90th General Assembly
Status of HB0035
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 Full Text  Bill Summary

   New Act                                                                     
   30 ILCS 340/3.1 new                                                         

        Creates the Illinois  Fiscal  and  Economic  Stability  Act,  and      
   creates  a  Fund  with  that name in the State treasury, separate from      
   State general funds.  Requires the Department of Revenue to deposit  a      
   specified  portion  of  monthly  net  income  tax receipts (called the      
   "Annual Budget Reserve") into the Fund.  Defines the  "Maximum  Budget      
   Reserve"   as   a   specified   percentage   of  estimated  or  actual      
   appropriations from general funds.  Provides that  deposits  into  the      
   Fund  shall  cease,  starting  in  FY2002,  if the balance in the Fund      
   exceeds the Maximum Budget Reserve.  Provides that moneys in the  Fund      
   may  be  used,  starting  April  1, 2001, to cover a budget shortfall.      
   Contains text of a proposed Act to be prepared when moneys are  sought      
   to  be  appropriated  from  the Fund.  Authorizes borrowing to cover a      
   shortfall  under  specified  circumstances.   Amends  the  Short  Term      
   Borrowing Act by repealing  the  Act  on  April  1,  2001.   Effective      
          FISCAL NOTE (Bureau of Budget)                                       
          FY98 impact of the deposit to the FESF under HB 35 would             
          equal approximately $190 million reduction in general funds          
          that are otherwise available for appropriation. Eventually the       
          MBR would equal over $1 billion that had been taken away from        
   97-01-08  H  FILED WITH CLERK                                               
   97-01-08  H  FIRST READING                                                  
   97-01-08  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   97-01-22  H       ASSIGNED TO COMMITTEE               APP-GEN SERVS         
   97-01-29  H  ADDED AS A JOINT SPONSOR                 SCOTT                 
   97-02-21  H  ADDED AS A CO-SPONSOR                    BOLAND                
   97-03-06  H                         FISCAL NOTE FILED                       
   97-03-06  H                   COMMITTEE               APP-GEN SERVS         
   97-03-21  H  RE-REFERRED TO RULES COMM/RULE 19(A)     RULES         HRUL    
   99-01-12  H  SESSION SINE DIE                                               


 Full Text  Bill Summary