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Public Act 100-0969 |
SB2363 Enrolled | LRB100 17931 RJF 33115 b |
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AN ACT concerning government.
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Be it enacted by the People of the State of Illinois, |
represented in the General Assembly:
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Section 5. The State Treasurer Act is amended by changing |
Section 17 and by adding Section 30 as follows:
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(15 ILCS 505/17) (from Ch. 130, par. 17)
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Sec. 17.
The State Treasurer may establish and administer |
both a Public
Treasurers'
Investment Pool and an E-Pay program |
to supplement
and enhance both the investment opportunities and |
the secure electronic payment options otherwise available to |
other
custodians
of public funds for public agencies
in this |
State.
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The Treasurer, in administering the Public Treasurers' |
Investment Pool,
may receive public
funds paid into the pool by |
any other custodian of such funds and may serve
as the fiscal |
agent of
that custodian of public funds for the purpose of |
holding and investing those
funds.
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The Treasurer may invest the public funds constituting the |
Public Treasurers'
Investment
Pool in the same manner, in the |
same types of investments and subject to
the same limitations
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provided for the investment of funds in the State Treasury. The |
Treasurer
shall develop, publish, and implement an investment |
policy covering the
management of funds in the Public |
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Treasurers' Investment Pool. The policy
shall be published each |
year as part of the audit
of the Public Treasurers' Investment |
Pool by the Auditor General, which shall
be distributed to all |
participants. The Treasurer shall notify all Public
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Treasurers' Investment Pool participants in writing, and the |
Treasurer shall
publish in at least one newspaper of general |
circulation in both Springfield
and Chicago any changes to a |
previously published investment policy at least 30
calendar |
days before implementing the policy. Any such investment policy
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adopted by the Treasurer shall be reviewed, and updated if |
necessary, within 90
days following the installation of a new |
Treasurer.
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The Treasurer shall promulgate such rules and regulations |
as he deems
necessary
for the efficient
administration of the |
Public Treasurers' Investment Pool and the E-Pay program, |
including
specification
of minimum amounts
which may be |
deposited in the Pool and minimum periods of time for which
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deposits
shall be retained in the Pool. The rules shall provide |
for the administration
expenses of the Pool to be
paid from its |
earnings and for the interest earnings in excess of such |
expenses
to be credited or
paid monthly to the several |
custodians of public funds participating in
the Pool in a |
manner which equitably
reflects the differing amounts of their |
respective investments in the Pool and
the
differing periods of |
time for which such amounts were in the custody of the
Pool.
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Upon creating a Public Treasurers' Investment Pool the |
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State Treasurer shall
give bond with 2 or more sufficient |
sureties, payable to custodians of public
funds who participate
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in the Pool for the benefit of the public agencies whose funds |
are paid
into the Pool for investment,
in the penal sum of |
$150,000, conditioned for the faithful discharge of
his duties |
in relation to the
Public Treasurers' Investment Pool.
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"Public agency", as used in this Section, means the State |
of Illinois or any political subdivision, or any agency, board, |
or department thereof, any special district, any municipality, |
or any unit of local government. |
"Public funds", as used in this Section, means current |
operating funds, special funds, and funds of any kind or |
character belonging to or in the custody of any public agency. |
"Public funds" and "public agency", as used in this Section |
have the meanings ascribed
to them in Section 1 of "An Act |
relating to certain investments of public
funds by public
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agencies", approved July 23, 1943, as amended.
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This amendatory Act of 1975 is not a limit on any home rule |
unit.
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After the effective date of this amendatory Act of the 99th |
General Assembly, participation in the Public Treasurers' |
Investment Pool shall not be a prerequisite for participation |
in the Treasurer's E-Pay program. |
(Source: P.A. 99-856, eff. 8-19-16.)
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(15 ILCS 505/30 new) |
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Sec. 30. Preferences for veterans, minorities, women, and |
persons with disabilities. |
(a) As used in this Section: |
(1) the terms "minority person", "woman", "person with |
a disability", "minority-owned business", "women-owned |
business", "business owned by a person with a disability", |
and "control" have the meanings provided in Section 1 of |
the Business Enterprise for Minorities, Women, and Persons |
with Disabilities Act; and |
(2) the terms "veteran", "qualified veteran-owned |
small business", "qualified service-disabled veteran-owned |
small business", "qualified service-disabled veteran", and |
"armed forces of the United States" have the meanings |
provided in Article 1 of the Illinois Procurement Code. |
(b) It is hereby declared to be the policy of the State |
Treasurer to promote and encourage the use of businesses owned |
by or under the control of qualified veterans of the armed |
forces of the United States, qualified service-disabled |
veterans, minority persons, women, or persons with a disability |
in the area of goods and services. Furthermore, the State |
Treasurer shall utilize such businesses to the greatest extent |
feasible within the bounds of financial and fiduciary prudence, |
and take affirmative steps to remove any barriers to the full |
participation of such firms in the procurement and contracting |
opportunities afforded. |
(c) It shall be an aspirational goal of the State Treasurer |
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to use businesses owned by or under the control of qualified |
veterans of the armed forces of the United States, qualified |
service-disabled veterans, minority persons, women, or persons |
with a disability for not less than 25% of the total dollar |
amount of funds under management, purchases of investment |
securities, and other contracts, including, but not limited to, |
the use of broker-dealers. The State Treasurer is authorized to |
establish additional aspirational goals. |
(d) When the State Treasurer procures goods and services, |
whether through a request for proposal or otherwise, he or she |
is authorized to incorporate preferences in the scoring process |
for: (1) a minority-owned business, a women-owned business, a |
business owned by a person with a disability, a qualified |
veteran-owned small business, or a qualified service-disabled |
veteran-owned small business; and (2) businesses having a |
record of support for increasing diversity and inclusion in |
board membership, management, employment, philanthropy, and |
supplier diversity, including investment professionals and |
investment sourcing. |
When the State Treasurer utilizes a financial institution |
or determines the eligibility of a financial institution to |
participate in a banking contract, investment contract, |
investment activity, or other financial program of the State |
Treasurer, he or she shall review the financial institution's |
Community Reinvestment Act rating, record, and current level of |
financial commitment to the community prior to making a |
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decision to utilize or determine the eligibility of such |
financial institution. |
(e) Beginning with fiscal year 2019, and at least annually |
thereafter, the State Treasurer shall report on his or her |
utilization of minority-owned businesses, women-owned |
businesses, businesses owned by a person with a disability, |
qualified veteran-owned small businesses, or qualified |
service-disabled veteran-owned small businesses. The report |
shall be published on the State Treasurer's official website. |
(f) The provisions of this Section take precedence over any |
goals established under the Business Enterprise for |
Minorities, Women, and Persons with Disabilities Act.
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Section 99. Effective date. This Act takes effect upon |
becoming law.
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