BLACK-MCKEON-O'CONNOR-KOSEL. New Act 30 ILCS 105/5.490 new Creates the Rainy Day Act and amends the State Finance Act. Creates the Revenue Stabilization Fund as a special fund within the State treasury for use in meeting the State's obligations and casual deficits. Provides that for any year when the State's estimated general funds revenues exceed the prior year's general funds revenues by more than 4% the Governor shall submit a proposed budget to the General Assembly that includes transfers into the Revenue Stabilization Fund of an amount not less than 0.25% of the anticipated general funds revenues. Provides that the General Assembly shall appropriate no less than 0.25% of the estimated revenues to the Revenue Stabilization Fund. Provides for the transfer of funds into the Revenue Stabilization Fund. Sets a maximum Revenue Stabilization Fund balance and provides transfers into the Fund shall cease when that maximum is met. Effective immediately. 98-11-17 H FILED WITH CLERK 98-11-17 H ADDED AS A JOINT SPONSOR MCKEON 98-11-18 H FIRST READING 98-11-18 H REFERRED TO HOUSE RULES COMMITTEE RULES 98-11-18 H ADDED AS A CO-SPONSOR O'CONNOR 98-11-18 H ADDED AS A CO-SPONSOR KOSEL 99-01-12 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary