Bill > SB0536

This bill, titled FINANCE-TECH, makes a technical change to the Short Term Borrowing Act, specifically within the section concerning cash flow borrowing. The amendment clarifies that when there are significant differences in the timing of when the state receives money and when it needs to pay bills within a fiscal year, the Governor, Comptroller, and Treasurer are authorized to borrow money. This borrowing is intended to cover immediate needs until expected revenues are collected and can only be used for the purposes for which it was borrowed, including the costs associated with borrowing. The amount borrowed cannot exceed 5% of the state's appropriations for that year, and all borrowed funds must be repaid by the end of the fiscal year in which they were borrowed. The change involves a minor edit to the wording regarding the timing of fund disbursement and receipt.

Government Affairs

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=536&GAID=18&DocTypeID=SB&SessionID=114&GA=104