093_HB0311

 
                                     LRB093 04938 JAM 04997 b

 1        AN ACT concerning State revenues.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.  The State Finance Act is amended by changing
 5    Section 6z-51 as follows:

 6        (30 ILCS 105/6z-51)
 7        Sec. 6z-51. Budget Stabilization Fund; transfer of excess
 8    State revenues.
 9        (a)  Notwithstanding any other provision of  law,  during
10    each fiscal year State revenues in excess of the estimates of
11    State  revenues published by the Bureau of the Budget in July
12    of that fiscal year shall  be  transferred  into  the  Budget
13    Stabilization  Fund,  a  special fund in the State treasury.,
14    The  Budget  Stabilization  Fund  also  shall  include  shall
15    consist of moneys appropriated or transferred to  that  Fund,
16    as  provided  in  Section  6z-43 and as otherwise provided by
17    law.
18        (b)  The purpose of  the  Budget  Stabilization  Fund  is
19    State  Comptroller may direct the State Treasurer to transfer
20    moneys from the Budget  Stabilization  Fund  to  the  General
21    Revenue  Fund in order to meet deficits resulting from timing
22    variations between disbursements and  the  receipt  of  funds
23    within a fiscal year.  Any moneys so borrowed shall be repaid
24    by June 30 of the fiscal year in which they were borrowed.
25    (Source: P.A. 92-11, eff. 6-11-01; 92-651, eff. 7-11-02.)

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