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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB2405
Introduced 2/26/2007, by Rep. Michael J. Madigan - Barbara Flynn Currie - Jack D. Franks SYNOPSIS AS INTRODUCED:
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Amends the State Finance Act. Makes a technical change in a Section
concerning
the Budget Stabilization Fund.
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A BILL FOR
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HB2405 |
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LRB095 01053 RCE 21055 b |
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois, |
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| represented in the General Assembly:
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| Section 5. The State Finance Act is amended by changing |
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| Section 6z-51 as follows:
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| (30 ILCS 105/6z-51)
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| Sec. 6z-51. Budget Stabilization Fund.
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| (a) The
The Budget Stabilization Fund, a special fund in |
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| the State Treasury,
shall consist of moneys appropriated or |
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| transferred to that Fund, as provided
in Section 6z-43 and as |
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| otherwise provided by law.
All earnings on Budget Stabilization |
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| Fund investments shall be deposited into
that Fund.
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| (b) The State Comptroller may direct the State Treasurer to |
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| transfer moneys
from the Budget Stabilization Fund to the |
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| General Revenue Fund in order to meet
cash flow deficits |
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| resulting from timing variations between disbursements
and the |
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| receipt
of funds within a fiscal year. Any moneys so borrowed |
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| shall be repaid by June
30 of the fiscal year in which they |
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| were borrowed.
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| (Source: P.A. 92-11, eff. 6-11-01; 92-651, eff. 7-11-02; |
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| 93-660, eff. 7-1-04.)
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