Full Text of HB3627 095th General Assembly
HB3627enr 95TH GENERAL ASSEMBLY
|
|
|
HB3627 Enrolled |
|
LRB095 10069 BDD 30283 b |
|
| 1 |
| AN ACT concerning finance.
| 2 |
| Be it enacted by the People of the State of Illinois,
| 3 |
| represented in the General Assembly:
| 4 |
| Section 1. Short title. This Act may be cited as the | 5 |
| Charitable Trust Stabilization Act. | 6 |
| Section 5. The Charitable Trust Stabilization Fund. | 7 |
| (a) The Charitable Trust Stabilization Fund is created as a | 8 |
| special fund in the State treasury. From appropriations from | 9 |
| the Fund, the Charitable Trust Stabilization Committee shall | 10 |
| make grants to public and private entities in the State for the | 11 |
| purposes set forth under subsection (b). Moneys received for | 12 |
| the purposes of this Section, including, without limitation, | 13 |
| fees collected under subsection (m) of Section 115.10 of the | 14 |
| General Not For Profit Corporation Act of 1986 and | 15 |
| appropriations, gifts, grants, and awards from any public or | 16 |
| private entity, must be deposited into the Fund. Any interest | 17 |
| earnings that are attributable to moneys in the Fund must be | 18 |
| deposited into the Fund. | 19 |
| (b) Moneys in the Fund may be used only for the following | 20 |
| purposes: | 21 |
| (1) short-term, low-interest loans to participating | 22 |
| organizations that experience temporary cash-flow | 23 |
| shortages; |
|
|
|
HB3627 Enrolled |
- 2 - |
LRB095 10069 BDD 30283 b |
|
| 1 |
| (2) business loans to participating organizations for | 2 |
| the purpose of expanding their capacity or operations; | 3 |
| (3) grants for the start-up purposes of participating | 4 |
| organizations; and | 5 |
| (4) the administration of the Fund and this Act. | 6 |
| (c) Moneys in the Fund must be allocated as follows: | 7 |
| (1) 20% of the amount deposited into the Fund in the | 8 |
| fiscal year must be set aside for the operating budget of | 9 |
| the Fund and Committee for the next fiscal year, but the | 10 |
| operating budget of the Fund and Committee may not exceed | 11 |
| $4,000,000 in any fiscal year; | 12 |
| (2) 50% must be available for the purposes set forth | 13 |
| under subsection (b); and | 14 |
| (3) 30% must be invested for the purpose of earning | 15 |
| interest or other investment income. | 16 |
| (d) As soon as practical after the effective date of this | 17 |
| Act, the State Treasurer must transfer the amount of $1,000,000 | 18 |
| from the General Revenue Fund to the Charitable Trust | 19 |
| Stabilization Fund. On the June 30 that occurs in the third | 20 |
| year after the transfer to the Charitable Trust Stabilization | 21 |
| Fund, the Treasurer must transfer the amount of $1,000,000 from | 22 |
| the Charitable Trust Stabilization Fund to the General Revenue | 23 |
| Fund. If, on that date, less than $1,000,000 is available for | 24 |
| transfer, then the Treasurer must transfer the remaining | 25 |
| balance of the Charitable Trust Stabilization Fund to the | 26 |
| General Revenue Fund, and on each June 30 thereafter must |
|
|
|
HB3627 Enrolled |
- 3 - |
LRB095 10069 BDD 30283 b |
|
| 1 |
| transfer any balance in the Charitable Trust Stabilization Fund | 2 |
| to the General Revenue Fund until the aggregate amount of | 3 |
| $1,000,000 has been transferred. | 4 |
| Section 10. The Charitable Trust Stabilization Committee. | 5 |
| (a) The Charitable Trust Stabilization Committee is | 6 |
| created. The Committee consists of the following members: | 7 |
| (1) the Attorney General or his or her designee, who | 8 |
| shall serve as co-chair of the Committee; | 9 |
| (2) the State Treasurer or his or her designee, who | 10 |
| shall serve as co-chair of the Committee; | 11 |
| (3) the Lieutenant Governor or his or her designee; | 12 |
| (4) the Director of Commerce and Economic Opportunity | 13 |
| or his or her designee; | 14 |
| (5) the chief executive officer of the Division of | 15 |
| Financial Institutions in the Department of Financial and | 16 |
| Professional Regulations or his or her designee; and | 17 |
| (6) six private citizens, who shall serve a term of 6 | 18 |
| years, appointed by the State Treasurer with advice and | 19 |
| consent of the Senate. | 20 |
| (b) The Committee shall adopt rules, including procedures | 21 |
| and criteria for grant awards; it must meet at least once each
| 22 |
| calendar
quarter; and it may establish committees and officers | 23 |
| as it deems necessary.
For purposes of Committee meetings, a | 24 |
| quorum is a majority of the members.
Meetings of the Committee | 25 |
| are subject to the Open Meetings Act.
