Illinois Compiled Statutes 30 ILCS 340/1.1 – Borrowing upon emergencies or failures in revenue
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Terms Used In Illinois Compiled Statutes 30 ILCS 340/1.1
- Contract: A legal written agreement that becomes binding when signed.
- 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
Whenever emergencies or failures in revenues of the State occur, in order to meet deficits caused by those emergencies or failures, the Governor, Comptroller, and Treasurer may contract debts in an amount not exceeding 15% of the State’s appropriations for that fiscal year. The moneys thus borrowed shall be applied to the purposes for which they were obtained, or to pay the costs of borrowing and the debts thus created by the borrowing, and to no other purpose. Before incurring debt under this Section, the Governor shall give written notice to the Clerk of the House of Representatives, the Secretary of the Senate, and the Secretary of State setting forth the reasons for the proposed borrowing and the corrective measures recommended to restore the State’s fiscal soundness. The notice shall be a public record and open for inspection at the offices of the Secretary of State during normal business hours. No debt may be incurred under this Section until 7 days after the notice is served. All moneys so borrowed shall be borrowed for no longer time than one year.