Full Text of HB6911 96th General Assembly
HB6911 96TH GENERAL ASSEMBLY |
| | 96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010 HB6911 Introduced , by Rep. Michael G. Connelly SYNOPSIS AS INTRODUCED: |
| 30 ILCS 105/5 | from Ch. 127, par. 141 | 30 ILCS 105/5.780 new | | 30 ILCS 105/5.781 new | | 30 ILCS 105/50 new | |
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Amends the State Finance Act. Creates the Pay Your Bills Fund and the Pension First-Priority Fund as special funds in the State Treasury. Provides for the distribution of specified portions of any incremental non-dedicated State revenue into the General Revenue Fund, the Pay Your Bills Fund, and the Pension First-Priority Fund. Provides that moneys in the Pension First-Priority Fund shall be distributed by the Comptroller to each State-funded pension or retirement system. Provides that moneys in the Pay Your Bills Fund shall be used by the Comptroller to pay vendors and reduce State obligations attributable to the provision of goods and services to the State. Provides that the Pay Your Bills Fund may become inactive if certain conditions are met. Requires the retransfer of funds if it is later determined that incremental non-dedicated State revenue does not exist. Defines "full accrual" and "incremental non-dedicated State revenue". Authorizes the Comptroller to adopt rules necessary to implement and administer these provisions. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| 1 | | AN ACT concerning finance, which may be referred to as the | 2 | | Illinois Long and Short Term Liabilities Restricted Funds Law.
| 3 | | Be it enacted by the People of the State of Illinois,
| 4 | | represented in the General Assembly:
| 5 | | Section 5. The State Finance Act is amended by changing | 6 | | Section 5 and adding Sections 5.780, 5.781, and 50 as follows:
| 7 | | (30 ILCS 105/5) (from Ch. 127, par. 141)
| 8 | | Sec. 5. Special funds.
| 9 | | (a) There are special funds in the State Treasury | 10 | | designated as
specified in the Sections which succeed this | 11 | | Section 5 and precede Section 6.
| 12 | | (b) Except as provided in the Illinois Motor Vehicle Theft | 13 | | Prevention
Act, when any special fund in the State Treasury is | 14 | | discontinued by an Act
of the General Assembly, any balance | 15 | | remaining therein on the effective
date of such Act shall be | 16 | | transferred to the General Revenue Fund, or to
such other fund | 17 | | as such Act shall provide. Warrants outstanding against
such | 18 | | discontinued fund at the time of the transfer of any such | 19 | | balance
therein shall be paid out of the fund to which the | 20 | | transfer was made.
| 21 | | (c) When any special fund in the State Treasury other than | 22 | | the Pay Your Bills Fund has been inactive
for 18 months or | 23 | | longer, the fund is automatically terminated by operation
of |
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| 1 | | law and the balance remaining in such fund shall be transferred | 2 | | by the
Comptroller to the General Revenue Fund. When a special | 3 | | fund has been
terminated by operation of law as provided in | 4 | | this Section, the General
Assembly shall repeal or amend all | 5 | | Sections of the statutes creating or
otherwise referring to | 6 | | that fund.
| 7 | | The Comptroller shall be allowed the discretion to maintain | 8 | | or dissolve
any federal trust fund which has been inactive for | 9 | | 18 months or longer.
| 10 | | (d) (Blank).
| 11 | | (e) (Blank).
| 12 | | (Source: P.A. 90-372, eff. 7-1-98.)
