HB 6240

Abstract

Amends the General Obligation Bond Act. Provides that an additional $4,000,000,000 in general obligation bonds is authorized to be issued and used for the purpose of making payments to bona fide creditors of the State who: (1) have submitted a bill or invoice to the State that (A) was properly approved under rules adopted under Section 3-3 of the State Prompt Payment Act prior to September 1, 2012 and (B) was not paid within 30 days after the bill or invoice was submitted to the State Comptroller; or (2) are entitled to payment from State funds if the State is more than 60 days delinquent in the payment of those funds as of September 1, 2012. Provides that the proceeds of the additional bonds shall be deposited into the State Fiscal Responsibility Fund, a special fund created in the State Treasury. Provides that the Fund is not subject to sweeps, administrative charges, or chargebacks. Amends the State Finance Act to create the Fund. Provides that proceeds from the bond sale may not be used to make contributions to pension systems. Effective immediately.