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1 | AN ACT concerning State government. | |||||||||||||||||||||||
2 | Be it enacted by the People of the State of Illinois, | |||||||||||||||||||||||
3 | represented in the General Assembly: | |||||||||||||||||||||||
4 | Section 5. The State Treasurer Act is amended by changing | |||||||||||||||||||||||
5 | Section 10 and by adding Section 17.2 as follows: | |||||||||||||||||||||||
6 | (15 ILCS 505/10) (from Ch. 130, par. 10) | |||||||||||||||||||||||
7 | Sec. 10. Direct deposit of State payments. The Treasurer | |||||||||||||||||||||||
8 | shall not pay out of the treasury any money, except upon the | |||||||||||||||||||||||
9 | warrant of the State Comptroller, provided that warrants shall | |||||||||||||||||||||||
10 | not be required where payments are made by the Comptroller : | |||||||||||||||||||||||
11 | (1) to providers of community-based mental health | |||||||||||||||||||||||
12 | services ; , | |||||||||||||||||||||||
13 | (2) to persons receiving benefit payments under the | |||||||||||||||||||||||
14 | State pension systems ; , | |||||||||||||||||||||||
15 | (3) to individuals receiving assistance under Article | |||||||||||||||||||||||
16 | III of the Illinois Public Aid Code ; , or | |||||||||||||||||||||||
17 | (4) to a public agency as defined in the Public Funds | |||||||||||||||||||||||
18 | Investment Act ; or , | |||||||||||||||||||||||
19 | (5) by direct deposit or by the electronic direct | |||||||||||||||||||||||
20 | deposit or transfer of funds. | |||||||||||||||||||||||
21 | These payments, however, shall only be made upon the | |||||||||||||||||||||||
22 | approval of the Treasurer, in the form and method provided by | |||||||||||||||||||||||
23 | the rules or regulations adopted under Section 9.03 of the |
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1 | State Comptroller Act. | ||||||
2 | (Source: P.A. 87-132; 87-653; 87-685; 87-751; 87-895; 88-643, | ||||||
3 | eff. 1-1-95.) | ||||||
4 | (15 ILCS 505/17.2 new) | ||||||
5 | Sec. 17.2. non-profit investment pool. | ||||||
6 | (a) The State Treasurer may establish and administer a | ||||||
7 | non-profit investment pool to supplement and enhance | ||||||
8 | investment opportunities otherwise available to not-for-profit | ||||||
9 | corporations in this State. | ||||||
10 | (b) The Treasurer may receive funds paid into the | ||||||
11 | non-profit investment pool by a not-for-profit corporation | ||||||
12 | that is exempt from taxation under Section 501(c) of the | ||||||
13 | Internal Revenue Code for the purpose of holding and investing | ||||||
14 | those funds. | ||||||
15 | (c) The Treasurer may invest the funds constituting the | ||||||
16 | non-profit investment pool in the same manner, in the same | ||||||
17 | types of investments, and subject to the same limitations | ||||||
18 | provided for the investment of funds in the State Treasury. | ||||||
19 | The Treasurer shall develop, publish, and implement an | ||||||
20 | investment policy covering the management of funds in the | ||||||
21 | non-profit investment pool. The policy shall be published each | ||||||
22 | year as part of the audit of the non-profit investment pool by | ||||||
23 | the Auditor General, which shall be distributed to all | ||||||
24 | participants. The Treasurer shall notify all non-profit | ||||||
25 | investment pool participants in writing, and the Treasurer |
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1 | shall publish in at least one newspaper of general circulation | ||||||
2 | in both Springfield and Chicago any changes to a previously | ||||||
3 | published investment policy at least 30 calendar days before | ||||||
4 | implementing the policy. Any investment policy adopted by the | ||||||
5 | Treasurer shall be reviewed, and updated if necessary, within | ||||||
6 | 90 days after the installation of a new Treasurer. | ||||||
7 | (d) The Treasurer shall adopt rules for the efficient | ||||||
8 | administration of the non-profit investment pool, including | ||||||
9 | the minimum amounts that may be deposited in the non-profit | ||||||
10 | investment pool and the minimum period of time that deposits | ||||||
11 | shall be retained in the non-profit investment pool. The rules | ||||||
12 | shall provide for the administrative expenses of the | ||||||
13 | non-profit investment pool to be paid from its earnings and | ||||||
14 | for the interest earnings in excess of such expenses to be | ||||||
15 | credited or paid monthly to the not-for-profit corporations | ||||||
16 | participating in the non-profit investment pool in a manner | ||||||
17 | which equitably reflects the differing amounts of their | ||||||
18 | respective investments in the non-profit investment pool and | ||||||
19 | the differing periods of time for which the amounts were in the | ||||||
20 | custody of the non-profit investment pool. | ||||||
21 | (e) Upon creating a non-profit investment pool, the State | ||||||
22 | Treasurer shall give bond with 2 or more sufficient sureties, | ||||||
23 | payable to not-for-profit corporations that participate in the | ||||||
24 | non-profit investment pool for the benefit of the | ||||||
25 | not-for-profit corporations that have funds that are paid into | ||||||
26 | the non-profit investment pool for investment, in the penal |
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1 | sum of $150,000, conditioned for the faithful discharge of the | ||||||
2 | State Treasurer's duties in relation to the non-profit | ||||||
3 | investment pool. | ||||||
4 | Section 10. The Accountability for the Investment of | ||||||
5 | Public Funds Act is amended by changing Section 10 as follows: | ||||||
6 | (30 ILCS 237/10) | ||||||
7 | Sec. 10. Online information concerning investment of | ||||||
8 | public funds. Each State agency shall make available on the | ||||||
9 | Internet, and update at least monthly , no later than the end of | ||||||
10 | each month by the 15th of the month , sufficient information | ||||||
11 | concerning the investment of any public funds held by that | ||||||
12 | State agency to identify the following: | ||||||
13 | (1) the amount of funds held by that agency on the last | ||||||
14 | day of the preceding month or the average daily balance | ||||||
15 | for the preceding month; | ||||||
16 | (2) the total monthly investment income and yield for | ||||||
17 | all funds invested by that agency; | ||||||
18 | (3) the asset allocation of the investments made by | ||||||
19 | that agency; and | ||||||
20 | (4) a complete listing of all approved depository | ||||||
21 | institutions, commercial paper issuers, and broker-dealers | ||||||
22 | approved to do business with that agency. | ||||||
23 | (Source: P.A. 93-499, eff. 1-1-04.) | ||||||
24 | Section 99. Effective date. This Act takes effect upon |
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1 | becoming law. |