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Full Text of HB2003  102nd General Assembly

HB2003 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB2003

 

Introduced 2/17/2021, by Rep. Jim Durkin

 

SYNOPSIS AS INTRODUCED:
 
15 ILCS 505/17  from Ch. 130, par. 17

    Amends the State Treasurer Act. Makes a technical change in a Section concerning the Public Treasurers' Investment Pool.


LRB102 12219 RJF 17556 b

 

 

A BILL FOR

 

HB2003LRB102 12219 RJF 17556 b

1    AN ACT concerning State government.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The State Treasurer Act is amended by changing
5Section 17 as follows:
 
6    (15 ILCS 505/17)  (from Ch. 130, par. 17)
7    Sec. 17. The State Treasurer may establish and administer
8both a Public Treasurers' Investment Pool and an E-Pay program
9to supplement and enhance both the investment opportunities
10and the secure electronic payment options otherwise available
11to other custodians of public funds for public agencies in
12this State.
13    The The Treasurer, in administering the Public Treasurers'
14Investment Pool, may receive public funds paid into the pool
15by any other custodian of such funds and may serve as the
16fiscal agent of that custodian of public funds for the purpose
17of holding and investing those funds.
18    The Treasurer may invest the public funds constituting the
19Public Treasurers' Investment Pool in the same manner, in the
20same types of investments and subject to the same limitations
21provided for the investment of funds in the State Treasury.
22The Treasurer shall develop, publish, and implement an
23investment policy covering the management of funds in the

 

 

HB2003- 2 -LRB102 12219 RJF 17556 b

1Public Treasurers' Investment Pool. The policy shall be
2published each year as part of the audit of the Public
3Treasurers' Investment Pool by the Auditor General, which
4shall be distributed to all participants. The Treasurer shall
5notify all Public Treasurers' Investment Pool participants in
6writing, and the Treasurer shall publish in at least one
7newspaper of general circulation in both Springfield and
8Chicago any changes to a previously published investment
9policy at least 30 calendar days before implementing the
10policy. Any such investment policy adopted by the Treasurer
11shall be reviewed, and updated if necessary, within 90 days
12following the installation of a new Treasurer.
13    The Treasurer shall promulgate such rules and regulations
14as he deems necessary for the efficient administration of the
15Public Treasurers' Investment Pool and the E-Pay program,
16including specification of minimum amounts which may be
17deposited in the Pool and minimum periods of time for which
18deposits shall be retained in the Pool. The rules shall
19provide for the administration expenses of the Pool to be paid
20from its earnings and for the interest earnings in excess of
21such expenses to be credited or paid monthly to the several
22custodians of public funds participating in the Pool in a
23manner which equitably reflects the differing amounts of their
24respective investments in the Pool and the differing periods
25of time for which such amounts were in the custody of the Pool.
26    Upon creating a Public Treasurers' Investment Pool the

 

 

HB2003- 3 -LRB102 12219 RJF 17556 b

1State Treasurer shall give bond with 2 or more sufficient
2sureties, payable to custodians of public funds who
3participate in the Pool for the benefit of the public agencies
4whose funds are paid into the Pool for investment, in the penal
5sum of $150,000, conditioned for the faithful discharge of his
6duties in relation to the Public Treasurers' Investment Pool.
7    "Public agency", as used in this Section, means the State
8of Illinois or any political subdivision, or any agency,
9board, or department thereof, any special district, any
10municipality, or any unit of local government.
11    "Public funds", as used in this Section, means current
12operating funds, special funds, and funds of any kind or
13character belonging to or in the custody of any public agency.
14    This amendatory Act of 1975 is not a limit on any home rule
15unit.
16    After the effective date of this amendatory Act of the
1799th General Assembly, participation in the Public Treasurers'
18Investment Pool shall not be a prerequisite for participation
19in the Treasurer's E-Pay program.
20(Source: P.A. 99-856, eff. 8-19-16; 100-969, eff. 8-19-18.)