Illinois HB0537 amends the Short Term Borrowing Act to allow borrowing for cash flow variations in fiscal year budgets.
Illinois HB0537 amends the Short Term Borrowing Act to allow the Governor, Comptroller, and Treasurer to borrow funds when there are significant timing variations between disbursement and receipt of budgeted funds within a fiscal year. The borrowed funds must not exceed 5% of the state's appropriations for that fiscal year and must be repaid by the end of the fiscal year. This borrowing is intended to meet budget needs until revenues are collected.
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