Illinois Compiled Statutes 30 ILCS 105/6p-3 – (a) The State Surplus Property Revolving Fund shall be initially …
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(a) The State Surplus Property Revolving Fund shall be initially financed by a transfer of funds from the General Revenue Fund. All fees and other monies received by the Department of Central Management Services from the sale or transfer of surplus or transferable property pursuant to the State Property Control Act and the Federal Surplus Property Act shall be paid into the State Surplus Property Revolving Fund until June 30, 2020, and shall be paid into the General Revenue Fund beginning July 1, 2020.
Except as provided in paragraph (e) of this Section, the money in this fund shall be used by the Department of Central Management Services as reimbursement for expenditures incurred in relation to the sale of surplus or transferable property.
(b) (Blank).
(c) Provided, however, that the fund established by this Section shall contain a separate account for the deposit of all proceeds resulting from the sale of Federal surplus property, and the proceeds of this separate account shall be used solely to reimburse the Department of Central Management Services for expenditures incurred in relation to the sale of Federal surplus property.
(d) Any funds on deposit in the State Agency for Surplus Property Utilization Fund on the effective date of this amendatory Act of 1983 shall be transferred to the Federal account of the State Surplus Property Revolving Fund.
(e) (Blank).
(f) Notwithstanding any other provision of law to the contrary, and in addition to any other transfers that may be provided by law, on July 1, 2020, or after sufficient moneys have been received in the State Surplus Property Revolving Fund to pay all Fiscal Year 2020 obligations payable from the Fund, whichever is later, the State Comptroller shall direct and the State Treasurer shall transfer the remaining balance from the State Surplus Property Revolving Fund into the General Revenue Fund. Upon completion of the transfer, any future deposits due to the State Surplus Property Revolving Fund, and any outstanding obligations or liabilities of that Fund, shall pass to the General Revenue Fund.
Except as provided in paragraph (e) of this Section, the money in this fund shall be used by the Department of Central Management Services as reimbursement for expenditures incurred in relation to the sale of surplus or transferable property.
Terms Used In Illinois Compiled Statutes 30 ILCS 105/6p-3
- 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.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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) (Blank).
(c) Provided, however, that the fund established by this Section shall contain a separate account for the deposit of all proceeds resulting from the sale of Federal surplus property, and the proceeds of this separate account shall be used solely to reimburse the Department of Central Management Services for expenditures incurred in relation to the sale of Federal surplus property.
(d) Any funds on deposit in the State Agency for Surplus Property Utilization Fund on the effective date of this amendatory Act of 1983 shall be transferred to the Federal account of the State Surplus Property Revolving Fund.
(e) (Blank).
(f) Notwithstanding any other provision of law to the contrary, and in addition to any other transfers that may be provided by law, on July 1, 2020, or after sufficient moneys have been received in the State Surplus Property Revolving Fund to pay all Fiscal Year 2020 obligations payable from the Fund, whichever is later, the State Comptroller shall direct and the State Treasurer shall transfer the remaining balance from the State Surplus Property Revolving Fund into the General Revenue Fund. Upon completion of the transfer, any future deposits due to the State Surplus Property Revolving Fund, and any outstanding obligations or liabilities of that Fund, shall pass to the General Revenue Fund.