| |||||||
| |||||||
| |||||||
| 1 | AMENDMENT TO HOUSE BILL 4748
| ||||||
| 2 | AMENDMENT NO. ______. Amend House Bill 4748 by replacing | ||||||
| 3 | everything after the enacting clause with the following:
| ||||||
| 4 | "Section 5. The State Finance Act is amended by changing | ||||||
| 5 | Section 6u as follows:
| ||||||
| 6 | (30 ILCS 105/6u) (from Ch. 127, par. 142u)
| ||||||
| 7 | Sec. 6u.
All money returned to the State Treasurer by the | ||||||
| 8 | paying agent
for any State bonds or interest coupons by reason | ||||||
| 9 | of the failure of the
holder to present such bonds or coupons | ||||||
| 10 | for payment within 2 years after
maturity shall be deposited in | ||||||
| 11 | the Unclaimed Property Trust Fund Matured Bond and Coupon Fund. | ||||||
| 12 | Upon
the subsequent presentation for payment of any such bond | ||||||
| 13 | or coupon for
payment, payment shall be made from the Unclaimed | ||||||
| 14 | Property Trust Fund Matured Bond and Coupon Fund.
| ||||||
| 15 | The Treasurer shall transfer all unobligated and | ||||||
| 16 | unexpended moneys remaining in the Matured Bond and Coupon Fund | ||||||
| |||||||
| |||||||
| 1 | into the Unclaimed Property Trust Fund within 60 days after the | ||||||
| 2 | effective date of this amendatory Act of the 97th General | ||||||
| 3 | Assembly. | ||||||
| 4 | Whenever the State Treasurer and the State Comptroller | ||||||
| 5 | determine that
any such matured bonds or coupons will, in all | ||||||
| 6 | likelihood, never be
presented for payment, they shall transfer | ||||||
| 7 | the amount represented by
such bonds or coupons from the | ||||||
| 8 | Matured Bond and Coupon Fund to the
General Revenue Fund.
| ||||||
| 9 | (Source: P.A. 79-281; 79-1454.)
| ||||||
| 10 | (30 ILCS 105/5.65 rep.)
| ||||||
| 11 | Section 10. The State Finance Act is amended by repealing | ||||||
| 12 | Section 5.65. | ||||||
| 13 | Section 15. The Uniform Disposition of Unclaimed Property | ||||||
| 14 | Act is amended by adding Section 1.5 as follows: | ||||||
| 15 | (765 ILCS 1025/1.5 new) | ||||||
| 16 | Sec. 1.5. Application of the Act. This Act applies to all | ||||||
| 17 | money returned to the Treasurer by the paying agent for any | ||||||
| 18 | State bonds or interest coupons by reason of the failure of the | ||||||
| 19 | holder to present such bonds or coupons for payment within 2 | ||||||
| 20 | years after maturity.
| ||||||
| 21 | Section 99. Effective date. This Act takes effect upon | ||||||
| 22 | becoming law.".
| ||||||