HB4871ham001 96TH GENERAL ASSEMBLY

State Government Administration Committee

Filed: 3/10/2010

09600HB4871ham001 LRB096 16124 RCE 38258 a

AMENDMENT TO HOUSE BILL 4871

AMENDMENT NO. ______. Amend House Bill 4871 by replacing everything after the enacting clause with the following:

"Section 5. The Deposit of State Moneys Act is amended by adding Section 22.9 as follows:

(15 ILCS 520/22.9 new)

Sec. 22.9. Illinois Insured Mortgage Program Fund.

(a) The Illinois Insured Mortgage Program Fund is created as a special fund in the State treasury. The Fund shall be administered by the State Treasurer and shall receive moneys generated or recovered through or related to the Illinois Insured Mortgage Pilot Program for eventual transfer to the General Revenue Fund. All interest earned from the investment or deposit of moneys accumulated in the Fund shall, under Section 4.1 of the State Finance Act, be deposited into the Fund. Moneys deposited into the Fund shall not be considered general revenue of the State of Illinois.

(b) The State Treasurer may transfer any amount in the Illinois Insured Mortgage Program Fund into the General Revenue Fund during the fiscal year at the State Treasurer's discretion; however, the State Treasurer shall, no later than 90 days after the effective date of this amendatory Act of the 96th General Assembly, transfer an amount exceeding $15,000,000 from the Fund into the General Revenue Fund, as long as the balance of the Fund meets or exceeds this amount. Before making any transfer to the credit of the General Revenue Fund, the State Treasurer may deduct: (i) any costs in connection with the operations of the Illinois Insured Mortgage Pilot Program; (ii) legal or other professional services fees incurred because of the operations of the Illinois Insured Mortgage Pilot Program; or (iii) any costs associated with the winding down of the Illinois Insured Mortgage Pilot Program Trust.

(c) On and after the effective date of this amendatory Act of the 96th General Assembly through December 31, 2011, when the Fund has insufficient cash from which the State Treasurer may make expenditures properly supported and identified in subsection (b), 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, subject to the provisions of the State Prompt Payment Act. All or a portion of the amounts transferred from the General Revenue Fund to the Fund pursuant to this subsection (c) from time to time may be re-transferred by the State Comptroller and the State Treasurer from the Fund into the General Revenue Fund as soon as and to the extent that deposits are made into or receipts are collected by the Fund.

(d) Once the Illinois Insured Mortgage Program Fund is discontinued or dissolved by an Act of the General Assembly or by operation of law, any balance remaining in the Fund shall be transferred to the General Revenue Fund after deduction of any outstanding costs, any other provision of this Act to the contrary notwithstanding.

(e) This Section is repealed on December 31, 2011.

Section 10. The State Finance Act is amended by adding Section 5.756 as follows:

(30 ILCS 105/5.756 new)

Sec. 5.756. The Illinois Insured Mortgage Program Fund.

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