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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
SB3581
Introduced 2/10/2010, by Sen. Tim Bivins SYNOPSIS AS INTRODUCED:
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30 ILCS 340/1.1 |
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30 ILCS 340/4 new |
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Amends the Short Term Borrowing Act. Provides that, when debt is incurred to address failures in
revenues of the State, the required notice must contain a detailed plan to repay the debt. Provides that no debt may be incurred under the Act for the purpose of addressing failures in
revenues of the State unless a majority of each chamber of the General Assembly has approved the borrowing by a recorded majority vote. Provides that no debt may be incurred under the Act while any debt previously incurred under this Act remains outstanding, unless a majority of each chamber of the General Assembly has approved the new borrowing by a recorded majority vote. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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SB3581 |
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LRB096 20235 HLH 35810 b |
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| AN ACT concerning finance.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Short Term Borrowing Act is amended by |
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| changing Section 1.1 and by adding Section 4 as follows:
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| (30 ILCS 340/1.1)
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| Sec. 1.1. Borrowing upon failures in revenue. Whenever |
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| failures in
revenues of the State occur, in order to meet those |
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| failures, the Governor,
Comptroller, and Treasurer may |
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| contract debts in an amount
not exceeding 15% of the State's |
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| appropriations for that fiscal year. The
moneys thus borrowed |
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| shall be applied to the purposes for which they were
obtained, |
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| or to pay the debts thus created by the borrowing, and to no |
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| other
purpose. Before incurring debt under this Section, the |
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| Governor shall give
written notice to the Clerk of the House of |
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| Representatives, the Secretary of
the Senate, and the Secretary |
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| of State setting forth the reasons for the
proposed borrowing, |
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| and the corrective measures recommended to restore the
State's |
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| fiscal soundness, and a detailed plan to repay the debt, |
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| including, but not limited to, any new or increased revenues or |
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| spending reductions. The notice shall be a public record and |
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| open for
inspection at the offices of the Secretary of State |
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| during normal business
hours. No debt may be incurred under |