100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB1836

 

Introduced , by Rep. Jim Durkin

 

SYNOPSIS AS INTRODUCED:
 
15 ILCS 505/17  from Ch. 130, par. 17

    Amends the State Treasurer Act. Makes a technical change in a Section concerning the Public Treasurers' Investment Pool.


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A BILL FOR

 

HB1836LRB100 04635 RJF 14641 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The State Treasurer Act is amended by changing
5Section 17 as follows:
 
6    (15 ILCS 505/17)  (from Ch. 130, par. 17)
7    Sec. 17. The The State Treasurer may establish and
8administer both a Public Treasurers' Investment Pool and an
9E-Pay program to supplement and enhance both the investment
10opportunities and the secure electronic payment options
11otherwise available to other custodians of public funds for
12public agencies in this State.
13    The Treasurer, in administering the Public Treasurers'
14Investment Pool, may receive public funds paid into the pool by
15any other custodian of such funds and may serve as the fiscal
16agent of that custodian of public funds for the purpose of
17holding and investing those funds.
18    The Treasurer may invest the public funds constituting the
19Public Treasurers' Investment Pool in the same manner, in the
20same types of investments and subject to the same limitations
21provided for the investment of funds in the State Treasury. The
22Treasurer shall develop, publish, and implement an investment
23policy covering the management of funds in the Public

 

 

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1Treasurers' Investment Pool. The policy shall be published each
2year as part of the audit of the Public Treasurers' Investment
3Pool by the Auditor General, which shall be distributed to all
4participants. The Treasurer shall notify all Public
5Treasurers' Investment Pool participants in writing, and the
6Treasurer shall publish in at least one newspaper of general
7circulation in both Springfield and Chicago any changes to a
8previously published investment policy at least 30 calendar
9days before implementing the policy. Any such investment policy
10adopted by the Treasurer shall be reviewed, and updated if
11necessary, within 90 days following the installation of a new
12Treasurer.
13    The Treasurer shall promulgate such rules and regulations
14as he deems necessary for the efficient administration of the
15Public Treasurers' Investment Pool and the E-Pay program,
16including specification of minimum amounts which may be
17deposited in the Pool and minimum periods of time for which
18deposits shall be retained in the Pool. The rules shall provide
19for the administration expenses of the Pool to be paid from its
20earnings and for the interest earnings in excess of such
21expenses to be credited or paid monthly to the several
22custodians of public funds participating in the Pool in a
23manner which equitably reflects the differing amounts of their
24respective investments in the Pool and the differing periods of
25time for which such amounts were in the custody of the Pool.
26    Upon creating a Public Treasurers' Investment Pool the

 

 

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1State Treasurer shall give bond with 2 or more sufficient
2sureties, payable to custodians of public funds who participate
3in the Pool for the benefit of the public agencies whose funds
4are paid into the Pool for investment, in the penal sum of
5$150,000, conditioned for the faithful discharge of his duties
6in relation to the Public Treasurers' Investment Pool.
7    "Public funds" and "public agency", as used in this Section
8have the meanings ascribed to them in Section 1 of "An Act
9relating to certain investments of public funds by public
10agencies", approved July 23, 1943, as amended.
11    This amendatory Act of 1975 is not a limit on any home rule
12unit.
13    After the effective date of this amendatory Act of the 99th
14General Assembly, participation in the Public Treasurers'
15Investment Pool shall not be a prerequisite for participation
16in the Treasurer's E-Pay program.
17(Source: P.A. 99-856, eff. 8-19-16.)