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| 1 | AN ACT concerning finance.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Charitable Trust Stabilization Act is | ||||||
| 5 | amended by changing Section 5 as follows: | ||||||
| 6 | (30 ILCS 790/5)
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| 7 | Sec. 5. The Charitable Trust Stabilization Fund. | ||||||
| 8 | (a) The Charitable Trust Stabilization Fund is created as | ||||||
| 9 | a special fund in the State treasury. From appropriations from | ||||||
| 10 | the Fund, upon recommendation from the Charitable Trust | ||||||
| 11 | Stabilization Committee, the State Treasurer may make grants | ||||||
| 12 | to public and private entities in the State for the purposes | ||||||
| 13 | set forth under subsection (b). Special attention shall be | ||||||
| 14 | given to public and private entities with operating budgets of | ||||||
| 15 | less than $2,000,000 $1,000,000 that are located within a | ||||||
| 16 | depressed area, as defined under Section 3 of the Illinois | ||||||
| 17 | Enterprise Zone Act, and preferences for recommending grants | ||||||
| 18 | to the State Treasurer may be given to these entities by the | ||||||
| 19 | Committee. Moneys received for the purposes of this Section, | ||||||
| 20 | including, without limitation, fees collected under subsection | ||||||
| 21 | (m) of Section 115.10 of the General Not For Profit | ||||||
| 22 | Corporation Act of 1986 and appropriations, gifts, grants, and | ||||||
| 23 | awards from any public or private entity, must be deposited | ||||||
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| 1 | into the Fund. Any interest earnings that are attributable to | ||||||
| 2 | moneys in the Fund must be deposited into the Fund. | ||||||
| 3 | (b) Moneys in the Fund may be used only for the following | ||||||
| 4 | purposes: | ||||||
| 5 | (1) (blank); | ||||||
| 6 | (2) (blank); | ||||||
| 7 | (1) (3) grants for the start-up or operational | ||||||
| 8 | purposes of participating organizations; and | ||||||
| 9 | (2) (4) the administration of the Fund and this Act. | ||||||
| 10 | (c) Moneys in the Fund must be allocated as follows: | ||||||
| 11 | (1) 20% of the amount deposited into the Fund in the | ||||||
| 12 | fiscal year must be set aside for the operating budget of | ||||||
| 13 | the Fund for the next fiscal year, but the operating | ||||||
| 14 | budget of the Fund may not exceed $4,000,000 in any fiscal | ||||||
| 15 | year; | ||||||
| 16 | (2) 50% must be available for the purposes set forth | ||||||
| 17 | under subsection (b); and | ||||||
| 18 | (3) 30% must be invested for the purpose of earning | ||||||
| 19 | interest or other investment income. | ||||||
| 20 | (d) (Blank). As soon as practical after the effective date | ||||||
| 21 | of this Act, the State Treasurer must transfer the amount of | ||||||
| 22 | $1,000,000 from the General Revenue Fund to the Charitable | ||||||
| 23 | Trust Stabilization Fund. On the June 30 that occurs in the | ||||||
| 24 | third year after the transfer to the Charitable Trust | ||||||
| 25 | Stabilization Fund, the Treasurer must transfer the amount of | ||||||
| 26 | $1,000,000 from the Charitable Trust Stabilization Fund to the | ||||||
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| 1 | General Revenue Fund. If, on that date, less than $1,000,000 | ||||||
| 2 | is available for transfer, then the Treasurer must transfer | ||||||
| 3 | the remaining balance of the Charitable Trust Stabilization | ||||||
| 4 | Fund to the General Revenue Fund, and on each June 30 | ||||||
| 5 | thereafter must transfer any balance in the Charitable Trust | ||||||
| 6 | Stabilization Fund to the General Revenue Fund until the | ||||||
| 7 | aggregate amount of $1,000,000 has been transferred.
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| 8 | (Source: P.A. 97-274, eff. 8-8-11.)
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| 9 | Section 99. Effective date. This Act takes effect upon | ||||||
| 10 | becoming law.
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