§ 436. Interfund borrowing

Notwithstanding any provisions of law, the State Treasurer, with the approval of the Governor, may borrow from any funds created by the General Assembly available amounts as the Treasurer may determine to be necessary or desirable for the purpose of defraying the expenses of government, including the payment of notes issued for these purposes. Borrowing may be only made twice a year; first, during the period commencing 15 business days prior to the end of the State’s fiscal year and ending 15 business days after the end of the State’s fiscal year, and second, during the period commencing on December 10, or the preceding Friday if December 10 falls on a Saturday or Sunday, and ending on January 10 of the succeeding year. Not later than the last day of the period during which the funds were borrowed, the State Treasurer shall transfer to any fund from which initial borrowing has been made an amount equal to the borrowed amount, together with interest at the rate as the State Treasurer in the Treasurer’s sole discretion shall determine. (Added 1997, No. 61, § 254; amended 2005, No. 71, § 34a; 2021, No. 105 (Adj. Sess.), § 449, eff. July 1, 2022.)