92nd General Assembly
Summary of HB2159
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House Sponsors:
SCHOENBERG-MADIGAN,MJ-CURRIE-LYONS,JOSEPH-MULLIGAN, MCKEON, 
   ERWIN, GARRETT, MCGUIRE, FOWLER, FORBY, GRANBERG, LANG, 
   HARTKE, REITZ AND STROGER.

Senate Sponsors:
CLAYBORNE

Short description: 
BUDGET STABILIZATION                                                       

Synopsis of Bill as introduced:
        Creates the Rainy Day Budget  Stabilization  Act.   Provides  for      
   transfers  of  moneys into the Budget Stabilization Fund and the Early      
   Debt Retirement Fund from the general revenues  of  the  State  during      
   fiscal  years  in  which  the State's general revenue funds exceed the      
   prior  year's  estimated  general  funds  revenue  by  more  than  4%.      
   Provides for the transfer of moneys from the Budget Stabilization Fund      
   under certain circumstances.  Amends the State Budget Law of the Civil      
   Administrative Code  of  Illinois.   Creates  the  Revenue  Estimating      
   Council.   Provides that the General Assembly must adopt the estimates      
   of the Council.  Provides that in fiscal year 2002 and in each  fiscal      
   year  thereafter, the State budget must contain one or more line items      
   appropriating moneys  to  pay  certain  liabilities  incurred  in  the      
   previous  fiscal  year.   Amends  the  State Finance Act to create the      
   Early Debt Retirement Fund and to make conforming changes.  Amends the      
   Illinois  Economic  and  Fiscal  Commission  Act  to  make  conforming      
   changes.  Effective immediately.                                            
          STATE DEBT NOTE (Economic and Fiscal Commission)                     
          HB 2159 would not affect the bonding authorization of the            
          State, and therefore, has no direct impact on the level of           
          State indebtedness.                                                  
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

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


   END OF INQUIRY 



 Full Text  Bill Status