Illinois General Assembly - Full Text of HB4908
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Full Text of HB4908  103rd General Assembly



State of Illinois
2023 and 2024


Introduced 2/7/2024, by Rep. Mark L. Walker


15 ILCS 505/10  from Ch. 130, par. 10
15 ILCS 505/17.2 new
30 ILCS 237/10

    Amends the State Treasurer Act. Provides that the State Treasurer may establish and administer a non-profit investment pool to supplement and enhance investment opportunities otherwise available to not-for-profit corporations in the State. Provides that the Treasurer may receive funds paid into the pool for the purpose of holding and investing those funds. Provides for surety bonds payable to not-for-profit corporations who participate in the pool. Makes changes to provisions concerning the direct deposit of State payments. Amends the Accountability for the Investment of Public Funds Act. Provides that the Treasurer shall adopt rules for the efficient administration of the pool. Provides that each State agency shall make available on the Internet, and update at least monthly, no later than the end of each month (rather than by the 15th of the month), sufficient information concerning the investment of any public funds held by that State agency to identify specified information. Effective immediately.

LRB103 36416 SPS 66518 b





HB4908LRB103 36416 SPS 66518 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 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
8shall not pay out of the treasury any money, except upon the
9warrant of the State Comptroller, provided that warrants shall
10not 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
22approval of the Treasurer, in the form and method provided by
23the rules or regulations adopted under Section 9.03 of the



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1State Comptroller Act.
2(Source: P.A. 87-132; 87-653; 87-685; 87-751; 87-895; 88-643,
3eff. 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
7non-profit investment pool to supplement and enhance
8investment opportunities otherwise available to not-for-profit
9corporations in this State.
10    (b) The Treasurer may receive funds paid into the
11non-profit investment pool by a not-for-profit corporation
12that is exempt from taxation under Section 501(c) of the
13Internal Revenue Code for the purpose of holding and investing
14those funds.
15    (c) The Treasurer may invest the funds constituting the
16non-profit investment pool in the same manner, in the same
17types of investments, and subject to the same limitations
18provided for the investment of funds in the State Treasury.
19The Treasurer shall develop, publish, and implement an
20investment policy covering the management of funds in the
21non-profit investment pool. The policy shall be published each
22year as part of the audit of the non-profit investment pool by
23the Auditor General, which shall be distributed to all
24participants. The Treasurer shall notify all non-profit
25investment pool participants in writing, and the Treasurer



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1shall publish in at least one newspaper of general circulation
2in both Springfield and Chicago any changes to a previously
3published investment policy at least 30 calendar days before
4implementing the policy. Any investment policy adopted by the
5Treasurer shall be reviewed, and updated if necessary, within
690 days after the installation of a new Treasurer.
7    (d) The Treasurer shall adopt rules for the efficient
8administration of the non-profit investment pool, including
9the minimum amounts that may be deposited in the non-profit
10investment pool and the minimum period of time that deposits
11shall be retained in the non-profit investment pool. The rules
12shall provide for the administrative expenses of the
13non-profit investment pool to be paid from its earnings and
14for the interest earnings in excess of such expenses to be
15credited or paid monthly to the not-for-profit corporations
16participating in the non-profit investment pool in a manner
17which equitably reflects the differing amounts of their
18respective investments in the non-profit investment pool and
19the differing periods of time for which the amounts were in the
20custody of the non-profit investment pool.
21    (e) Upon creating a non-profit investment pool, the State
22Treasurer shall give bond with 2 or more sufficient sureties,
23payable to not-for-profit corporations that participate in the
24non-profit investment pool for the benefit of the
25not-for-profit corporations that have funds that are paid into
26the non-profit investment pool for investment, in the penal



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1sum of $150,000, conditioned for the faithful discharge of the
2State Treasurer's duties in relation to the non-profit
3investment pool.
4    Section 10. The Accountability for the Investment of
5Public Funds Act is amended by changing Section 10 as follows:
6    (30 ILCS 237/10)
7    Sec. 10. Online information concerning investment of
8public funds. Each State agency shall make available on the
9Internet, and update at least monthly, no later than the end of
10each month by the 15th of the month, sufficient information
11concerning the investment of any public funds held by that
12State 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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1becoming law.