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