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IL SB1557
Bill
Status
Failed
1/13/2015
Primary Sponsor
Christine Radogno
Click for details
AI Summary
- Amends the Short Term Borrowing Act (30 ILCS 340/1) with a technical correction to cash flow borrowing language
- Changes the phrase "disbursement and receipt" to "disbursement and receipt" by striking and replacing "and" in line 8
- Allows the Governor, Comptroller, and Treasurer to borrow up to 5% of the State's annual appropriations when timing differences occur between spending and revenue collection
- Requires all borrowed funds to be repaid by the close of the fiscal year in which they were borrowed
Legislative Description
FINANCE-TECH
Last Action
Session Sine Die
1/13/2015
Committee Referrals
Assignments4/16/2013
Executive3/13/2013
Assignments2/13/2013
Full Bill Text
No bill text available