Rep. Barbara Flynn Currie

Filed: 11/12/2010

 

 


 

 


 
09600HB1511ham001LRB096 04927 PJG 43815 a

1
AMENDMENT TO HOUSE BILL 1511

2    AMENDMENT NO. ______. Amend House Bill 1511 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The State Finance Act is amended by adding
5Section 8q as follows:
 
6    (30 ILCS 105/8q new)
7    Sec. 8q. Illinois Department of Financial and Professional
8Regulation funds; interfund transfers. In order to address the
9fiscal emergency within the Illinois Department of Financial
10and Professional Regulation resulting from inadequate cash
11flows in certain funds, on and after the effective date of this
12amendatory Act of the 96th General Assembly and through June
1330, 2011, when any fund supporting the oversight or regulation
14of an industry or profession that is subject to the authority
15of the Illinois Department of Financial and Professional
16Regulation has insufficient cash from which the State

 

 

09600HB1511ham001- 2 -LRB096 04927 PJG 43815 a

1Comptroller may make expenditures properly supported by
2appropriations from the fund, the State Treasurer and State
3Comptroller shall transfer, as directed by the Governor, to
4that fund from any other fund subject to Illinois Department of
5Financial and Professional Regulation administration and
6identified by the Governor's Office of Management and Budget as
7having sufficient cash flow to sustain the transfer, an amount
8as is immediately necessary to satisfy outstanding expenditure
9obligations on a timely basis, subject to the provisions of the
10State Prompt Payment Act. These transfers shall be made
11notwithstanding any other provision of State law to the
12contrary. Any moneys transferred pursuant to this Section shall
13be repaid to the fund of origin within 18 months after the date
14on which they were borrowed.
 
15    Section 99. Effective date. This Act takes effect upon
16becoming law.".