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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 Public Funds Investment Act is amended by | ||||||||||||||||||||||||||
| 5 | changing Section 1 as follows:
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| 6 | (30 ILCS 235/1) (from Ch. 85, par. 901)
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| 7 | Sec. 1.
The words "public funds", as used in this Act, mean | ||||||||||||||||||||||||||
| 8 | current
operating funds, special funds, interest and sinking | ||||||||||||||||||||||||||
| 9 | funds, and funds of
any kind or character belonging to or in | ||||||||||||||||||||||||||
| 10 | the custody of any public agency.
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| 11 | The words "public agency", as used in this Act, mean the | ||||||||||||||||||||||||||
| 12 | State of
Illinois, the various counties, townships, cities, | ||||||||||||||||||||||||||
| 13 | towns, villages, school
districts, educational service | ||||||||||||||||||||||||||
| 14 | regions, special road districts, public
water supply | ||||||||||||||||||||||||||
| 15 | districts, fire protection districts, drainage districts, | ||||||||||||||||||||||||||
| 16 | levee
districts, sewer districts, housing authorities, the | ||||||||||||||||||||||||||
| 17 | Illinois Bank Examiners'
Education Foundation, the Chicago | ||||||||||||||||||||||||||
| 18 | Park District, and all other political
corporations or | ||||||||||||||||||||||||||
| 19 | subdivisions of the State of Illinois, now or hereafter
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| 20 | created, whether herein specifically mentioned or not.
This Act | ||||||||||||||||||||||||||
| 21 | does not apply to: (i) the Illinois Prepaid Tuition Trust Fund,
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| 22 | private funds collected by the Illinois Conservation | ||||||||||||||||||||||||||
| 23 | Foundation, or
(ii) pension
funds or retirement systems | ||||||||||||||||||||||||||
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| 1 | established
under the Illinois Pension Code, except as | ||||||
| 2 | otherwise provided in that Code.
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| 3 | (Source: P.A. 91-669, eff. 1-1-00; 92-797, eff. 8-15-02.)
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| 4 | Section 10. The Illinois Prepaid Tuition Act is amended by | ||||||
| 5 | changing Section 20 as follows:
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| 6 | (110 ILCS 979/20)
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| 7 | Sec. 20. Investment Advisory Panel. The Illinois prepaid | ||||||
| 8 | tuition
program shall be
administered by the Illinois Student | ||||||
| 9 | Assistance Commission, with advice and
counsel from an | ||||||
| 10 | investment advisory panel appointed by the Commission. The
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| 11 | Illinois
prepaid tuition program shall be administratively | ||||||
| 12 | housed within the Commission,
and the investment advisory panel | ||||||
| 13 | shall have such duties as are specified
in this Act. The | ||||||
| 14 | Illinois prepaid tuition program shall be bound by the terms of | ||||||
| 15 | the Public Funds Investment Act.
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| 16 | The investment advisory panel shall consist of 7 members | ||||||
| 17 | who are
appointed by the
Commission, including one recommended | ||||||
| 18 | by the State Treasurer, one recommended
by the State | ||||||
| 19 | Comptroller, one recommended by the Director of the
Governor's | ||||||
| 20 | Office of Management and Budget, and one recommended by the | ||||||
| 21 | Executive Director of the Board of Higher
Education. Each panel | ||||||
| 22 | member shall possess knowledge, skill, and experience in
at | ||||||
| 23 | least one of the following areas of expertise: accounting, | ||||||
| 24 | actuarial
practice, risk management, or investment management. | ||||||
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| 1 | Members shall serve
3-year terms except that, in making the | ||||||
| 2 | initial appointments, the Commission
shall appoint 2 members to | ||||||
| 3 | serve for 2 years, 2 members to serve for 3 years,
and 3 | ||||||
| 4 | members to serve for 4 years. Any person appointed to fill a | ||||||
| 5 | vacancy on
the panel shall be appointed in a like manner and | ||||||
| 6 | shall serve for only the
unexpired term. Investment advisory | ||||||
| 7 | panel members shall be eligible for
reappointment
and shall | ||||||
| 8 | serve until a successor is appointed and confirmed. Panel | ||||||
| 9 | members
shall serve without compensation but shall be | ||||||
| 10 | reimbursed for expenses. Before
being installed as a member of | ||||||
| 11 | the investment advisory panel, each nominee
shall file
verified | ||||||
| 12 | written statements of economic interest with the Secretary of | ||||||
| 13 | State as
required by the Illinois Governmental Ethics Act and | ||||||
| 14 | with the Board of Ethics
as required by Executive Order of the | ||||||
| 15 | Governor.
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| 16 | The investment advisory panel shall meet at least twice | ||||||
| 17 | annually. At
least once each
year the Commission Chairman shall | ||||||
| 18 | designate a time and place at which the
investment advisory | ||||||
| 19 | panel shall meet publicly with the Illinois Student
Assistance
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| 20 | Commission to discuss issues and concerns relating to the | ||||||
| 21 | Illinois prepaid
tuition program.
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| 22 | (Source: P.A. 94-793, eff. 5-19-06.)
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| 23 | Section 99. Effective date. This Act takes effect upon | ||||||
| 24 | becoming law.
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