IL SB1506

Allows the State Treasurer to transfer unobligated and unexpended moneys from the Hospital Basic Services Preservation Fund to the General Revenue Fund if public moneys are no longer necessary to collateralize loans from financial institutions.

Requires the State Treasurer to file a declaration with the Index Department of the Office of the Secretary of State once all collateralized loan amounts have been returned to the Fund and transferred to the General Revenue Fund, and notify the House Clerk, Senate Secretary, and Legislative Reference Bureau.

Repeals the Hospital Basic Services Preservation Act upon fulfillment of the conditions outlined in Section 10(b), which triggers automatic repeal of the related provision in the State Finance Act.

Takes effect immediately upon becoming law.