Full Text of HB5507 98th General Assembly
HB5507ham001 98TH GENERAL ASSEMBLY | Rep. Ron Sandack Filed: 3/24/2014
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| 1 | | AMENDMENT TO HOUSE BILL 5507
| 2 | | AMENDMENT NO. ______. Amend House Bill 5507 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The Illinois Pension Code is amended by | 5 | | changing Sections 7-195.1, 7-210, and 7-214 as follows:
| 6 | | (40 ILCS 5/7-195.1) (from Ch. 108 1/2, par. 7-195.1)
| 7 | | Sec. 7-195.1. To establish and maintain a revolving | 8 | | account. To establish and maintain a revolving account in a | 9 | | bank or savings and
loan association, approved by the
State | 10 | | Treasurer as a State depositary and having capital funds, | 11 | | represented
by capital, surplus, and undivided profits, of at | 12 | | least 5 million dollars,
for the purpose of making payments of | 13 | | annuities, benefits, and
administrative expenses and payments | 14 | | to the State Agency provided in
Section 7-170. All funds | 15 | | deposited in such account shall be placed in the
name of the | 16 | | Fund fund and shall be withdrawn only by a check or draft upon |
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| 1 | | the
bank or savings and loan association signed by the | 2 | | president of the
board or the executive director, as the
board | 3 | | may direct. In case the president or executive director, whose
| 4 | | signature appears upon any check or draft, after attaching his | 5 | | signature
ceases to hold office before the delivery thereof to | 6 | | the payee, his
signature nevertheless shall be valid and | 7 | | sufficient for all purposes with
the same effect as if he had | 8 | | remained in office until delivery thereof. The
revolving | 9 | | account shall be created by resolution of the board. The State
| 10 | | Comptroller, upon receipt of a copy of such resolution and a | 11 | | voucher
designating the payment of $300,000 into the revolving | 12 | | account, shall draw
his warrant on the State Treasurer for | 13 | | payment of same to the Fund for
deposit in the revolving | 14 | | account. The monies in the revolving account shall
be held and | 15 | | expenditures shall be made by the Fund for the purposes herein
| 16 | | set forth. The Fund shall reimburse the revolving account for | 17 | | expenditures
for such purposes and the Comptroller, upon | 18 | | receipt of vouchers signed as
provided in Section 7-210 and | 19 | | including a statement of expenditures made
from the revolving | 20 | | account, shall draw his warrant on the State Treasurer
for the | 21 | | payment of the amount of such expenditures to the Fund for | 22 | | deposit
in the revolving account .
| 23 | | No bank or savings and loan association shall receive | 24 | | investment funds
as permitted by this Section, unless it has | 25 | | complied with the requirements
established pursuant to Section | 26 | | 6 of the Public Funds Investment Act "An Act relating to |
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| 1 | | certain investments
of public funds by public agencies", | 2 | | approved July 23, 1943 , as now or hereafter
amended. The | 3 | | limitations set forth in such Section 6 shall be applicable
| 4 | | only at the time of investment and shall not require the | 5 | | liquidation of
any investment at any time.
| 6 | | (Source: P.A. 83-541.)
| 7 | | (40 ILCS 5/7-210) (from Ch. 108 1/2, par. 7-210)
| 8 | | Sec. 7-210. Funds. | 9 | | (a) All money received by the board shall immediately be | 10 | | deposited with the custodian State Treasurer for the account of | 11 | | the Fund fund , or in the case of
funds received under Section | 12 | | 7-199.1, in a separate account maintained for
that purpose. All | 13 | | payments from the accounts of the Fund
shall be made by the | 14 | | custodian only, and only by a check or draft signed by the | 15 | | president of the
board or the executive director, as the
board | 16 | | may direct. Such checks and drafts All disbursements
of funds | 17 | | held by the State Treasurer shall be made only upon warrants
of | 18 | | the State Comptroller drawn upon the
Treasurer as custodian of | 19 | | this fund upon vouchers signed by the person
or persons | 20 | | designated for such purpose by resolution of the board. The
| 21 | | Comptroller is authorized to draw such warrants upon vouchers | 22 | | so signed,
including warrants payable to the Fund for deposit | 23 | | in a revolving account
authorized by Section 7-195.1. The | 24 | | Treasurer shall accept all warrants
so signed and shall be | 25 | | released from liability for all payments made
thereon. Vouchers |
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| 1 | | shall be drawn only upon proper authorization by the
board as | 2 | | properly recorded in the official minute books of the meetings
| 3 | | of the board.
