SB2820 EnrolledLRB099 19813 RPS 44212 b


  
1    AN ACT concerning public employee benefits.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  



 
 
4    Section 5. The Illinois Pension Code is amended  by changing 
5Section 6-179 and  by adding Sections 6-183.1 and 6-191.1 as 
6follows:
 



7    (40 ILCS 5/6-179)  (from Ch. 108 1/2, par. 6-179)



8    Sec. 6-179. Board's powers and duties. The board shall have 
9the powers and duties stated in Section 6-180 to 6-191.1
6-191, 
10inclusive, in addition to the other powers and duties provided 
11in
this Article.

12(Source: Laws 1963, p. 161.)

 
13    (40 ILCS 5/6-183.1 new)
14    Sec. 6-183.1. To lend securities. The board may lend 
15securities owned by the Fund to a borrower upon such terms and 
16conditions as may be mutually agreed in writing. Such agreement 
17shall provide that during the period of such loan the Fund 
18shall retain the right to receive, or collect from the 
19borrower, all dividends, interest rights, or any distributions 
20to which the Fund would have otherwise been entitled. The 
21borrower shall deposit with the Fund, as collateral for such 
22loan, cash equal to the market value of the securities at the 
 
 
SB2820 Enrolled- 2 -LRB099 19813 RPS 44212 b

1time the loan is made and shall increase the amount of 
2collateral if and when the Fund requests an additional amount 
3because of subsequent increased market value of the securities.
4    The period for which the securities may be loaned shall not 
5exceed one year, and the loan agreement may specify earlier 
6termination by either party upon mutually agreed conditions.
 
7    (40 ILCS 5/6-191.1 new)
8    Sec. 6-191.1. To reproduce records. To have any records 
9kept by the board photographed, microfilmed, or digitally or 
10electronically reproduced in accordance with the Local Records 
11Act. The photographs, microfilm, and digital and electronic 
12reproductions shall be deemed original records and documents 
13for all purposes, including introduction in evidence before all 
14courts and administrative agencies.
 
 
15    Section 99. Effective date. This Act takes effect upon 
16becoming law.