Sen. Donne E. Trotter
Filed: 5/9/2007
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1 | AMENDMENT TO HOUSE BILL 3627
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2 | AMENDMENT NO. ______. Amend House Bill 3627 by replacing | ||||||
3 | everything after the enacting clause with the following:
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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 | fees collected under subsection (m) of Section 115.10 of the | ||||||
14 | General Not For Profit Corporation Act of 1986 and | ||||||
15 | appropriations, gifts, grants, and awards from any public or | ||||||
16 | private entity, must be deposited into the Fund. Any interest |
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1 | earnings that are attributable to moneys in the Fund must be | ||||||
2 | deposited into the Fund. | ||||||
3 | (b) Moneys in the Fund may be used only for the following | ||||||
4 | purposes: | ||||||
5 | (1) short-term, low-interest loans to participating | ||||||
6 | organizations that experience temporary cash-flow | ||||||
7 | shortages; | ||||||
8 | (2) business loans to participating organizations for | ||||||
9 | the purpose of expanding their capacity or operations; | ||||||
10 | (3) grants for the start-up purposes of participating | ||||||
11 | organizations; and | ||||||
12 | (4) the administration of the Fund and this Act. | ||||||
13 | (c) Moneys in the Fund must be allocated as follows: | ||||||
14 | (1) 20% of the amount deposited into the Fund in the | ||||||
15 | fiscal year must be set aside for the operating budget of | ||||||
16 | the Fund for the next fiscal year, but the operating budget | ||||||
17 | of the Fund may not exceed $4,000,000 in any fiscal year; | ||||||
18 | (2) 50% must be available for the purposes set forth | ||||||
19 | under subsection (b); and | ||||||
20 | (3) 30% must be invested for the purpose of earning | ||||||
21 | interest or other investment income. | ||||||
22 | (d) As soon as practical after the effective date of this | ||||||
23 | Act, the State Treasurer must transfer the amount of $1,000,000 | ||||||
24 | from the General Revenue Fund to the Charitable Trust | ||||||
25 | Stabilization Fund. On the June 30 that occurs in the third | ||||||
26 | year after the transfer to the Charitable Trust Stabilization |
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1 | Fund, the Treasurer must transfer the amount of $1,000,000 from | ||||||
2 | the Charitable Trust Stabilization Fund to the General Revenue | ||||||
3 | Fund. If, on that date, less than $1,000,000 is available for | ||||||
4 | transfer, then the Treasurer must transfer the remaining | ||||||
5 | balance of the Charitable Trust Stabilization Fund to the | ||||||
6 | General Revenue Fund, and on each June 30 thereafter must | ||||||
7 | transfer any balance in the Charitable Trust Stabilization Fund | ||||||
8 | to the General Revenue Fund until the aggregate amount of | ||||||
9 | $1,000,000 has been transferred. | ||||||
10 | Section 10. The Charitable Trust Stabilization Committee. | ||||||
11 | (a) The Charitable Trust Stabilization Committee is | ||||||
12 | created. The Committee consists of the following members: | ||||||
13 | (1) the Lieutenant Governor or his or her designee, who | ||||||
14 | shall serve as co-chair of the Committee; | ||||||
15 | (2) the State Treasurer or his or her designee, who | ||||||
16 | shall serve as co-chair of the Committee; | ||||||
17 | (3) the Attorney General or his or her designee; | ||||||
18 | (4) the Director or his or her designee of each State | ||||||
19 | agency that provides grants to or contracts with | ||||||
20 | not-for-profit agencies in Illinois; | ||||||
21 | (5) the chief executive officer of the Division of | ||||||
22 | Financial Institutions in the Department of Financial and | ||||||
23 | Professional Regulations; and | ||||||
24 | (6) six private citizens, who shall serve a term of 6 | ||||||
25 | years, appointed by the State Treasurer. |
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1 | (b) The Committee shall adopt rules, including procedures | ||||||
2 | and criteria for grant awards; it must meet at least once each
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3 | calendar
quarter; and it may establish committees and officers | ||||||
4 | as it deems necessary.
For purposes of Committee meetings, a | ||||||
5 | quorum is a majority of the members.
Meetings of the Committee | ||||||
6 | are subject to the Open Meetings Act.
