WALSH,T-JONES,E-DELEO-O'MALLEY-BOWLES. New Act 30 ILCS 105/5.541 new Creates the Rainy Day Budget Stabilization Act and amends the State Finance Act. Creates the Budget Stabilization Fund as a special fund in the State treasury to be used to meet the State's casual deficits and revenue failures and for other specified purposes, with priority given to the needs of children. Requires the Comptroller to transfer $100,000,000 into the Fund in fiscal year 2001. Beginning with fiscal year 2002, in fiscal years when the Governor's estimate of anticipated general funds revenues exceeds the prior year's revenues by more than 4%, requires the Comptroller to transfer 0.25% of those anticipated revenues from the General Revenue Fund into the Budget Stabilization Fund in monthly installments that may be individually suspended by the Governor. Suspends transfers when the Budget Stabilization Fund reaches a specified balance. Authorizes certain legislative responses to the Governor's notification that general funds are insufficient, including approval by the President of the Senate and the Speaker of the House of Representatives of the Governor's directive to the Comptroller to transfer moneys from the Budget Stabilization Fund until the General Assembly can convene to enact appropriate legislation. Effective July 1, 2000. 00-02-03 S FIRST READING 00-02-03 S REFERRED TO SENATE RULES COMMITTEE RULES 01-01-09 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary