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1 | AN ACT concerning finance.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The State Finance Act is amended by changing | |||||||||||||||||||
5 | Section 5k as follows: | |||||||||||||||||||
6 | (30 ILCS 105/5k) | |||||||||||||||||||
7 | Sec. 5k. Cash flow borrowing and general funds liquidity; | |||||||||||||||||||
8 | FY15. | |||||||||||||||||||
9 | (a) In order to meet cash flow deficits and to maintain | |||||||||||||||||||
10 | liquidity in the General Revenue Fund and the Health Insurance | |||||||||||||||||||
11 | Reserve Fund, on and after July 1, 2014 and through June 30, | |||||||||||||||||||
12 | 2015, the State Treasurer and the State Comptroller shall make | |||||||||||||||||||
13 | transfers to the General Revenue Fund and the Health Insurance | |||||||||||||||||||
14 | Reserve Fund, as directed by the Governor, out of special funds | |||||||||||||||||||
15 | of the State, to the extent allowed by federal law. No such | |||||||||||||||||||
16 | transfer may reduce the cumulative balance of all of the | |||||||||||||||||||
17 | special funds of the State to an amount less than the total | |||||||||||||||||||
18 | debt service payable during the 12 months immediately following | |||||||||||||||||||
19 | the date of the transfer on any bonded indebtedness of the | |||||||||||||||||||
20 | State and any certificates issued under the Short Term | |||||||||||||||||||
21 | Borrowing Act. At no time shall the outstanding total transfers | |||||||||||||||||||
22 | made from the special funds of the State to the General Revenue | |||||||||||||||||||
23 | Fund and the Health Insurance Reserve Fund under this Section |
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1 | exceed $650,000,000; once the amount of $650,000,000 has been | ||||||
2 | transferred from the special funds of the State to the General | ||||||
3 | Revenue Fund and the Health Insurance Reserve Fund, additional | ||||||
4 | transfers may be made from the special funds of the State to | ||||||
5 | the General Revenue Fund and the Health Insurance Reserve Fund | ||||||
6 | under this Section only to the extent that moneys have first | ||||||
7 | been re-transferred from the General Revenue Fund and the | ||||||
8 | Health Insurance Reserve Fund to those special funds of the | ||||||
9 | State. Notwithstanding any other provision of this Section, no | ||||||
10 | such transfer may be made from any special fund that is | ||||||
11 | exclusively collected by or appropriated to any other | ||||||
12 | constitutional officer without the written approval of that | ||||||
13 | constitutional officer. | ||||||
14 | (b) If moneys have been transferred to the General Revenue | ||||||
15 | Fund and the Health Insurance Reserve Fund pursuant to | ||||||
16 | subsection (a) of this Section, this amendatory Act of the 98th | ||||||
17 | General Assembly shall constitute the continuing authority for | ||||||
18 | and direction to the State Treasurer and State Comptroller to | ||||||
19 | reimburse the funds of origin from the General Revenue Fund by | ||||||
20 | transferring to the funds of origin, at such times and in such | ||||||
21 | amounts as directed by the Governor when necessary to support | ||||||
22 | appropriated expenditures from the funds, an amount equal to | ||||||
23 | that transferred from them plus any interest that would have | ||||||
24 | accrued thereon had the transfer not occurred, except that any | ||||||
25 | moneys transferred pursuant to subsection (a) of this Section | ||||||
26 | shall be repaid to the fund of origin within 18 months after |
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1 | the date on which they were borrowed , except that the following | ||||||
2 | funds shall not be repaid in the named amounts: . | ||||||
3 | (1) the Lobbyist Registration Administration Fund in | ||||||
4 | the amount of $1,000,000; | ||||||
5 | (2) the Illinois State Medical Disciplinary Fund in the | ||||||
6 | amount of $5,000,000; | ||||||
7 | (3) the State Police Firearm Services Fund in the | ||||||
8 | amount of $6,000,000; | ||||||
9 | (4) the State Police Vehicle Fund in the amount of | ||||||
10 | $2,000,000; | ||||||
11 | (5) the Securities Investors Education Fund in the | ||||||
12 | amount of $5,000,000; | ||||||
13 | (6) the Securities Audit and Enforcement Fund in the | ||||||
14 | amount of $4,000,000; | ||||||
15 | (7) the Death Penalty Abolition Fund in the amount of | ||||||
16 | $8,000,000; | ||||||
17 | (8) the School Infrastructure Fund in the amount of | ||||||
18 | $60,000,000; | ||||||
19 | (9) the Roadside Memorial Fund in the amount of | ||||||
20 | $1,375,000; | ||||||
21 | (10) the Tobacco Settlement Recovery Fund in the amount | ||||||
22 | of $15,000,000; | ||||||
23 | (11) the State Police Services Fund in the amount of | ||||||
24 | $5,000,000; and | ||||||
25 | (12) the Park and Conservation Fund in the amount of | ||||||
26 | $10,000,000. |
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1 | When any of the funds from which moneys have been transferred | ||||||
2 | pursuant to subsection (a) have insufficient cash from which | ||||||
3 | the State Comptroller may make expenditures properly supported | ||||||
4 | by appropriations from the fund, then the State Treasurer and | ||||||
5 | State Comptroller shall transfer from the General Revenue Fund | ||||||
6 | to the fund only such amount as is immediately necessary to | ||||||
7 | satisfy outstanding expenditure obligations on a timely basis. | ||||||
8 | (c) On the first day of each quarterly period in each | ||||||
9 | fiscal year, until such time as a report indicates that all | ||||||
10 | moneys borrowed and interest pursuant to this Section have been | ||||||
11 | repaid, the Governor's Office of Management and Budget shall | ||||||
12 | provide to the President and the Minority Leader of the Senate, | ||||||
13 | the Speaker and the Minority Leader of the House of | ||||||
14 | Representatives, and the Commission on Government Forecasting | ||||||
15 | and Accountability a report on all transfers made pursuant to | ||||||
16 | this Section in the prior quarterly period. The report must be | ||||||
17 | provided in electronic format. The report must include all of | ||||||
18 | the following: | ||||||
19 | (1) The date each transfer was made. | ||||||
20 | (2) The amount of each transfer. | ||||||
21 | (3) In the case of a transfer from the General Revenue | ||||||
22 | Fund to a fund of origin pursuant to subsection (b) of this | ||||||
23 | Section, the amount of interest being paid to the fund of | ||||||
24 | origin. | ||||||
25 | (4) The end of day balance of the fund of
origin, the | ||||||
26 | General Revenue Fund and the Health Insurance Reserve Fund |
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1 | on the date the transfer was made.
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2 | (Source: P.A. 98-682, eff. 6-30-14.)
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3 | Section 99. Effective date. This Act takes effect upon | ||||||
4 | becoming law, but this Act does not take effect at all unless | ||||||
5 | House Bill 5045 of the 99th General Assembly becomes law.
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