CURE BORROWING ACT

Amends the Illinois Procurement Code. Provides that the Code does not apply to contracts entered into prior to July 1, 2022 by a State agency, or by multiple State agencies, for the single integrated tax processing system currently in use by the Department of Revenue on the effective date of the amendatory Act. Amends the Governmental Joint Purchasing Act. Provides that the Act does not apply to contracts entered into by multiple State agencies for the single integrated tax processing system currently in use by the Department of Revenue on the effective date of the amendatory Act. House Committee Amendment No. 1 Deletes reference to: 35 ILCS 200/18-165 35 ILCS 200/21-90 35 ILCS 200/22-35 Adds reference to: 35 ILCS 200/1-55 Replaces everything after the enacting clause. Amends the Property Tax Code. Makes a technical change in a Section concerning the definition of "33 1/3%". House Floor Amendment No. 2 Deletes reference to: 30 ILCS 500/1-10 30 ILCS 525/5.1 new Adds reference to: New Act 30 ILCS 105/5.934 new 30 ILCS 105/6z-123 new 30 ILCS 340/1 from Ch. 120, par. 406 30 ILCS 340/1.1 30 ILCS 340/2 from Ch. 120, par. 407 30 ILCS 340/3 from Ch. 120, par. 408 Replaces everything after the enacting clause. Creates the Coronavirus Urgent Remediation Emergency (CURE) Borrowing Act. Provides that 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 under the federal Coronavirus Aid, Relief, and Economic Stabilization Act (CARES) Act and the Federal Reserve Act, or in accordance with federal coronavirus relief legislation. Sets forth the purposes for which such funds can be used. Provides for the terms for borrowing, provides that the total amount borrowed may not exceed $5,000,000,000 outstanding at any time, and provides for the repayment of funds borrowed. Provides a continuing appropriation for the repayment of funds borrowed. Amends the State Finance Act. Creates the Coronavirus Urgent Remediation Emergency Borrowing Fund and makes conforming changes. Amends the Short Term Borrowing Act to make conforming changes. Effective immediately. House Floor Amendment No. 3 Deletes reference to: 30 ILCS 500/1-10 30 ILCS 525/5.1 new Adds reference to: New Act 30 ILCS 105/5.934 new 30 ILCS 105/6z-123 new 30 ILCS 340/1 from Ch. 120, par. 406 30 ILCS 340/1.1 30 ILCS 340/2 from Ch. 120, par. 407 30 ILCS 340/3 from Ch. 120, par. 408 Replaces everything after the enacting clause. Creates the Coronavirus Urgent Remediation Emergency (CURE) Borrowing Act. Provides that 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 under the federal Coronavirus Aid, Relief, and Economic Stabilization Act (CARES) Act and the Federal Reserve Act, or in accordance with federal coronavirus financing legislation. Sets forth the purposes for which such funds can be used. Provides for the terms for borrowing, provides that the total amount borrowed may not exceed $5,000,000,000 outstanding at any time, and provides for the repayment of funds borrowed. Provides a continuing appropriation for the repayment of funds borrowed. Amends the State Finance Act. Creates the Coronavirus Urgent Remediation Emergency Borrowing Fund and makes conforming changes. Amends the Short Term Borrowing Act to make conforming changes. Effective immediately.