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| | SB2363 Engrossed | | LRB100 17931 RJF 33115 b |
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1 | | AN ACT concerning government.
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2 | | Be it enacted by the People of the State of Illinois, |
3 | | represented in the General Assembly:
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4 | | Section 5. The State Treasurer Act is amended by changing |
5 | | Section 17 and by adding Section 30 as follows:
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6 | | (15 ILCS 505/17) (from Ch. 130, par. 17)
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7 | | Sec. 17.
The State Treasurer may establish and administer |
8 | | both a Public
Treasurers'
Investment Pool and an E-Pay program |
9 | | to supplement
and enhance both the investment opportunities and |
10 | | the secure electronic payment options otherwise available to |
11 | | other
custodians
of public funds for public agencies
in this |
12 | | State.
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13 | | The Treasurer, in administering the Public Treasurers' |
14 | | Investment Pool,
may receive public
funds paid into the pool by |
15 | | any other custodian of such funds and may serve
as the fiscal |
16 | | agent of
that custodian of public funds for the purpose of |
17 | | holding and investing those
funds.
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18 | | The Treasurer may invest the public funds constituting the |
19 | | Public Treasurers'
Investment
Pool in the same manner, in the |
20 | | same types of investments and subject to
the same limitations
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21 | | provided for the investment of funds in the State Treasury. The |
22 | | Treasurer
shall develop, publish, and implement an investment |
23 | | policy covering the
management of funds in the Public |
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1 | | Treasurers' Investment Pool. The policy
shall be published each |
2 | | year as part of the audit
of the Public Treasurers' Investment |
3 | | Pool by the Auditor General, which shall
be distributed to all |
4 | | participants. The Treasurer shall notify all Public
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5 | | Treasurers' Investment Pool participants in writing, and the |
6 | | Treasurer shall
publish in at least one newspaper of general |
7 | | circulation in both Springfield
and Chicago any changes to a |
8 | | previously published investment policy at least 30
calendar |
9 | | days before implementing the policy. Any such investment policy
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10 | | adopted by the Treasurer shall be reviewed, and updated if |
11 | | necessary, within 90
days following the installation of a new |
12 | | Treasurer.
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13 | | The Treasurer shall promulgate such rules and regulations |
14 | | as he deems
necessary
for the efficient
administration of the |
15 | | Public Treasurers' Investment Pool and the E-Pay program, |
16 | | including
specification
of minimum amounts
which may be |
17 | | deposited in the Pool and minimum periods of time for which
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18 | | deposits
shall be retained in the Pool. The rules shall provide |
19 | | for the administration
expenses of the Pool to be
paid from its |
20 | | earnings and for the interest earnings in excess of such |
21 | | expenses
to be credited or
paid monthly to the several |
22 | | custodians of public funds participating in
the Pool in a |
23 | | manner which equitably
reflects the differing amounts of their |
24 | | respective investments in the Pool and
the
differing periods of |
25 | | time for which such amounts were in the custody of the
Pool.
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26 | | Upon creating a Public Treasurers' Investment Pool the |
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1 | | State Treasurer shall
give bond with 2 or more sufficient |
2 | | sureties, payable to custodians of public
funds who participate
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3 | | in the Pool for the benefit of the public agencies whose funds |
4 | | are paid
into the Pool for investment,
in the penal sum of |
5 | | $150,000, conditioned for the faithful discharge of
his duties |
6 | | in relation to the
Public Treasurers' Investment Pool.
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7 | | "Public agency", as used in this Section, means the State |
8 | | of Illinois or any political subdivision, or any agency, board, |
9 | | or department thereof, any special district, any municipality, |
10 | | or any unit of local government. |
11 | | "Public funds", as used in this Section, means current |
12 | | operating funds, special funds, and funds of any kind or |
13 | | character belonging to or in the custody of any public agency. |
14 | | "Public funds" and "public agency", as used in this Section |
15 | | have the meanings ascribed
to them in Section 1 of "An Act |
16 | | relating to certain investments of public
funds by public
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17 | | agencies", approved July 23, 1943, as amended.
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18 | | This amendatory Act of 1975 is not a limit on any home rule |
19 | | unit.
