Illinois HB2097 amends the Short Term Borrowing Act to allow borrowing for cash flow variations.
HB2097 modifies 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 amount cannot exceed 5% of the state's appropriations for that fiscal year. These funds must be repaid by the end of the fiscal year.
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