Illinois General Assembly - Full Text of HB2033
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Full Text of HB2033  102nd General Assembly

HB2033 102ND GENERAL ASSEMBLY


 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB2033

 

Introduced 2/17/2021, by Rep. Jim Durkin

 

SYNOPSIS AS INTRODUCED:
 
30 ILCS 340/1  from Ch. 120, par. 406

    Amends the Short Term Borrowing Act. Makes a technical change in a Section concerning cash flow borrowing.


LRB102 12249 RJF 17586 b

 

 

A BILL FOR

 

HB2033LRB102 12249 RJF 17586 b

1    AN ACT concerning finance.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Short Term Borrowing Act is amended by
5changing Section 1 as follows:
 
6    (30 ILCS 340/1)  (from Ch. 120, par. 406)
7    Sec. 1. Cash flow borrowing. Whenever significant timing
8variations occur between disbursement and and receipt of
9budgeted funds within a fiscal year, making it necessary to
10borrow in anticipation of revenues to be collected in a fiscal
11year, in order to meet the same, the Governor, Comptroller and
12Treasurer may contract debts, in an amount not exceeding 5% of
13the State's appropriations for that fiscal year, and moneys
14thus borrowed shall be applied to the purpose for which they
15were obtained, or to pay the costs of borrowing and the debts
16thus created, and to no other purpose. All moneys so borrowed
17shall be repaid by the close of the fiscal year in which
18borrowed.
19(Source: P.A. 101-630, eff. 5-29-20.)