HB1511ham001 96TH GENERAL ASSEMBLY

Rep. Barbara Flynn Currie

Filed: 11/12/2010

09600HB1511ham001 LRB096 04927 PJG 43815 a

AMENDMENT TO HOUSE BILL 1511

AMENDMENT NO. ______. Amend House Bill 1511 by replacing everything after the enacting clause with the following:

"Section 5. The State Finance Act is amended by adding Section 8q as follows:

(30 ILCS 105/8q new)

Sec. 8q. Illinois Department of Financial and Professional Regulation funds; interfund transfers. In order to address the fiscal emergency within the Illinois Department of Financial and Professional Regulation resulting from inadequate cash flows in certain funds, on and after the effective date of this amendatory Act of the 96th General Assembly and through June 30, 2011, when any fund supporting the oversight or regulation of an industry or profession that is subject to the authority of the Illinois Department of Financial and Professional Regulation has insufficient cash from which the State Comptroller may make expenditures properly supported by appropriations from the fund, the State Treasurer and State Comptroller shall transfer, as directed by the Governor, to that fund from any other fund subject to Illinois Department of Financial and Professional Regulation administration and identified by the Governor's Office of Management and Budget as having sufficient cash flow to sustain the transfer, an amount as is immediately necessary to satisfy outstanding expenditure obligations on a timely basis, subject to the provisions of the State Prompt Payment Act. These transfers shall be made notwithstanding any other provision of State law to the contrary. Any moneys transferred pursuant to this Section shall be repaid to the fund of origin within 18 months after the date on which they were borrowed.

Section 99. Effective date. This Act takes effect upon becoming law.".