90th General Assembly
Summary of HB1131
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House Sponsors:

Short description: 
SAVINGS & ECONOMIC STABILITY                                               

Synopsis of Bill as introduced:
        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.                 
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


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