Full Text of HB2003 102nd General Assembly
HB2003 102ND GENERAL ASSEMBLY |
| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022 HB2003 Introduced 2/17/2021, by Rep. Jim Durkin SYNOPSIS AS INTRODUCED: |
| 15 ILCS 505/17 | from Ch. 130, par. 17 |
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Amends the State Treasurer Act. Makes a technical change in a Section concerning the Public
Treasurers'
Investment Pool.
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| | A BILL FOR |
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| | | HB2003 | | LRB102 12219 RJF 17556 b |
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| 1 | | AN ACT concerning State government.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The State Treasurer Act is amended by changing | 5 | | Section 17 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 | 10 | | and the secure electronic payment options otherwise available | 11 | | to other
custodians
of public funds for public agencies
in | 12 | | this State.
| 13 | | The The Treasurer, in administering the Public Treasurers' | 14 | | Investment Pool,
may receive public
funds paid into the pool | 15 | | by any other custodian of such funds and may serve
as the | 16 | | fiscal agent of
that custodian of public funds for the purpose | 17 | | of holding and investing those
funds.
| 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
| 21 | | provided for the investment of funds in the State Treasury. | 22 | | The Treasurer
shall develop, publish, and implement an | 23 | | investment policy covering the
management of funds in the |
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| 1 | | Public Treasurers' Investment Pool. The policy
shall be | 2 | | published each year as part of the audit
of the Public | 3 | | Treasurers' Investment Pool by the Auditor General, which | 4 | | shall
be distributed to all participants. The Treasurer shall | 5 | | notify all Public
Treasurers' Investment Pool participants in | 6 | | writing, and the Treasurer shall
publish in at least one | 7 | | newspaper of general circulation in both Springfield
and | 8 | | Chicago any changes to a previously published investment | 9 | | policy at least 30
calendar days before implementing the | 10 | | policy. Any such investment policy
adopted by the Treasurer | 11 | | shall be reviewed, and updated if necessary, within 90
days | 12 | | following the installation of a new Treasurer.
| 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
| 18 | | deposits
shall be retained in the Pool. The rules shall | 19 | | provide for the administration
expenses of the Pool to be
paid | 20 | | from its earnings and for the interest earnings in excess of | 21 | | such 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 | 25 | | of time for which such amounts were in the custody of the
Pool.
| 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 | 3 | | participate
in the Pool for the benefit of the public agencies | 4 | | whose funds are paid
into the Pool for investment,
in the penal | 5 | | sum of $150,000, conditioned for the faithful discharge of
his | 6 | | duties in relation to the
Public Treasurers' Investment Pool.
| 7 | | "Public agency", as used in this Section, means the State | 8 | | of Illinois or any political subdivision, or any agency, | 9 | | board, or department thereof, any special district, any | 10 | | municipality, 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 | | This amendatory Act of 1975 is not a limit on any home rule | 15 | | unit.
| 16 | | After the effective date of this amendatory Act of the | 17 | | 99th General Assembly, participation in the Public Treasurers' | 18 | | Investment Pool shall not be a prerequisite for participation | 19 | | in the Treasurer's E-Pay program. | 20 | | (Source: P.A. 99-856, eff. 8-19-16; 100-969, eff. 8-19-18.)
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