| 13 | | (30 ILCS 105/5.780 new) | 14 | | Sec. 5.780. The Pay Your Bills Fund. | 15 | | (30 ILCS 105/5.781 new) | 16 | | Sec. 5.781. The Pension First-Priority Fund. | 17 | | (30 ILCS 105/50 new) | 18 | | Sec. 50. Distribution of State's incremental non-dedicated | 19 | | revenue. | 20 | | (a) Notwithstanding any provision of law to the contrary, | 21 | | if, on or after the effective date of this amendatory Act of | 22 | | the 96th General Assembly, non-dedicated State revenue exceeds | 23 | | the non-dedicated State revenue reported by the Comptroller as |
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| 1 | | having been received in fiscal year 2011, then the Comptroller | 2 | | shall, from time to time, identify the State funds in which | 3 | | that incremental non-dedicated State revenue exists and order | 4 | | transferred from those funds the following amounts, which shall | 5 | | then be transferred by the Treasurer, as follows: | 6 | | (1) Of the incremental non-dedicated State revenue in | 7 | | the General Revenue Fund, | 8 | | (A) 50% of that amount shall remain in the General | 9 | | Revenue Fund; | 10 | | (B) 25% of that amount shall be transferred into | 11 | | the Pay Your Bills Fund; and | 12 | | (C) 25% of that amount shall be transferred into | 13 | | the Pension First-Priority Fund. | 14 | | (2) Of the incremental non-dedicated State revenue in | 15 | | any other State fund, | 16 | | (A) 50% of that amount shall be transferred into | 17 | | the General Revenue Fund; | 18 | | (B) 25% of that amount shall be transferred into | 19 | | the Pay Your Bills Fund; and | 20 | | (C) 25% of that amount shall be transferred into | 21 | | the Pension First-Priority Fund. | 22 | | (b) The Pension First-Priority Fund is created as a special | 23 | | fund in the State Treasury. Subject to appropriation, amounts | 24 | | in the Fund shall be used by the Comptroller to pay pension | 25 | | obligations. The Comptroller shall distribute moneys in the | 26 | | Pension First-Priority Fund to each State-funded pension or |
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| 1 | | retirement system by multiplying the amount to be distributed | 2 | | in total by the proportion that results from dividing the | 3 | | number of beneficiaries and vested claimants in that | 4 | | State-funded pension or retirement system on the date of the | 5 | | distribution by the total number of beneficiaries and vested | 6 | | claimants in all State-funded pension and retirement systems on | 7 | | the date of the distribution. Interest attributable to amounts | 8 | | in the Fund shall be returned to the Fund. | 9 | | (c) The Pay Your Bills Fund is created as a special fund in | 10 | | the State Treasury. Subject to appropriation, amounts in the | 11 | | Fund shall be used by the Comptroller to pay vendors and reduce | 12 | | State obligations attributable to the provision of goods and | 13 | | services to the State. Interest attributable to amounts in the | 14 | | Fund shall be returned to the Fund. | 15 | | (d) If the Comptroller finds that the State's fiscal | 16 | | backlog of unpaid bills for goods and services has been reduced | 17 | | to a level where unpaid State bills can be paid within 30 days | 18 | | or less, then the Comptroller shall report that finding to the | 19 | | Governor, the Director of the Governor's Office of Management | 20 | | and Budget, the Speaker of the House of Representatives, the | 21 | | President of the Senate, the Minority Leader of the House of | 22 | | Representatives, and the Minority Leader of the Senate; and if | 23 | | this determination is made, the Pay Your Bills Fund shall | 24 | | become inactive; money shall not be deposited into it; and the | 25 | | Fund shall remain inactive until such time as the aforesaid | 26 | | backlog of bills again rises over the 30-day mark, at which |
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| 1 | | time the Fund shall again become active and 25% of all | 2 | | incremental non-dedicated State revenue shall once again be | 3 | | deposited in that Fund as described under subsection (a). If | 4 | | the Pay Your Bills Fund becomes inactive, the Comptroller shall | 5 | | distribute any amounts remaining in the Fund to creditors of | 6 | | the State as he or she sees fit. | 7 | | (e) If incremental non-dedicated State revenue is found not | 8 | | to exist after a transfer has been made under subsection (a) of | 9 | | this Section, then the Comptroller, in order to offset any | 10 | | discrepancy, shall order transferred, and the Treasurer shall | 11 | | transfer, from the receiving fund to the originating fund the | 12 | | amount necessary to correct the discrepancy with respect to the | 13 | | originating fund. | 14 | | (f) For the purposes of this Section: | 15 | | "Full accrual" has the meaning given to that phrase by | 16 | | Governmental Accounting Standards Board Statement 34. | 17 | | "Incremental non-dedicated State revenue" means the | 18 | | sum of non-dedicated State revenue that exceeds the sum of | 19 | | non-dedicated State revenue reported by the Comptroller as | 20 | | having been received in fiscal year 2011. | 21 | | (g) The Comptroller may adopt rules as necessary to | 22 | | implement and administer the requirements of this Section.
| 23 | | Section 99. Effective date. This Act takes effect upon | 24 | | becoming law.
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