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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 1. Short title. This Act may be cited as the | ||||||
5 | Charitable Trust Stabilization Act. | ||||||
6 | Section 5. The Charitable Trust Stabilization Fund. | ||||||
7 | (a) The Charitable Trust Stabilization Fund is created as a | ||||||
8 | special fund in the State treasury. From appropriations from | ||||||
9 | the Fund, the Charitable Trust Stabilization Committee shall | ||||||
10 | make grants to public and private entities in the State for the | ||||||
11 | purposes set forth under subsection (b). Moneys received for | ||||||
12 | the purposes of this Section, including, without limitation, | ||||||
13 | retained grant awards under Section 15 and appropriations, | ||||||
14 | gifts, grants, and awards from any public or private entity, | ||||||
15 | must be deposited into the Fund. Any interest earnings that are | ||||||
16 | attributable to moneys in the Fund must be deposited into the | ||||||
17 | Fund. | ||||||
18 | (b) Moneys in the Fund may be used only for the following | ||||||
19 | purposes: | ||||||
20 | (1) short-term, low-interest loans to participating | ||||||
21 | organizations that experience temporary cash-flow | ||||||
22 | shortages; | ||||||
23 | (2) business loans to participating organizations for |
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1 | the purpose of expanding their capacity or operations; | ||||||
2 | (3) grants for the start-up purposes of participating | ||||||
3 | organizations; and | ||||||
4 | (4) the administration of the Fund and this Act. | ||||||
5 | (c) Moneys in the Fund must be allocated as follows: | ||||||
6 | (1) 20% of the amount deposited into the Fund in the | ||||||
7 | fiscal year must be set aside for the operating budget of | ||||||
8 | the Fund for the next fiscal year, but the operating budget | ||||||
9 | of the Fund may not exceed $4,000,000 in any fiscal year; | ||||||
10 | (2) 50% must be available for the purposes set forth | ||||||
11 | under subsection (b); and | ||||||
12 | (3) 30% must be invested for the purpose of earning | ||||||
13 | interest or other investment income. | ||||||
14 | (d) As soon as practical after the effective date of this | ||||||
15 | Act, the State Treasurer must transfer the amount of $1,000,000 | ||||||
16 | from the General Revenue Fund to the Charitable Trust | ||||||
17 | Stabilization Fund. On the June 30 that occurs in the third | ||||||
18 | year after the transfer to the Charitable Trust Stabilization | ||||||
19 | Fund, the Treasurer must transfer the amount of $1,000,000 from | ||||||
20 | the Charitable Trust Stabilization Fund to the General Revenue | ||||||
21 | Fund. If, on that date, less than $1,000,000 is available for | ||||||
22 | transfer, then the Treasurer must transfer the remaining | ||||||
23 | balance of the Charitable Trust Stabilization Fund to the | ||||||
24 | General Revenue Fund, and on each June 30 thereafter must | ||||||
25 | transfer any balance in the Charitable Trust Stabilization Fund | ||||||
26 | to the General Revenue Fund until the aggregate amount of |
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1 | $1,000,000 has been transferred. | ||||||
2 | Section 10. The Charitable Trust Stabilization Committee. | ||||||
3 | (a) The Charitable Trust Stabilization Committee is | ||||||
4 | created. The Committee consists of the following members: | ||||||
5 | (1) the Lieutenant Governor or his or her designee, who | ||||||
6 | shall serve as co-chair of the Committee; | ||||||
7 | (2) the State Treasurer or his or her designee, who | ||||||
8 | shall serve as co-chair of the Committee; | ||||||
9 | (3) the Attorney General or his or her designee; | ||||||
10 | (4) the Director or his or her designee of each State | ||||||
11 | agency that provides grants to or contracts with | ||||||
12 | not-for-profit agencies in Illinois; | ||||||
13 | (5) the chief executive officer of the Division of | ||||||
14 | Financial Institutions in the Department of Financial and | ||||||
15 | Professional Regulations; and | ||||||
16 | (6) at least 5 but no more than 11 private citizens, | ||||||
17 | who shall serve a term of 6 years, appointed by the State | ||||||
18 | Treasurer. | ||||||
19 | (b) The Committee may adopt bylaws; it must meet at least | ||||||
20 | once each
calendar
quarter; and it may establish committees and | ||||||
21 | officers as it deems necessary.
For purposes of Committee | ||||||
22 | meetings, a quorum is a majority of the members.
Meetings of | ||||||
23 | the Committee are subject to the Open Meetings Act.
The | ||||||
24 | Committee must afford an opportunity for public comment at each | ||||||
25 | of its meetings. |
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1 | (c) Committee members shall serve without compensation, | ||||||
2 | but may be
reimbursed
for their reasonable travel expenses from | ||||||
3 | funds available for that purpose. The
Department of Commerce | ||||||
4 | and Economic Opportunity shall provide staff and
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5 | administrative support services to the task force. | ||||||
6 | (d) The Committee shall administer the Charitable Trust | ||||||
7 | Stabilization Fund. The Committee may employ the services of a | ||||||
8 | director. The director must have extensive experience in | ||||||
9 | building and funding not-for-profit ventures. The director | ||||||
10 | must: | ||||||
11 | (1) develop and implement an annual work plan based on | ||||||
12 | the goals set forth by the Committee; | ||||||
13 | (2) attend the Committee meetings and provide reports | ||||||
14 | of the progress on the annual work plan; | ||||||
15 | (3) develop and maintain a database of all | ||||||
16 | organizations that have elected to participate under this | ||||||
17 | Act; and | ||||||
18 | (4) publicize the Charitable Trust Stabilization Fund | ||||||
19 | to eligible organizations. | ||||||
20 | Section 15. Participating organizations. | ||||||
21 | (a) An eligible organization may elect to participate in | ||||||
22 | the Charitable Trust Stabilization Program under this Act. To | ||||||
23 | participate, the eligible organization must agree to have 3% of | ||||||
24 | the proceeds received by that organization from a grant award | ||||||
25 | or contract with any State agency placed in the Charitable |
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1 | Trust Stabilization Fund. | ||||||
2 | (b) To be an eligible organization, the organization must | ||||||
3 | be a community-based organization or other not-for-profit | ||||||
4 | entity that: | ||||||
5 | (1) is a not-for-profit corporation that is exempt from | ||||||
6 | federal income taxation under Section 501(c)(3) of the | ||||||
7 | federal Internal Revenue Code of 1986; | ||||||
8 | (2) is organized under the General Not for Profit | ||||||
9 | Corporation Act of 1986 for the purpose of providing | ||||||
10 | charitable services to the community; | ||||||
11 | (3) complies with the provisions of the Charitable | ||||||
12 | Trust Act; and | ||||||
13 | (4) received a grant or contract from a State agency | ||||||
14 | within the previous 24 months.
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15 | Section 20. Permissive application. The grant program | ||||||
16 | under this Act
is permissive and is subject to appropriation by | ||||||
17 | the General
Assembly. | ||||||
18 | Section 90. The State Finance Act is amended by adding | ||||||
19 | Section 5.675 as follows: | ||||||
20 | (30 ILCS 105/5.675 new) | ||||||
21 | Sec. 5.675. The Charitable Trust Stabilization Fund.
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