Illinois § 13.3

§ 13.3.

MPEA Reserve Fund. There is hereby created the MPEA Reserve Fund in the State Treasury. If any amount of the 2010 deficiency amount is paid to the State Treasurer pursuant to paragraph (3) of subsection (g) of Section 13 or Section 13.2 on any date after July 6, 2017 (the effective date of Public Act 100-23), the Comptroller shall order transferred, and the Treasurer shall transfer an equal amount from the General Revenue Fund into the MPEA Reserve Fund. Amounts in the MPEA Reserve Fund shall be administered by the Treasurer as follows: (a) On July 1 of each fiscal year, the State Treasurer shall transfer from the MPEA Reserve Fund to the General Revenue Fund an amount equal to 100% of any post-2010 deficiency amount. (b) Notwithstanding subsection (a) of this Section, any amounts in the MPEA Reserve Fund may be appropriated by law for any other authorized purpose. (c) All amounts in the MPEA Reserve Fund shall be deposited into the General Revenue Fund when bonds and notes issued under Section 13.2, including bonds and notes issued to refund those bonds and notes, are no longer outstanding. Notwithstanding any other provision of law, on July 1, 2025, or as soon thereafter as practical, the State Comptroller shall direct and the State Treasurer shall transfer the remaining balance from the MPEA Reserve Fund into the General Revenue Fund. Upon completion of the transfer, the MPEA Reserve Fund is dissolved, and any future deposits due to that Fund and any outstanding obligations or liabilities of that Fund pass to the General Revenue Fund. This Section is repealed on January 1, 2026. (Source: P.A. 104-2, eff. 6-16-25.)