IL HB1890

Amends the State Finance Act Section 5h.5 to reduce the repayment period for cash flow borrowing from 48 months to 24 months after moneys are transferred from special funds to general funds and the Health Insurance Reserve Fund.

Maintains existing restrictions that total outstanding transfers cannot exceed $1,500,000,000 and transfers cannot reduce special fund balances below amounts needed for debt service on bonded indebtedness.

Requires the State Comptroller to provide quarterly reports to legislative leadership and the Commission on Government Forecasting and Accountability detailing transfer dates, amounts, interest paid, and fund balances until all borrowed moneys are repaid.

Applies to fiscal years 2018 through 2021 and authorizes transfers through June 30, 2021 to meet cash flow deficits and maintain liquidity in general funds.

Takes effect immediately upon becoming law.