GASH-COULSON-FEIGENHOLTZ-HUGHES-KLINGLER, MULLIGAN AND MCKEON. New Act 30 ILCS 340/3.1 new Creates the Illinois Savings and 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 FY2004, if the balance in the Fund exceeds the Maximum Budget Reserve. Provides that moneys in the Fund may be used, starting April 1, 2003, 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, 2003. Effective immediately. 97-02-28 H FIRST READING 97-02-28 H REFERRED TO HOUSE RULES COMMITTEE RULES 97-03-05 H ASSIGNED TO COMMITTEE STATE GOV ADM 97-03-10 H PRIMARY SPONSOR CHANGED TO GASH 97-03-12 H JOINT-SPONSOR CHANGED TO COULSON 97-03-12 H ADDED AS A CO-SPONSOR FEIGENHOLTZ 97-03-12 H ADDED AS A CO-SPONSOR HUGHES 97-03-12 H ADDED AS A CO-SPONSOR KLINGLER 97-03-12 H ADDED AS A CO-SPONSOR MULLIGAN 97-03-12 H ADDED AS A CO-SPONSOR MCKEON 97-03-21 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL 99-01-12 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary