SB2820ham001 99TH GENERAL ASSEMBLY

Rep. Elaine Nekritz

Filed: 5/18/2016

09900SB2820ham001 LRB099 19813 RPS 48809 a

AMENDMENT TO SENATE BILL 2820

AMENDMENT NO. ______. Amend Senate Bill 2820 by replacing everything after the enacting clause with the following:

"Section 5. The Illinois Pension Code is amended by changing Section 6-179 and by adding Sections 6-183.1 and 6-191.1 as follows:

(40 ILCS 5/6-179) (from Ch. 108 1/2, par. 6-179)

Sec. 6-179. Board's powers and duties. The board shall have the powers and duties stated in Section 6-180 to 6-191.1 6-191, inclusive, in addition to the other powers and duties provided in this Article.

(Source: Laws 1963, p. 161.)

(40 ILCS 5/6-183.1 new)

Sec. 6-183.1. To lend securities. The board may lend securities owned by the Fund to a borrower upon such terms and conditions as may be mutually agreed in writing. Such agreement shall provide that during the period of such loan the Fund shall retain the right to receive, or collect from the borrower, all dividends, interest rights, or any distributions to which the Fund would have otherwise been entitled. The borrower shall deposit with the Fund, as collateral for such loan, cash equal to the market value of the securities at the time the loan is made and shall increase the amount of collateral if and when the Fund requests an additional amount because of subsequent increased market value of the securities.

The period for which the securities may be loaned shall not exceed one year, and the loan agreement may specify earlier termination by either party upon mutually agreed conditions.

(40 ILCS 5/6-191.1 new)

Sec. 6-191.1. To reproduce records. To have any records kept by the board photographed, microfilmed, or digitally or electronically reproduced in accordance with the Local Records Act. The photographs, microfilm, and digital and electronic reproductions shall be deemed original records and documents for all purposes, including introduction in evidence before all courts and administrative agencies.

Section 99. Effective date. This Act takes effect upon becoming law.".