| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| 1 | AN ACT concerning State government.
| |||||||||||||||||||
| 2 | Be it enacted by the People of the State of Illinois,
| |||||||||||||||||||
| 3 | represented in the General Assembly:
| |||||||||||||||||||
| 4 | Section 5. The State Treasurer Act is amended by changing | |||||||||||||||||||
| 5 | Section 17 as follows:
| |||||||||||||||||||
| 6 | (15 ILCS 505/17) (from Ch. 130, par. 17)
| |||||||||||||||||||
| 7 | Sec. 17.
The State Treasurer may establish and administer | |||||||||||||||||||
| 8 | both a Public
Treasurers'
Investment Pool and an E-Pay program | |||||||||||||||||||
| 9 | to supplement
and enhance both the investment opportunities | |||||||||||||||||||
| 10 | and the secure electronic payment options otherwise available | |||||||||||||||||||
| 11 | to other
custodians
of public funds for public agencies
in | |||||||||||||||||||
| 12 | this State.
| |||||||||||||||||||
| 13 | The The Treasurer, in administering the Public Treasurers' | |||||||||||||||||||
| 14 | Investment Pool,
may receive public
funds paid into the pool | |||||||||||||||||||
| 15 | by any other custodian of such funds and may serve
as the | |||||||||||||||||||
| 16 | fiscal agent of
that custodian of public funds for the purpose | |||||||||||||||||||
| 17 | of holding and investing those
funds.
| |||||||||||||||||||
| 18 | The Treasurer may invest the public funds constituting the | |||||||||||||||||||
| 19 | Public Treasurers'
Investment
Pool in the same manner, in the | |||||||||||||||||||
| 20 | same types of investments and subject to
the same limitations
| |||||||||||||||||||
| 21 | provided for the investment of funds in the State Treasury. | |||||||||||||||||||
| 22 | The Treasurer
shall develop, publish, and implement an | |||||||||||||||||||
| 23 | investment policy covering the
management of funds in the | |||||||||||||||||||
| |||||||
| |||||||
| 1 | Public Treasurers' Investment Pool. The policy
shall be | ||||||
| 2 | published each year as part of the audit
of the Public | ||||||
| 3 | Treasurers' Investment Pool by the Auditor General, which | ||||||
| 4 | shall
be distributed to all participants. The Treasurer shall | ||||||
| 5 | notify all Public
Treasurers' Investment Pool participants in | ||||||
| 6 | writing, and the Treasurer shall
publish in at least one | ||||||
| 7 | newspaper of general circulation in both Springfield
and | ||||||
| 8 | Chicago any changes to a previously published investment | ||||||
| 9 | policy at least 30
calendar days before implementing the | ||||||
| 10 | policy. Any such investment policy
adopted by the Treasurer | ||||||
| 11 | shall be reviewed, and updated if necessary, within 90
days | ||||||
| 12 | following the installation of a new Treasurer.
| ||||||
| 13 | The Treasurer shall promulgate such rules and regulations | ||||||
| 14 | as he deems
necessary
for the efficient
administration of the | ||||||
| 15 | Public Treasurers' Investment Pool and the E-Pay program, | ||||||
| 16 | including
specification
of minimum amounts
which may be | ||||||
| 17 | deposited in the Pool and minimum periods of time for which
| ||||||
| 18 | deposits
shall be retained in the Pool. The rules shall | ||||||
| 19 | provide for the administration
expenses of the Pool to be
paid | ||||||
| 20 | from its earnings and for the interest earnings in excess of | ||||||
| 21 | such expenses
to be credited or
paid monthly to the several | ||||||
| 22 | custodians of public funds participating in
the Pool in a | ||||||
| 23 | manner which equitably
reflects the differing amounts of their | ||||||
| 24 | respective investments in the Pool and
the
differing periods | ||||||
| 25 | of time for which such amounts were in the custody of the
Pool.
| ||||||
| 26 | Upon creating a Public Treasurers' Investment Pool the | ||||||
| |||||||
| |||||||
| 1 | State Treasurer shall
give bond with 2 or more sufficient | ||||||
| 2 | sureties, payable to custodians of public
funds who | ||||||
| 3 | participate
in the Pool for the benefit of the public agencies | ||||||
| 4 | whose funds are paid
into the Pool for investment,
in the penal | ||||||
| 5 | sum of $150,000, conditioned for the faithful discharge of
his | ||||||
| 6 | duties in relation to the
Public Treasurers' Investment Pool.
| ||||||
| 7 | "Public agency", as used in this Section, means the State | ||||||
| 8 | of Illinois or any political subdivision, or any agency, | ||||||
| 9 | board, or department thereof, any special district, any | ||||||
| 10 | municipality, or any unit of local government. | ||||||
| 11 | "Public funds", as used in this Section, means current | ||||||
| 12 | operating funds, special funds, and funds of any kind or | ||||||
| 13 | character belonging to or in the custody of any public agency.
| ||||||
| 14 | This amendatory Act of 1975 is not a limit on any home rule | ||||||
| 15 | unit.
| ||||||
| 16 | After the effective date of this amendatory Act of the | ||||||
| 17 | 99th General Assembly, participation in the Public Treasurers' | ||||||
| 18 | Investment Pool shall not be a prerequisite for participation | ||||||
| 19 | in the Treasurer's E-Pay program. | ||||||
| 20 | (Source: P.A. 99-856, eff. 8-19-16; 100-969, eff. 8-19-18.)
| ||||||