The Committee must afford | ||||||
7 | an opportunity for public comment at each of its meetings. | ||||||
8 | (c) Committee members shall serve without compensation, | ||||||
9 | but may be
reimbursed
for their reasonable travel expenses from | ||||||
10 | funds available for that purpose. The
Department of Commerce | ||||||
11 | and Economic Opportunity shall provide staff and
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12 | administrative support services to the task force. | ||||||
13 | (d) The Committee shall administer the Charitable Trust | ||||||
14 | Stabilization Fund. The Committee may employ the services of a | ||||||
15 | director. The director must have extensive experience in | ||||||
16 | building and funding not-for-profit ventures. The director | ||||||
17 | must: | ||||||
18 | (1) develop and implement an annual work plan based on | ||||||
19 | the goals set forth by the Committee; | ||||||
20 | (2) attend the Committee meetings and provide reports | ||||||
21 | of the progress on the annual work plan; | ||||||
22 | (3) develop and maintain a database of all | ||||||
23 | organizations that have elected to participate under this | ||||||
24 | Act; and | ||||||
25 | (4) publicize the Charitable Trust Stabilization Fund | ||||||
26 | to eligible organizations. |
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1 | Section 15. Grant eligibility. To be eligible to receive a | ||||||
2 | grant under this Act, an organization must be a community-based | ||||||
3 | organization or other not-for-profit entity that: | ||||||
4 | (1) is a not-for-profit corporation that is exempt from | ||||||
5 | federal income taxation under Section 501(c)(3) of the | ||||||
6 | federal Internal Revenue Code of 1986; | ||||||
7 | (2) is organized under the General Not for Profit | ||||||
8 | Corporation Act of 1986 for the purpose of providing | ||||||
9 | charitable services to the community; | ||||||
10 | (3) complies with the provisions of the Charitable | ||||||
11 | Trust Act; and | ||||||
12 | (4) received a grant or contract from a State agency | ||||||
13 | within the previous 24 months.
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14 | Section 20. Permissive application. The grant program | ||||||
15 | under this Act
is permissive and is subject to appropriation by | ||||||
16 | the General
Assembly. | ||||||
17 | Section 90. The State Finance Act is amended by adding | ||||||
18 | Section 5.675 as follows: | ||||||
19 | (30 ILCS 105/5.675 new) | ||||||
20 | Sec. 5.675. The Charitable Trust Stabilization Fund.
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21 | Section 95. The General Not For Profit Corporation Act of |
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1 | 1986 is amended by changing Section 115.10 as follows:
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2 | (805 ILCS 105/115.10) (from Ch. 32, par. 115.10)
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3 | Sec. 115.10. Fees for filing documents. The Secretary of | ||||||
4 | State shall charge and collect for:
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5 | (a) Filing articles of incorporation, $50.
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6 | (b) Filing articles of amendment, $25, unless the | ||||||
7 | amendment is a
restatement of the articles of | ||||||
8 | incorporation, in which case the fee shall
be $100.
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9 | (c) Filing articles of merger or consolidation, $25.
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10 | (d) Filing articles of dissolution, $5.
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11 | (e) Filing application to reserve a corporate name, | ||||||
12 | $25.
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13 | (f) Filing a notice of transfer or cancellation of a | ||||||
14 | reserved corporate
name, $25.
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15 | (g) Filing statement of change of address of registered | ||||||
16 | office or change
of registered agent, or both, $5.
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17 | (h) Filing an application of a foreign corporation for | ||||||
18 | authority to
conduct affairs in this State, $50.
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19 | (i) Filing an application of a foreign corporation for
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20 | amended authority to conduct affairs in this
State, $25.
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21 | (j) Filing a copy of amendment to the articles of | ||||||
22 | incorporation of a
foreign corporation holding authority | ||||||
23 | to conduct affairs in this State, $25,
unless the amendment | ||||||
24 | is a restatement of the articles of incorporation, in
which | ||||||
25 | case the fee shall be $100.
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1 | (k) Filing a copy of articles of merger of a foreign | ||||||
2 | corporation holding
authority to conduct affairs in this | ||||||
3 | State, $25.
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4 | (l) Filing an application for withdrawal and final | ||||||
5 | report or a copy of
articles of dissolution of a foreign | ||||||
6 | corporation, $5.
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7 | (m) Filing an annual report of a domestic or foreign | ||||||
8 | corporation, $10, of which $5 must be deposited into the | ||||||
9 | Charitable Trust Stabilization Fund
$5 .
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10 | (n) Filing an application for reinstatement of a | ||||||
11 | domestic
or a foreign corporation, $25.
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12 | (o) Filing an application for use of an assumed | ||||||
13 | corporate
name,
$150 for each year or part thereof ending | ||||||
14 | in 0 or 5, $120 for each year or part
thereof ending in 1 or | ||||||
15 | 6, $90 for each year or part thereof ending in 2 or 7,
$60 | ||||||
16 | for each year or part thereof ending in 3 or 8, $30 for | ||||||
17 | each year or part
thereof ending in 4 or 9, and a renewal | ||||||
18 | fee for each assumed corporate name,
$150.
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19 | (p) Filing an application for change or cancellation of | ||||||
20 | an assumed
corporate name, $5.
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21 | (q) Filing an application to register the corporate | ||||||
22 | name of
a foreign corporation, $50; and an annual renewal | ||||||
23 | fee for
the registered name, $50.
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24 | (r) Filing an application for cancellation of a | ||||||
25 | registered
name of a foreign corporation, $5.
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26 | (s) Filing a statement of correction, $25.
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1 | (t) Filing an election to accept this Act, $25.
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2 | (u) Filing any other statement or report, $5.
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3 | (Source: P.A. 93-59, eff. 7-1-03; 94-605, eff. 1-1-06.)".
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