92nd General Assembly
Status of SB1906
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   New Act                                                                     
   15 ILCS 20/50-5           was 15 ILCS 20/38                                 
   15 ILCS 20/50-5.5 new                                                       
   15 ILCS 20/50-10          was 15 ILCS 20/38.1                               
   25 ILCS 155/4             from Ch. 63, par. 344                             
   30 ILCS 105/6z-51                                                           
   30 ILCS 105/6z-60 new                                                       
   30 ILCS 105/25            from Ch. 127, par. 161                            

        Creates the Budget Stabilization and Reform  Act.   Provides  for      
   transfers  of  moneys into the Budget Stabilization Fund and the Early      
   Debt Retirement Fund from the general revenues  of  the  State  during      
   fiscal  years  in  which  the State's general revenue funds exceed the      
   prior year's estimated general funds revenue by more than 4%.   Amends      
   the  State  Budget  Law  of the Civil Administrative Code of Illinois.      
   Creates the Revenue Estimating Council.   Provides  that  the  General      
   Assembly  must  adopt  the estimates of the Council.  Provides that in      
   fiscal year 2004 and in each fiscal year thereafter, the State  budget      
   must  contain  one  or  more  line  items  appropriating moneys to pay      
   certain liabilities incurred in the previous fiscal year.  Amends  the      
   State  Finance  Act.  Creates the Early Debt Retirement Fund and makes      
   conforming changes.  Provides that  earnings  on  investments  of  the      
   Budget Stabilization Fund shall be deposited in that Fund.  Amends the      
   Illinois  Economic  and  Fiscal  Commission  Act  to  make  conforming      
   changes.  Effective immediately.                                            
   FEB-06-2002  S  FIRST READING                                                  
   FEB-06-2002  S  REFERRED TO SENATE RULES COMMITTEE       RULES                 
   JAN-07-2003  S  SESSION SINE DIE                                               


 Full Text  Bill Summary