95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB2098


 
Introduced 2/14/2008, by Sen. A. J. Wilhelmi
 
SYNOPSIS AS INTRODUCED:
 		













15 ILCS 505/17.5 new











    Amends the State Treasurer Act. Authorizes the State Treasurer to create the State Treasurer Financial Education and Savings Not-For-Profit Corporation for the purposes of  promoting financial literacy and savings among the
residents of the State of Illinois and to issue grants and scholarships. Sets forth requirements for the creation and operation of the corporation. Effective immediately.
















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FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











SB2098

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    AN ACT concerning State government.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:



 
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    Section 5. The State Treasurer Act is amended  by adding 
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Section 17.5 as follows:
 
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    (15 ILCS 505/17.5  new)
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    Sec. 17.5. The State Treasurer Financial Education and 
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Savings Not-for-Profit Corporation.
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    (a) The Treasurer is authorized in accordance with Section 
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of the State Agency Entity Creation Act to create the   State 
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Treasurer Financial Education and Savings Not-for-Profit 
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Corporation.  To create the Not-for-Profit Corporation, the

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Treasurer shall file articles of incorporation and bylaws as 
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required under the
General Not For Profit Corporation Act of 
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1986 and take any other necessary steps as may be required 
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under State and federal law.  There
may be not less than 4 nor 
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more than 11 Directors to the Not-for-Profit Corporation.    No 
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Director
may receive compensation for his or her services to 
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the Not-for-Profit Corporation.
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    (b) The purposes of the Not-for-Profit Corporation are to 
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promote financial literacy and savings among the
residents of 
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the State of Illinois, to issue grants and scholarships for 
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educational purposes, and to engage generally in other lawful 
 


 






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endeavors
consistent with the foregoing purposes.  The 
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Not-for-Profit Corporation may not exceed the
provisions of the 
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General Not For Profit Corporation Act of 1986.
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    (c) As soon as practical after the Not-for-Profit 
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Corporation is created, the Directors
shall meet, organize, and 
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designate, by majority vote, a President, Secretary,
and any 
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additional officers as may be needed to carry out the 
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activities of the
Not-for-Profit Corporation.  The Treasurer 
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may adopt rules and regulations as deemed
necessary to govern 
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Not-for-Profit Corporation procedures.
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    (d) The Not-for-Profit Corporation may accept gifts, 
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grants, donations, or other contributions from any private 
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person or entity and may expend receipts on activities that it 
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considers
suitable to the performance of its duties under this 
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Section.  Moneys
collected by the Not-for-Profit Corporation 
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are considered private funds and must
be held in an appropriate 
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account outside of the State Treasury.  The
treasurer of the 
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Not-for-Profit Corporation is custodian of all Foundation 
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funds.
The Not-for-Profit Corporation and its officers are

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responsible for the approval of recording of receipts, approval 
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of payments,
and the proper filing of required reports.  The 
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Not-for-Profit Corporation may be assisted in
carrying out its 
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functions by personnel of the Office of the State Treasurer

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with respect to matters falling within their scope and 
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function.  The
Not-for-Profit Corporation shall cooperate fully 
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with the boards, commissions, agencies,
departments, and 
 


 






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institutions of the State.

 
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    Section 99. Effective date. This Act takes effect upon 
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becoming law.