Rep. Elaine Nekritz

Filed: 5/18/2016

 

 


 

 


 
09900SB2820ham001LRB099 19813 RPS 48809 a

1
AMENDMENT TO SENATE BILL 2820

2    AMENDMENT NO. ______. Amend Senate Bill 2820 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Pension Code is amended by
5changing Section 6-179 and by adding Sections 6-183.1 and
66-191.1 as follows:
 
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

 

 

09900SB2820ham001- 2 -LRB099 19813 RPS 48809 a

1conditions as may be mutually agreed in writing. Such agreement
2shall provide that during the period of such loan the Fund
3shall retain the right to receive, or collect from the
4borrower, all dividends, interest rights, or any distributions
5to which the Fund would have otherwise been entitled. The
6borrower shall deposit with the Fund, as collateral for such
7loan, cash equal to the market value of the securities at the
8time the loan is made and shall increase the amount of
9collateral if and when the Fund requests an additional amount
10because of subsequent increased market value of the securities.
11    The period for which the securities may be loaned shall not
12exceed one year, and the loan agreement may specify earlier
13termination by either party upon mutually agreed conditions.
 
14    (40 ILCS 5/6-191.1 new)
15    Sec. 6-191.1. To reproduce records. To have any records
16kept by the board photographed, microfilmed, or digitally or
17electronically reproduced in accordance with the Local Records
18Act. The photographs, microfilm, and digital and electronic
19reproductions shall be deemed original records and documents
20for all purposes, including introduction in evidence before all
21courts and administrative agencies.
 
22    Section 99. Effective date. This Act takes effect upon
23becoming law.".