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20 | | After the effective date of this amendatory Act of the 99th |
21 | | General Assembly, participation in the Public Treasurers' |
22 | | Investment Pool shall not be a prerequisite for participation |
23 | | in the Treasurer's E-Pay program. |
24 | | (Source: P.A. 99-856, eff. 8-19-16.)
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25 | | (15 ILCS 505/30 new) |
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1 | | Sec. 30. Preferences for veterans, minorities, women, and |
2 | | persons with disabilities. |
3 | | (a) As used in this Section: |
4 | | (1) the terms "minority person", "woman", "person with |
5 | | a disability", "minority-owned business", "women-owned |
6 | | business", "business owned by a person with a disability", |
7 | | and "control" have the meanings provided in Section 1 of |
8 | | the Business Enterprise for Minorities, Women, and Persons |
9 | | with Disabilities Act; and |
10 | | (2) the terms "veteran", "qualified veteran-owned |
11 | | small business", "qualified service-disabled veteran-owned |
12 | | small business", "qualified service-disabled veteran", and |
13 | | "armed forces of the United States" have the meanings |
14 | | provided in Article 1 of the Illinois Procurement Code. |
15 | | (b) It is hereby declared to be the policy of the State |
16 | | Treasurer to promote and encourage the use of businesses owned |
17 | | by or under the control of qualified veterans of the armed |
18 | | forces of the United States, qualified service-disabled |
19 | | veterans, minority persons, women, or persons with a disability |
20 | | in the area of goods and services. Furthermore, the State |
21 | | Treasurer shall utilize such businesses to the greatest extent |
22 | | feasible within the bounds of financial and fiduciary prudence, |
23 | | and take affirmative steps to remove any barriers to the full |
24 | | participation of such firms in the procurement and contracting |
25 | | opportunities afforded. |
26 | | (c) It shall be an aspirational goal of the State Treasurer |
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1 | | to use businesses owned by or under the control of qualified |
2 | | veterans of the armed forces of the United States, qualified |
3 | | service-disabled veterans, minority persons, women, or persons |
4 | | with a disability for not less than 25% of the total dollar |
5 | | amount of funds under management, purchases of investment |
6 | | securities, and other contracts, including, but not limited to, |
7 | | the use of broker-dealers. The State Treasurer is authorized to |
8 | | establish additional aspirational goals. |
9 | | (d) When the State Treasurer procures goods and services, |
10 | | whether through a request for proposal or otherwise, he or she |
11 | | is authorized to incorporate preferences in the scoring process |
12 | | for: (1) a minority-owned business, a women-owned business, a |
13 | | business owned by a person with a disability, a qualified |
14 | | veteran-owned small business, or a qualified service-disabled |
15 | | veteran-owned small business; and (2) businesses having a |
16 | | record of support for increasing diversity and inclusion in |
17 | | board membership, management, employment, philanthropy, and |
18 | | supplier diversity, including investment professionals and |
19 | | investment sourcing. |
20 | | When the State Treasurer utilizes a financial institution |
21 | | or determines the eligibility of a financial institution to |
22 | | participate in a banking contract, investment contract, |
23 | | investment activity, or other financial program of the State |
24 | | Treasurer, he or she shall review the financial institution's |
25 | | Community Reinvestment Act rating, record, and current level of |
26 | | financial commitment to the community prior to making a |
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1 | | decision to utilize or determine the eligibility of such |
2 | | financial institution. |
3 | | (e) Beginning with fiscal year 2019, and at least annually |
4 | | thereafter, the State Treasurer shall report on his or her |
5 | | utilization of minority-owned businesses, women-owned |
6 | | businesses, businesses owned by a person with a disability, |
7 | | qualified veteran-owned small businesses, or qualified |
8 | | service-disabled veteran-owned small businesses. The report |
9 | | shall be published on the State Treasurer's official website. |
10 | | (f) The provisions of this Section take precedence over any |
11 | | goals established under the Business Enterprise for |
12 | | Minorities, Women, and Persons with Disabilities Act.
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13 | | Section 99. Effective date. This Act takes effect upon |
14 | | becoming law.
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