Fund to the fund only such
amount as is immediately necessary to satisfy outstanding
expenditure obligations on a timely basis.
(c) On the first day of each quarterly period in each
fiscal year, until such time as a report indicates that all
moneys borrowed and interest pursuant to this Section have been
repaid, the Governor's Office of Management and Budget shall
provide to the President and the Minority Leader of the Senate,
the Speaker and the Minority Leader of the House of
Representatives, and the Commission on Government Forecasting
and Accountability a report on all transfers made pursuant to
this Section in the prior quarterly period. The report must be
provided in electronic format. The report must include all of
the following:
(1) The date each transfer was made.
(2) The amount of each transfer.
(3) In the case of a transfer from the General Revenue
Fund to a fund of origin pursuant to subsection (b) of this
Section, the amount of interest being paid to the fund of
origin.
(4) The end of day balance of the fund of origin, the

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General Revenue Fund and the Health Insurance Reserve Fund
on the date the transfer was made.
(Source: P.A. 98-682, eff. 6-30-14.)
Section 99. Effective date. This Act takes effect upon
becoming law.