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Replaces everything after the enacting clause. Amends the Deposit of State Moneys Act. Creates the Illinois Insured Mortgage Program Fund as a special fund in the State Treasury. Provides that the Fund shall be administered by the State Treasurer and shall receive moneys generated or recovered through or related to the Illinois Insured Mortgage Pilot Program for eventual transfer to the General Revenue Fund (GRF). Moneys deposited shall not be considered general revenues of the State. Provides for transfers to GRF, less amounts to be expended for (i) any costs in connection with the operations of the Illinois Insured Mortgage Pilot Program; (ii) legal or other professional services fees incurred because of the operations of the Illinois Insured Mortgage Pilot Program; or (iii) any costs associated with the winding down of the Illinois Insured Mortgage Pilot Program Trust. Repeals the provisions on December 31, 2011. Amends the State Finance Act to create the Fund. Effective immediately.
Replaces everything after the enacting clause. Amends the Deposit of State Moneys Act. Provides for the dissolution of Illinois Insured Mortgage Pilot Program Trust. Requires the State Treasurer to make transfers from the Trust to the State's general investment pool. Authorizes the State Treasurer to retain a balance in the Trust to pay costs of operation, legal and professional fees, and costs of winding down the Trust. Makes other changes. Repeals the provisions on December 31, 2011. Effective immediately.
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