| 4 | | (b) (Blank). All securities of the fund when received shall | 5 | | be deposited with
the State Treasurer who shall provide | 6 | | adequate safe deposit facilities
for their preservation and | 7 | | have custody of them.
| 8 | | (c) The assets of the Fund fund shall be invested as one | 9 | | fund, and no
particular person, municipality, or | 10 | | instrumentality thereof or
participating instrumentality shall | 11 | | have any right in any specific
security or in any item of cash | 12 | | other than an undivided interest in the
whole.
| 13 | | (d) Whenever any employees of a municipality or | 14 | | participating
instrumentality have been or shall be excluded | 15 | | from participation in
this Fund fund by virtue of the | 16 | | application of paragraph b of Section 7-109
(2), the board | 17 | | shall issue a check or draft voucher authorizing the | 18 | | Comptroller to draw
his warrant upon the Treasurer as custodian | 19 | | of this fund in an amount
equal to the accumulated | 20 | | contributions of such employees. Such check or draft warrant
| 21 | | shall be drawn in favor of the appropriate fund of the pension | 22 | | or retirement fund
in which such employees have or shall become | 23 | | participants. Such transfer
shall terminate any further rights | 24 | | of such employees under this Fund fund .
| 25 | | (e) If a participating instrumentality terminates | 26 | | participation
because it fails to meet the requirements of |
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| 1 | | Section 7-108, it shall
pay to the Fund fund the amount equal | 2 | | to any net debit balance in its
municipality reserve account | 3 | | and account receivable. Its successors, and
assigns and | 4 | | transferees of its assets shall be obligated to make this
| 5 | | payment to the extent of the value of assets transferred to | 6 | | them. The
Fund fund shall pay an amount equal to any net credit | 7 | | balance to the
participating instrumentality, its successors | 8 | | or assigns. Any remaining
net debit or credit balance not | 9 | | collectible or payable shall be
transferred to the terminated | 10 | | municipality reserve account. The Fund fund
shall pay to each | 11 | | employee of the participating instrumentality an
amount equal | 12 | | to his credits in the employee reserves. The employees
shall | 13 | | have no further rights to any benefits from the Fund fund , | 14 | | except that
annuities awarded prior to the date of termination | 15 | | shall continue to be
paid.
| 16 | | (Source: P.A. 84-812.)
| 17 | | (40 ILCS 5/7-214) (from Ch. 108 1/2, par. 7-214)
| 18 | | Sec. 7-214. Custodian State treasurer . The Board shall | 19 | | appoint one of more custodians to receive and hold the assets | 20 | | of the Fund on such terms as the Board may agree. The State | 21 | | Treasurer shall be the treasurer of the fund and shall be
| 22 | | responsible for the proper handling of all the assets of the | 23 | | fund in
accordance with this Article. He shall furnish a | 24 | | corporate surety bond of
such amount as the board designates, | 25 | | which bond shall indemnify the board
against any loss which may |
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| 1 | | result from any action or failure to act by the
treasurer or | 2 | | any of his agents. All charges incidental to the procuring and
| 3 | | giving of such bond shall be paid by the board.
| 4 | | (Source: Laws 1963, p. 161.)
| 5 | | Section 99. Effective date. This Act takes effect July 1, | 6 | | 2014.".
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