Illinois Compiled Statutes 30 ILCS 105/5h.6 – Cash flow borrowing and health insurance funds liquidity
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(a) To meet cash flow deficits and to maintain liquidity in the Community College Health Insurance Security Fund, the State Treasurer and the State Comptroller, as directed by the Governor, shall make transfers, on and after July 1, 2023 and through June 30, 2024, to the Community College Health Insurance Security Fund out of the Health Insurance Reserve Fund, to the extent allowed by federal law.
The outstanding total transfers made from the Health Insurance Reserve Fund to the Community College Health Insurance Security Fund under this Section shall, at no time, exceed $50,000,000. Once the amount of $50,000,000 has been transferred from the Health Insurance Reserve Fund to the Community College Health Insurance Security Fund, additional transfers may be made from the Health Insurance Reserve Fund to the Community College Health Insurance Security Fund under this Section only to the extent that moneys have first been retransferred from the Community College Health Insurance Security Fund to the Health Insurance Reserve Fund.
(b) If moneys have been transferred to the Community College Health Insurance Security Fund pursuant to subsection (a) of this Section, this amendatory Act of the 103rd General Assembly shall constitute the continuing authority for and direction to the State Treasurer and State Comptroller to reimburse the Health Insurance Reserve Fund from the Community College Health Insurance Security Fund by transferring to the Health Insurance Reserve Fund, at such times and in such amounts as directed by the Comptroller when necessary to support appropriated expenditures from the Health Insurance Reserve Fund, an amount equal to that transferred from the Health Insurance Reserve Fund, except that any moneys transferred pursuant to subsection (a) of this Section shall be repaid to the fund of origin within 108 months after the date on which they were borrowed. The continuing authority for reimbursement provided for in this subsection (b) shall expire 96 months after the date of the last transfer made pursuant to subsection (a) of this Section, or June 30, 2032, whichever is sooner.
(c) Beginning July 31, 2024, and every July 31 thereafter until all moneys borrowed pursuant to this Section have been repaid, the Comptroller shall annually report on every transfer made pursuant to this Section. The report shall identify the amount of each transfer, including the date and the end-of-day balance of the Health Insurance Reserve Fund and the Community College Health Insurance Security Fund on the date each transfer was made, and the status of all funds transferred under this Section for the previous fiscal year. All reports under this Section shall be provided in an electronic format to the Commission on Government Forecasting and Accountability and to the Governor’s Office of Management and Budget.
The outstanding total transfers made from the Health Insurance Reserve Fund to the Community College Health Insurance Security Fund under this Section shall, at no time, exceed $50,000,000. Once the amount of $50,000,000 has been transferred from the Health Insurance Reserve Fund to the Community College Health Insurance Security Fund, additional transfers may be made from the Health Insurance Reserve Fund to the Community College Health Insurance Security Fund under this Section only to the extent that moneys have first been retransferred from the Community College Health Insurance Security Fund to the Health Insurance Reserve Fund.
Terms Used In Illinois Compiled Statutes 30 ILCS 105/5h.6
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
(b) If moneys have been transferred to the Community College Health Insurance Security Fund pursuant to subsection (a) of this Section, this amendatory Act of the 103rd General Assembly shall constitute the continuing authority for and direction to the State Treasurer and State Comptroller to reimburse the Health Insurance Reserve Fund from the Community College Health Insurance Security Fund by transferring to the Health Insurance Reserve Fund, at such times and in such amounts as directed by the Comptroller when necessary to support appropriated expenditures from the Health Insurance Reserve Fund, an amount equal to that transferred from the Health Insurance Reserve Fund, except that any moneys transferred pursuant to subsection (a) of this Section shall be repaid to the fund of origin within 108 months after the date on which they were borrowed. The continuing authority for reimbursement provided for in this subsection (b) shall expire 96 months after the date of the last transfer made pursuant to subsection (a) of this Section, or June 30, 2032, whichever is sooner.
(c) Beginning July 31, 2024, and every July 31 thereafter until all moneys borrowed pursuant to this Section have been repaid, the Comptroller shall annually report on every transfer made pursuant to this Section. The report shall identify the amount of each transfer, including the date and the end-of-day balance of the Health Insurance Reserve Fund and the Community College Health Insurance Security Fund on the date each transfer was made, and the status of all funds transferred under this Section for the previous fiscal year. All reports under this Section shall be provided in an electronic format to the Commission on Government Forecasting and Accountability and to the Governor’s Office of Management and Budget.