Full Text of SB2363 100th General Assembly
SB2363sam002 100TH GENERAL ASSEMBLY | Sen. James F. Clayborne, Jr. Filed: 4/18/2018
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| 1 | | AMENDMENT TO SENATE BILL 2363
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 2363 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The State Treasurer Act is amended by changing | 5 | | Section 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 | 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.
| 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 |
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| 1 | | holding and investing those
funds.
| 2 | | The Treasurer may invest the public funds constituting the | 3 | | Public Treasurers'
Investment
Pool in the same manner, in the | 4 | | same types of investments and subject to
the same limitations
| 5 | | provided for the investment of funds in the State Treasury. The | 6 | | Treasurer
shall develop, publish, and implement an investment | 7 | | policy covering the
management of funds in the Public | 8 | | Treasurers' Investment Pool. The policy
shall be published each | 9 | | year as part of the audit
of the Public Treasurers' Investment | 10 | | Pool by the Auditor General, which shall
be distributed to all | 11 | | participants. The Treasurer shall notify all Public
| 12 | | Treasurers' Investment Pool participants in writing, and the | 13 | | Treasurer shall
publish in at least one newspaper of general | 14 | | circulation in both Springfield
and Chicago any changes to a | 15 | | previously published investment policy at least 30
calendar | 16 | | days before implementing the policy. Any such investment policy
| 17 | | adopted by the Treasurer shall be reviewed, and updated if | 18 | | necessary, within 90
days following the installation of a new | 19 | | Treasurer.
| 20 | | The Treasurer shall promulgate such rules and regulations | 21 | | as he deems
necessary
for the efficient
administration of the | 22 | | Public Treasurers' Investment Pool and the E-Pay program, | 23 | | including
specification
of minimum amounts
which may be | 24 | | deposited in the Pool and minimum periods of time for which
| 25 | | deposits
shall be retained in the Pool. The rules shall provide | 26 | | for the administration
expenses of the Pool to be
paid from its |
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| 1 | | earnings and for the interest earnings in excess of such | 2 | | expenses
to be credited or
paid monthly to the several | 3 | | custodians of public funds participating in
the Pool in a | 4 | | manner which equitably
reflects the differing amounts of their | 5 | | respective investments in the Pool and
the
differing periods of | 6 | | time for which such amounts were in the custody of the
Pool.
| 7 | | Upon creating a Public Treasurers' Investment Pool the | 8 | | State Treasurer shall
give bond with 2 or more sufficient | 9 | | sureties, payable to custodians of public
funds who participate
| 10 | | in the Pool for the benefit of the public agencies whose funds | 11 | | are paid
into the Pool for investment,
in the penal sum of | 12 | | $150,000, conditioned for the faithful discharge of
his duties | 13 | | in relation to the
Public Treasurers' Investment Pool.
| 14 | | "Public agency", as used in this Section, means the State | 15 | | of Illinois or any political subdivision, or any agency, board, | 16 | | or department thereof, any special district, any municipality, | 17 | | or any unit of local government. | 18 | | "Public funds", as used in this Section, means current | 19 | | operating funds, special funds, and funds of any kind or | 20 | | character belonging to or in the custody of any public agency. | 21 | | "Public funds" and "public agency", as used in this Section | 22 | | have the meanings ascribed
to them in Section 1 of "An Act | 23 | | relating to certain investments of public
funds by public
| 24 | | agencies", approved July 23, 1943, as amended.
| 25 | | This amendatory Act of 1975 is not a limit on any home rule | 26 | | unit.
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| 1 | | After the effective date of this amendatory Act of the 99th | 2 | | General Assembly, participation in the Public Treasurers' | 3 | | Investment Pool shall not be a prerequisite for participation | 4 | | in 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 | 8 | | persons 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 | 22 | | Treasurer to promote and encourage the use of businesses owned | 23 | | by or under the control of qualified veterans of the armed | 24 | | forces of the United States, qualified service-disabled | 25 | | veterans, minority persons, women, or persons with a disability |
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| 1 | | in the area of goods and services. Furthermore, the State | 2 | | Treasurer shall utilize such businesses to the greatest extent | 3 | | feasible within the bounds of financial and fiduciary prudence, | 4 | | and take affirmative steps to remove any barriers to the full | 5 | | participation of such firms in the procurement and contracting | 6 | | opportunities afforded. | 7 | | (c) It shall be an aspirational goal of the State Treasurer | 8 | | to use businesses owned by or under the control of qualified | 9 | | veterans of the armed forces of the United States, qualified | 10 | | service-disabled veterans, minority persons, women, or persons | 11 | | with a disability for not less than 25% of the total dollar | 12 | | amount of funds under management, purchases of investment | 13 | | securities, and other contracts, including, but not limited to, | 14 | | the use of broker-dealers. The State Treasurer is authorized to | 15 | | establish additional aspirational goals. | 16 | | (d) When the State Treasurer procures goods and services, | 17 | | whether through a request for proposal or otherwise, he or she | 18 | | is authorized to incorporate preferences in the scoring process | 19 | | for: (1) a minority-owned business, a women-owned business, a | 20 | | business owned by a person with a disability, a qualified | 21 | | veteran-owned small business, or a qualified service-disabled | 22 | | veteran-owned small business; and (2) businesses having a | 23 | | record of support for increasing diversity and inclusion in | 24 | | board membership, management, employment, philanthropy, and | 25 | | supplier diversity, including investment professionals and | 26 | | investment sourcing. |
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| 1 | | When the State Treasurer utilizes a financial institution | 2 | | or determines the eligibility of a financial institution to | 3 | | participate in a banking contract, investment contract, | 4 | | investment activity, or other financial program of the State | 5 | | Treasurer, he or she shall review the financial institution's | 6 | | Community Reinvestment Act rating, record, and current level of | 7 | | financial commitment to the community prior to making a | 8 | | decision to utilize or determine the eligibility of such | 9 | | financial institution. | 10 | | (e) Beginning with fiscal year 2019, and at least annually | 11 | | thereafter, the State Treasurer shall report on his or her | 12 | | utilization of minority-owned businesses, women-owned | 13 | | businesses, businesses owned by a person with a disability, | 14 | | qualified veteran-owned small businesses, or qualified | 15 | | service-disabled veteran-owned small businesses. The report | 16 | | shall be published on the State Treasurer's official website. | 17 | | (f) The provisions of this Section take precedence over any | 18 | | goals established under the Business Enterprise for | 19 | | Minorities, Women, and Persons with Disabilities Act.
| 20 | | Section 99. Effective date. This Act takes effect upon | 21 | | becoming law.".
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