Full Text of HB0648 99th General Assembly
HB0648ham001 99TH GENERAL ASSEMBLY | Rep. Barbara Flynn Currie Filed: 3/2/2016
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| 1 | | AMENDMENT TO HOUSE BILL 648
| 2 | | AMENDMENT NO. ______. Amend House Bill 648 by replacing | 3 | | everything after the enacting clause with the following:
| 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 |
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| 1 | | special funds of the State to an amount less than the total | 2 | | debt service payable during the 12 months immediately following | 3 | | the date of the transfer on any bonded indebtedness of the | 4 | | State and any certificates issued under the Short Term | 5 | | Borrowing Act. At no time shall the outstanding total transfers | 6 | | made from the special funds of the State to the General Revenue | 7 | | Fund and the Health Insurance Reserve Fund under this Section | 8 | | exceed $650,000,000; once the amount of $650,000,000 has been | 9 | | transferred from the special funds of the State to the General | 10 | | Revenue Fund and the Health Insurance Reserve Fund, additional | 11 | | transfers may be made from the special funds of the State to | 12 | | the General Revenue Fund and the Health Insurance Reserve Fund | 13 | | under this Section only to the extent that moneys have first | 14 | | been re-transferred from the General Revenue Fund and the | 15 | | Health Insurance Reserve Fund to those special funds of the | 16 | | State. Notwithstanding any other provision of this Section, no | 17 | | such transfer may be made from any special fund that is | 18 | | exclusively collected by or appropriated to any other | 19 | | constitutional officer without the written approval of that | 20 | | constitutional officer. | 21 | | (b) If moneys have been transferred to the General Revenue | 22 | | Fund and the Health Insurance Reserve Fund pursuant to | 23 | | subsection (a) of this Section, this amendatory Act of the 98th | 24 | | General Assembly shall constitute the continuing authority for | 25 | | and direction to the State Treasurer and State Comptroller to | 26 | | reimburse the funds of origin from the General Revenue Fund by |
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| 1 | | transferring to the funds of origin, at such times and in such | 2 | | amounts as directed by the Governor when necessary to support | 3 | | appropriated expenditures from the funds, an amount equal to | 4 | | that transferred from them plus any interest that would have | 5 | | accrued thereon had the transfer not occurred , except that any | 6 | | moneys transferred pursuant to subsection (a) of this Section | 7 | | shall be repaid to the fund of origin within 18 months after | 8 | | the date on which they were borrowed . When any of the funds | 9 | | from which moneys have been transferred pursuant to subsection | 10 | | (a) have insufficient cash from which the State Comptroller may | 11 | | make expenditures properly supported by appropriations from | 12 | | the fund, then the State Treasurer and State Comptroller shall | 13 | | transfer from the General Revenue Fund to the fund only such | 14 | | amount as is immediately necessary to satisfy outstanding | 15 | | expenditure obligations on a timely basis. | 16 | | (c) On the first day of each quarterly period in each | 17 | | fiscal year, until such time as a report indicates that all | 18 | | moneys borrowed and interest pursuant to this Section have been | 19 | | repaid, the Governor's Office of Management and Budget shall | 20 | | provide to the President and the Minority Leader of the Senate, | 21 | | the Speaker and the Minority Leader of the House of | 22 | | Representatives, and the Commission on Government Forecasting | 23 | | and Accountability a report on all transfers made pursuant to | 24 | | this Section in the prior quarterly period. The report must be | 25 | | provided in electronic format. The report must include all of | 26 | | the following: |
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| 1 | | (1) The date each transfer was made. | 2 | | (2) The amount of each transfer. | 3 | | (3) In the case of a transfer from the General Revenue | 4 | | Fund to a fund of origin pursuant to subsection (b) of this | 5 | | Section, the amount of interest being paid to the fund of | 6 | | origin. | 7 | | (4) The end of day balance of the fund of
origin, the | 8 | | General Revenue Fund and the Health Insurance Reserve Fund | 9 | | on the date the transfer was made.
| 10 | | (Source: P.A. 98-682, eff. 6-30-14.)
| 11 | | Section 99. Effective date. This Act takes effect upon | 12 | | becoming law, but this Act does not take effect at all unless | 13 | | House Bill 2990 of the 99th General Assembly becomes law.".
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