2016 Illinois Compiled Statutes
Chapter 30 - FINANCE
30 ILCS 342/ - Medicaid Liability Liquidity Borrowing Act.

(30 ILCS 342/1)
Sec. 1. Short title. This Act may be cited as the Medicaid Liability Liquidity Borrowing Act.
(Source: P.A. 88-554, eff. 7-26-94.)


(30 ILCS 342/5)
Sec. 5. Borrowing authorized. For the period June 9, 2004 through June 30, 2004, borrowing pursuant to this Section is authorized under subsection (b) of Section 9 of Article IX of the Illinois Constitution. The purpose of the borrowing shall be to pay for medical services provided under the Illinois Public Aid Code or the Children's Health Insurance Program Act, and the Governor, after having obtained the written consent of both the Comptroller and the Treasurer, may contract debts, under this Section, for principal amounts not to exceed $850,000,000, as supported by properly enacted State fiscal year 2004 appropriations for this purpose. Moneys thus borrowed shall be applied to the purpose of paying for medical services as described in this Section, or to pay the debts and associated expenses thus incurred, and to no other purpose. All proceeds from any borrowing under this Act received by the State on or after the effective date of this amendatory Act of the 93rd General Assembly and before July 1, 2004 shall be deposited into the Medicaid Provider Relief Fund. All moneys so borrowed shall be borrowed for no longer time than one year.
(Source: P.A. 93-674, eff. 6-10-04.)


(30 ILCS 342/10)
Sec. 10. Advertising for loan. Whenever the borrowing of money under Section 5 is contemplated, it is the duty of the Director of the Governor's Office of Management and Budget acting at the direction of the Governor to advertise for proposals for the loan in the manner that is determined by the Director of the Governor's Office of Management and Budget to give reasonable notice of the request for proposals. The advertisements shall set forth the amount of debt proposed to be contracted and the time and place for the payment of the principal and interest. The loan shall be awarded to the person or persons agreeing to take it at the lowest rate of interest not exceeding the maximum rate authorized by the Bond Authorization Act, as amended at the time of the making of the contract.
(Source: P.A. 93-674, eff. 6-10-04.)


(30 ILCS 342/15)
Sec. 15. Bonds or certificates; appropriation.
(a) There shall be prepared, under the direction of the Governor, the form of bonds or certificates that the Governor deems advisable. The bonds or certificates, when issued, shall be signed by the Governor and a record of their issuance shall be kept by the Comptroller. The interest on and principal of the loan shall be paid from the General Obligation Bond Retirement and Interest Fund.
(b) There is appropriated, out of any money in the State treasury, a sum sufficient for the payment of the interest on and principal of any debts contracted under this Act.
(c) The Governor is authorized to order, pursuant to the proceedings authorizing debts contracted under this Act, the transfer of any moneys on deposit in the State treasury into the General Obligation Bond Retirement and Interest Fund at times and in amounts the Governor deems necessary to provide for the payment of that interest and principal.
(d) The Comptroller is authorized and directed to draw warrants on the State Treasurer for the amount of all payments of principal and interest on the bonds or certificates issued under this Act.
(Source: P.A. 88-554, eff. 7-26-94.)


(30 ILCS 342/90)
Sec. 90. (Amendatory provisions; text omitted).
(Source: P.A. 88-554, eff. 7-26-94; text omitted.)


(30 ILCS 342/91)
Sec. 91. (Amendatory provisions; text omitted).
(Source: P.A. 88-554, eff. 7-26-94; text omitted.)


(30 ILCS 342/92)
Sec. 92. (Amendatory provisions; text omitted).
(Source: P.A. 88-554; eff. 7-26-94; text omitted.)


(30 ILCS 342/94)
Sec. 94. (Amendatory provisions; text omitted).
(Source: P.A. 88-554, eff. 7-26-94; text omitted.)


(30 ILCS 342/95)
Sec. 95. (Amendatory provisions; text omitted).
(Source: P.A. 88-554, eff. 7-26-94; text omitted.)


(30 ILCS 342/95.5)
Sec. 95.5. (Amendatory provisions; text omitted).
(Source: P.A. 88-554, eff. 7-26-94; text omitted.)


(30 ILCS 342/96)
Sec. 96. (Amendatory provisions; text omitted).
(Source: P.A. 88-554, eff. 7-26-94; text omitted.)


(30 ILCS 342/97)
Sec. 97. Amendatory provisions; text omitted).
(Source: P.A. 88-554, eff. 7-26-94; text omitted.)


(30 ILCS 342/97.5)
Sec. 97.5. (Amendatory provisions; text omitted).
(Source: P.A. 88-554, eff. 7-26-94; text omitted.)


(30 ILCS 342/99)
Sec. 99. Effective date. This Act takes effect upon becoming law.
(Source: P.A. 88-554, eff. 7-26-94.)


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