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Sen. Donne E. Trotter
Filed: 4/2/2008
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LRB095 05220 HLH 48869 a |
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| AMENDMENT TO HOUSE BILL 473
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| AMENDMENT NO. ______. Amend House Bill 473, AS AMENDED, by |
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| replacing everything after the enacting clause with the |
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| following:
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| "Section 5. If and only if House Bill 3860 and House Bill |
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| 315 of the 95th General Assembly become law, the State Finance |
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| Act is amended by adding Section 8.46 as follows:
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| (30 ILCS 105/8.46 new) |
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| Sec. 8.46. Transfers to the General Revenue Fund. |
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| (a) Notwithstanding any other State law to the contrary and |
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| except as otherwise provided in this Section, the Governor may, |
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| through June 30, 2008, from time to time direct the State |
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| Treasurer and State Comptroller to transfer sums specified by |
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| the Governor up to a total sum of $530,000,000 from any fund or |
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| funds held by the State Comptroller and State Treasurer to the |
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| General Revenue Fund in order to help reduce the State's fiscal |
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LRB095 05220 HLH 48869 a |
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| deficit and preserve the State's ability to meet all of its |
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| fiscal obligations. In determining the amount of the transfer |
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| to the General Revenue Fund, the Governor shall calculate |
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| whether the available resources in the fund are sufficient to |
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| satisfy the unexpended and unreserved appropriations from the |
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| fund for the fiscal year. No transfer may be made from a fund |
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| under this Section that would have the effect of reducing the |
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| available balance in the fund to an amount less than the amount |
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| remaining unexpended and unreserved from the total |
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| appropriation from that fund estimated to be expended for that |
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| fiscal year. This Section does not apply to any funds that are |
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| restricted by federal law to a specific use or are used |
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| primarily for the repayment of State indebtedness. |
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| In calculating the available resources in a fund, the |
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| Governor may include receipts, transfers into the fund, and |
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| other resources anticipated to be available in the fund in that |
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| fiscal year. |
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| The State Treasurer and State Comptroller shall transfer |
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| the amounts designated under this Section as soon as may be |
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| practicable after receiving the direction to transfer from the |
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| Governor. |
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| (b) On and after the effective date of this Section and |
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| through June 30, 2008, when any of the funds subject to the |
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| transfers made pursuant to subsection (a) have insufficient |
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| cash from which the State Comptroller may make expenditures |
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| properly supported by appropriations from the fund, the |
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LRB095 05220 HLH 48869 a |
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| Governor may direct the State Comptroller and the State |
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| Treasurer to reverse the transfers previously authorized by |
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| subsection (a) to the General Revenue Fund and retransfer from |
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| the General Revenue Fund, if applicable, all or a portion of |
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| the transfers made pursuant to subsection (a). The Governor may |
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| further direct from time to time that all or a portion of the |
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| amounts transferred from the General Revenue Fund to a fund |
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| pursuant to this subsection (b) be re-transferred by the State |
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| Comptroller and the State Treasurer from the receiving fund |
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| into the General Revenue Fund as soon as and to the extent that |
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| deposits are made into or receipts are collected by the |
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| receiving fund.
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.".
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