IL SB0580

Authorizes the State Treasurer and State Comptroller to transfer funds from special state funds to the General Revenue Fund and Health Insurance Reserve Fund between July 1, 2014 and June 30, 2015 to address cash flow deficits and maintain liquidity.

Limits total outstanding transfers to $650,000,000; additional transfers require prior re-transfer of funds back to the special funds of origin.

Prohibits transfers that would reduce special funds below the amount needed to cover 12 months of debt service on bonded indebtedness and certificates issued under the Short Term Borrowing Act.

Requires the Governor's Office of Management and Budget to provide quarterly reports to legislative leaders and the Commission on Government Forecasting and Accountability detailing transfer dates, amounts, interest paid, and fund balances.

Removes the 18-month repayment deadline for borrowed funds, allowing repayment with accrued interest at times determined by the Governor.