Illinois General Assembly - Full Text of SB2363
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Full Text of SB2363  100th General Assembly


Sen. James F. Clayborne, Jr.

Filed: 4/18/2018





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2    AMENDMENT NO. ______. Amend Senate Bill 2363 by replacing
3everything after the enacting clause with the following:
4    "Section 5. The State Treasurer Act is amended by changing
5Section 17 and by adding Section 30 as follows:
6    (15 ILCS 505/17)  (from Ch. 130, par. 17)
7    Sec. 17. The State Treasurer may establish and administer
8both a Public Treasurers' Investment Pool and an E-Pay program
9to supplement and enhance both the investment opportunities and
10the secure electronic payment options otherwise available to
11other custodians of public funds for public agencies in this
13    The Treasurer, in administering the Public Treasurers'
14Investment Pool, may receive public funds paid into the pool by
15any other custodian of such funds and may serve as the fiscal
16agent of that custodian of public funds for the purpose of



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1holding and investing those funds.
2    The Treasurer may invest the public funds constituting the
3Public Treasurers' Investment Pool in the same manner, in the
4same types of investments and subject to the same limitations
5provided for the investment of funds in the State Treasury. The
6Treasurer shall develop, publish, and implement an investment
7policy covering the management of funds in the Public
8Treasurers' Investment Pool. The policy shall be published each
9year as part of the audit of the Public Treasurers' Investment
10Pool by the Auditor General, which shall be distributed to all
11participants. The Treasurer shall notify all Public
12Treasurers' Investment Pool participants in writing, and the
13Treasurer shall publish in at least one newspaper of general
14circulation in both Springfield and Chicago any changes to a
15previously published investment policy at least 30 calendar
16days before implementing the policy. Any such investment policy
17adopted by the Treasurer shall be reviewed, and updated if
18necessary, within 90 days following the installation of a new
20    The Treasurer shall promulgate such rules and regulations
21as he deems necessary for the efficient administration of the
22Public Treasurers' Investment Pool and the E-Pay program,
23including specification of minimum amounts which may be
24deposited in the Pool and minimum periods of time for which
25deposits shall be retained in the Pool. The rules shall provide
26for the administration expenses of the Pool to be paid from its



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1earnings and for the interest earnings in excess of such
2expenses to be credited or paid monthly to the several
3custodians of public funds participating in the Pool in a
4manner which equitably reflects the differing amounts of their
5respective investments in the Pool and the differing periods of
6time for which such amounts were in the custody of the Pool.
7    Upon creating a Public Treasurers' Investment Pool the
8State Treasurer shall give bond with 2 or more sufficient
9sureties, payable to custodians of public funds who participate
10in the Pool for the benefit of the public agencies whose funds
11are paid into the Pool for investment, in the penal sum of
12$150,000, conditioned for the faithful discharge of his duties
13in relation to the Public Treasurers' Investment Pool.
14    "Public agency", as used in this Section, means the State
15of Illinois or any political subdivision, or any agency, board,
16or department thereof, any special district, any municipality,
17or any unit of local government.
18    "Public funds", as used in this Section, means current
19operating funds, special funds, and funds of any kind or
20character belonging to or in the custody of any public agency.
21    "Public funds" and "public agency", as used in this Section
22have the meanings ascribed to them in Section 1 of "An Act
23relating to certain investments of public funds by public
24agencies", approved July 23, 1943, as amended.
25    This amendatory Act of 1975 is not a limit on any home rule



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1    After the effective date of this amendatory Act of the 99th
2General Assembly, participation in the Public Treasurers'
3Investment Pool shall not be a prerequisite for participation
4in the Treasurer's E-Pay program.
5(Source: P.A. 99-856, eff. 8-19-16.)
6    (15 ILCS 505/30 new)
7    Sec. 30. Preferences for veterans, minorities, women, and
8persons with disabilities.
9    (a) As used in this Section:
10        (1) the terms "minority person", "woman", "person with
11    a disability", "minority-owned business", "women-owned
12    business", "business owned by a person with a disability",
13    and "control" have the meanings provided in Section 1 of
14    the Business Enterprise for Minorities, Women, and Persons
15    with Disabilities Act; and
16        (2) the terms "veteran", "qualified veteran-owned
17    small business", "qualified service-disabled veteran-owned
18    small business", "qualified service-disabled veteran", and
19    "armed forces of the United States" have the meanings
20    provided in Article 1 of the Illinois Procurement Code.
21    (b) It is hereby declared to be the policy of the State
22Treasurer to promote and encourage the use of businesses owned
23by or under the control of qualified veterans of the armed
24forces of the United States, qualified service-disabled
25veterans, minority persons, women, or persons with a disability



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1in the area of goods and services. Furthermore, the State
2Treasurer shall utilize such businesses to the greatest extent
3feasible within the bounds of financial and fiduciary prudence,
4and take affirmative steps to remove any barriers to the full
5participation of such firms in the procurement and contracting
6opportunities afforded.
7    (c) It shall be an aspirational goal of the State Treasurer
8to use businesses owned by or under the control of qualified
9veterans of the armed forces of the United States, qualified
10service-disabled veterans, minority persons, women, or persons
11with a disability for not less than 25% of the total dollar
12amount of funds under management, purchases of investment
13securities, and other contracts, including, but not limited to,
14the use of broker-dealers. The State Treasurer is authorized to
15establish additional aspirational goals.
16    (d) When the State Treasurer procures goods and services,
17whether through a request for proposal or otherwise, he or she
18is authorized to incorporate preferences in the scoring process
19for: (1) a minority-owned business, a women-owned business, a
20business owned by a person with a disability, a qualified
21veteran-owned small business, or a qualified service-disabled
22veteran-owned small business; and (2) businesses having a
23record of support for increasing diversity and inclusion in
24board membership, management, employment, philanthropy, and
25supplier diversity, including investment professionals and
26investment sourcing.



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1    When the State Treasurer utilizes a financial institution
2or determines the eligibility of a financial institution to
3participate in a banking contract, investment contract,
4investment activity, or other financial program of the State
5Treasurer, he or she shall review the financial institution's
6Community Reinvestment Act rating, record, and current level of
7financial commitment to the community prior to making a
8decision to utilize or determine the eligibility of such
9financial institution.
10    (e) Beginning with fiscal year 2019, and at least annually
11thereafter, the State Treasurer shall report on his or her
12utilization of minority-owned businesses, women-owned
13businesses, businesses owned by a person with a disability,
14qualified veteran-owned small businesses, or qualified
15service-disabled veteran-owned small businesses. The report
16shall be published on the State Treasurer's official website.
17    (f) The provisions of this Section take precedence over any
18goals established under the Business Enterprise for
19Minorities, Women, and Persons with Disabilities Act.
20    Section 99. Effective date. This Act takes effect upon
21becoming law.".