Illinois § 10

§ 10.

Borrowing authorized. (a) Borrowing under this Section is authorized under subsection (b) of Section 9 of Article IX of the Illinois Constitution. The Governor, with the approval of the Comptroller and Treasurer, is authorized to borrow funds from the Federal Reserve Bank or its agent in accordance with the Municipal Liquidity Facility program established pursuant to Section 4003 of the federal CARES Act and Section 13(3) of the Federal Reserve Act, or in accordance with any other federal coronavirus financing legislation or similar program authorized by the United States Congress. The purposes for which borrowing is authorized include: (1) to meet failures of revenue resulting from the COVID-19 outbreak and to support the emergency response thereto; (2) to provide funds for payment or reimbursement of new or increased costs of State government resulting from the COVID-19 outbreak and the emergency response thereto; (3) to provide funds to respond to any other disaster or emergency or failure of revenues or the costs of essential government services; (4) to provide funds for deposit into the Healthcare Provider Relief Fund for payment of costs payable from the Fund; and (5) to provide funds for payment or reimbursement of costs payable from the Health Insurance Reserve Fund. Proceeds of the borrowing may also be used to pay the costs of borrowing and the debts created by the borrowing. (b) The Governor may borrow funds and contract debts from time to time, in principal amounts not to exceed $5,000,000,000 outstanding at any time. Moneys thus borrowed shall be applied to any of the purposes described in this Section in accordance with properly enacted appropriations and transfers, or to pay the debts and associated expenses thus incurred, and to no other purpose. All proceeds from any borrowing under this Act, except those expended on the costs of issuance, shall be deposited into the Coronavirus Urgent Remediation Emergency Borrowing Fund (CURE Borrowing Fund). All moneys so borrowed shall be borrowed for no longer a time than the time limit set forth in federal program rules and guidance, and in no event longer than 10 years, and shall be repaid in equal principal payments or as required by federal program rules and guidance, if such requirements exist. (Source: P.A. 101-630, eff. 5-29-20.)