SB2099 - Coronavirus Urgent Remediation Emergency Borrowing Act

• Authorizes the Governor, with approval of the Comptroller and Treasurer, to borrow up to $5,000,000,000 from the Federal Reserve Bank under the CARES Act Municipal Liquidity Facility or similar federal coronavirus financing programs.

• Establishes the Coronavirus Urgent Remediation Emergency (CURE) Borrowing Fund to receive and manage borrowed proceeds for emergency response, revenue failures, healthcare provider relief, and health insurance costs related to COVID-19.

• Permits borrowing for up to 10 years with repayment in equal principal installments or as required by federal program rules, with interest rates not exceeding limits in the Bond Authorization Act.

• Exempts direct Federal Reserve borrowing from Illinois Procurement Code competitive bidding requirements and allows negotiated certificate sales instead of sealed bids for fiscal years 2020 and 2021.

• Reduces the notice period for emergency revenue borrowing under the Short Term Borrowing Act from 30 days to 7 days, and clarifies that borrowing costs are payable from borrowed funds.