Full Text of HB3377 97th General Assembly
HB3377eng 97TH GENERAL ASSEMBLY |
| | HB3377 Engrossed | | LRB097 10467 PJG 50711 b |
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| 1 | | AN ACT concerning finance.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Charitable Trust Stabilization Act is | 5 | | amended by changing Sections 5 and 10 as follows: | 6 | | (30 ILCS 790/5)
| 7 | | Sec. 5. The Charitable Trust Stabilization Fund. | 8 | | (a) The Charitable Trust Stabilization Fund is created as a | 9 | | special fund in the State treasury. From appropriations from | 10 | | the Fund, upon recommendation from the Charitable Trust | 11 | | Stabilization Committee , the State Treasurer may shall make | 12 | | grants to public and private entities in the State for the | 13 | | purposes set forth under subsection (b). Special attention | 14 | | shall be given to public and private entities with operating | 15 | | budgets of less than $1,000,000 that are located within a | 16 | | depressed area, as defined under Section 3 of the Illinois | 17 | | Enterprise Zone Act, and preferences for recommending grants to | 18 | | the State Treasurer may be given to these entities by the | 19 | | Committee. Moneys received for the purposes of this Section, | 20 | | including, without limitation, fees collected under subsection | 21 | | (m) of Section 115.10 of the General Not For Profit Corporation | 22 | | Act of 1986 and appropriations, gifts, grants, and awards from | 23 | | any public or private entity, must be deposited into the Fund. |
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| 1 | | Any interest earnings that are attributable to moneys in the | 2 | | Fund must be deposited into the Fund. | 3 | | (b) Moneys in the Fund may be used only for the following | 4 | | purposes: | 5 | | (1) (blank) short-term, low-interest loans to | 6 | | participating organizations that experience temporary | 7 | | cash-flow shortages ; | 8 | | (2) (blank) business loans to participating | 9 | | organizations for the purpose of expanding their capacity | 10 | | or operations ; | 11 | | (3) grants for the start-up or operational purposes of | 12 | | participating organizations; and | 13 | | (4) the administration of the Fund and this Act. | 14 | | (c) Moneys in the Fund must be allocated as follows: | 15 | | (1) 20% of the amount deposited into the Fund in the | 16 | | fiscal year must be set aside for the operating budget of | 17 | | the Fund and Committee for the next fiscal year, but the | 18 | | operating budget of the Fund and Committee may not exceed | 19 | | $4,000,000 in any fiscal year; | 20 | | (2) 50% must be available for the purposes set forth | 21 | | under subsection (b); and | 22 | | (3) 30% must be invested for the purpose of earning | 23 | | interest or other investment income. | 24 | | (d) As soon as practical after the effective date of this | 25 | | Act, the State Treasurer must transfer the amount of $1,000,000 | 26 | | from the General Revenue Fund to the Charitable Trust |
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| 1 | | Stabilization Fund. On the June 30 that occurs in the third | 2 | | year after the transfer to the Charitable Trust Stabilization | 3 | | Fund, the Treasurer must transfer the amount of $1,000,000 from | 4 | | the Charitable Trust Stabilization Fund to the General Revenue | 5 | | Fund. If, on that date, less than $1,000,000 is available for | 6 | | transfer, then the Treasurer must transfer the remaining | 7 | | balance of the Charitable Trust Stabilization Fund to the | 8 | | General Revenue Fund, and on each June 30 thereafter must | 9 | | transfer any balance in the Charitable Trust Stabilization Fund | 10 | | to the General Revenue Fund until the aggregate amount of | 11 | | $1,000,000 has been transferred.
| 12 | | (Source: P.A. 95-655, eff. 6-1-08 .) | 13 | | (30 ILCS 790/10)
| 14 | | Sec. 10. The Charitable Trust Stabilization Committee. | 15 | | (a) The Charitable Trust Stabilization Committee is | 16 | | created. The Committee consists of the following members: | 17 | | (1) the Attorney General or his or her designee, who | 18 | | shall serve as co-chair of the Committee; | 19 | | (2) a member that represents the Office of the State | 20 | | Treasurer that is appointed by the Treasurer or his or her | 21 | | designee , who shall serve as co-chair of the Committee; | 22 | | (3) the Lieutenant Governor or his or her designee; | 23 | | (4) the Director of Commerce and Economic Opportunity | 24 | | or his or her designee; | 25 | | (5) the chief executive officer of the Division of |
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| 1 | | Financial Institutions in the Department of Financial and | 2 | | Professional Regulations or his or her designee; and | 3 | | (6) six private citizens, who shall serve a term of 6 | 4 | | years, appointed by the State Treasurer with advice and | 5 | | consent of the Senate. | 6 | | (b) The State Treasurer Committee shall adopt rules, | 7 | | including procedures and criteria for grant awards . The | 8 | | Committee ; it must meet at least once each
calendar
quarter , ; | 9 | | and it may establish committees and officers as it deems | 10 | | necessary.
For purposes of Committee meetings, a quorum is a | 11 | | majority of the members.
Meetings of the Committee are subject | 12 | | to the Open Meetings Act.
The Committee must afford an | 13 | | opportunity for public comment at each of its meetings. | 14 | | (c) Committee members shall serve without compensation, | 15 | | but may be
reimbursed
for their reasonable travel expenses from | 16 | | funds available for that purpose. The
Office of the State | 17 | | Treasurer Department of Commerce and Economic Opportunity | 18 | | shall, subject to appropriation, provide staff and
| 19 | | administrative support services to the Committee. | 20 | | (d) The State Treasurer Committee shall administer the | 21 | | Charitable Trust Stabilization Fund. The Committee may employ | 22 | | the services of a director. The director must have extensive | 23 | | experience in building and funding not-for-profit ventures. | 24 | | The director must: | 25 | | (1) develop and implement an annual work plan based on | 26 | | the goals set forth by the Committee; |
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| 1 | | (2) attend the Committee meetings and provide reports | 2 | | of the progress on the annual work plan; | 3 | | (3) develop and maintain a database of all | 4 | | organizations that have elected to participate under this | 5 | | Act; and | 6 | | (4) publicize the Charitable Trust Stabilization Fund | 7 | | to eligible organizations. | 8 | | The State Treasurer may transfer all or a portion of the | 9 | | balance of the fund to a third-party administrator to fulfill | 10 | | the mission of the Committee and the purposes of the fund in | 11 | | accordance with this Act and in compliance with Section 5(c) of | 12 | | this Act.
| 13 | | (Source: P.A. 95-655, eff. 6-1-08 .)
| 14 | | Section 99. Effective date. This Act takes effect upon | 15 | | becoming law.
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