The Committee must afford |
|
|
|
HB3627 Enrolled |
- 4 - |
LRB095 10069 BDD 30283 b |
|
| 1 |
| an opportunity for public comment at each of its meetings. | 2 |
| (c) Committee members shall serve without compensation, | 3 |
| but may be
reimbursed
for their reasonable travel expenses from | 4 |
| funds available for that purpose. The
Department of Commerce | 5 |
| and Economic Opportunity shall, subject to appropriation, | 6 |
| provide staff and
administrative support services to the | 7 |
| Committee. | 8 |
| (d) The Committee shall administer the Charitable Trust | 9 |
| Stabilization Fund. The Committee may employ the services of a | 10 |
| director. The director must have extensive experience in | 11 |
| building and funding not-for-profit ventures. The director | 12 |
| must: | 13 |
| (1) develop and implement an annual work plan based on | 14 |
| the goals set forth by the Committee; | 15 |
| (2) attend the Committee meetings and provide reports | 16 |
| of the progress on the annual work plan; | 17 |
| (3) develop and maintain a database of all | 18 |
| organizations that have elected to participate under this | 19 |
| Act; and | 20 |
| (4) publicize the Charitable Trust Stabilization Fund | 21 |
| to eligible organizations. | 22 |
| Section 15. Grant eligibility. To be eligible to receive a | 23 |
| grant under this Act, an organization must be a community-based | 24 |
| organization or other not-for-profit entity that: | 25 |
| (1) is a not-for-profit corporation that is exempt from |
|
|
|
HB3627 Enrolled |
- 5 - |
LRB095 10069 BDD 30283 b |
|
| 1 |
| federal income taxation under Section 501(c)(3) of the | 2 |
| federal Internal Revenue Code of 1986; | 3 |
| (2) is organized under the General Not for Profit | 4 |
| Corporation Act of 1986 for the purpose of providing | 5 |
| charitable services to the community; and | 6 |
| (3) complies with the provisions of the Charitable | 7 |
| Trust Act.
| 8 |
| Section 20. Permissive application. The grant program | 9 |
| under this Act
is permissive and is subject to appropriation by | 10 |
| the General
Assembly. | 11 |
| Section 90. The State Finance Act is amended by adding | 12 |
| Section 5.675 as follows: | 13 |
| (30 ILCS 105/5.675 new) | 14 |
| Sec. 5.675. The Charitable Trust Stabilization Fund.
| 15 |
| Section 95. The General Not For Profit Corporation Act of | 16 |
| 1986 is amended by changing Section 115.10 as follows:
| 17 |
| (805 ILCS 105/115.10) (from Ch. 32, par. 115.10)
| 18 |
| Sec. 115.10. Fees for filing documents. The Secretary of | 19 |
| State shall charge and collect for:
| 20 |
| (a) Filing articles of incorporation, $50.
| 21 |
| (b) Filing articles of amendment, $25, unless the |
|
|
|
HB3627 Enrolled |
- 6 - |
LRB095 10069 BDD 30283 b |
|
| 1 |
| amendment is a
restatement of the articles of | 2 |
| incorporation, in which case the fee shall
be $100.
| 3 |
| (c) Filing articles of merger or consolidation, $25.
| 4 |
| (d) Filing articles of dissolution, $5.
| 5 |
| (e) Filing application to reserve a corporate name, | 6 |
| $25.
| 7 |
| (f) Filing a notice of transfer or cancellation of a | 8 |
| reserved corporate
name, $25.
| 9 |
| (g) Filing statement of change of address of registered | 10 |
| office or change
of registered agent, or both, $5.
| 11 |
| (h) Filing an application of a foreign corporation for | 12 |
| authority to
conduct affairs in this State, $50.
| 13 |
| (i) Filing an application of a foreign corporation for
| 14 |
| amended authority to conduct affairs in this
State, $25.
| 15 |
| (j) Filing a copy of amendment to the articles of | 16 |
| incorporation of a
foreign corporation holding authority | 17 |
| to conduct affairs in this State, $25,
unless the amendment | 18 |
| is a restatement of the articles of incorporation, in
which | 19 |
| case the fee shall be $100.
| 20 |
| (k) Filing a copy of articles of merger of a foreign | 21 |
| corporation holding
authority to conduct affairs in this | 22 |
| State, $25.
| 23 |
| (l) Filing an application for withdrawal and final | 24 |
| report or a copy of
articles of dissolution of a foreign | 25 |
| corporation, $5.
| 26 |
| (m) Filing an annual report of a domestic or foreign |
|
|
|
HB3627 Enrolled |
- 7 - |
LRB095 10069 BDD 30283 b |
|
| 1 |
| corporation, $10, of which $5 must be deposited into the | 2 |
| Charitable Trust Stabilization Fund
$5 .
| 3 |
| (n) Filing an application for reinstatement of a | 4 |
| domestic
or a foreign corporation, $25.
| 5 |
| (o) Filing an application for use of an assumed | 6 |
| corporate
name,
$150 for each year or part thereof ending | 7 |
| in 0 or 5, $120 for each year or part
thereof ending in 1 or | 8 |
| 6, $90 for each year or part thereof ending in 2 or 7,
$60 | 9 |
| for each year or part thereof ending in 3 or 8, $30 for | 10 |
| each year or part
thereof ending in 4 or 9, and a renewal | 11 |
| fee for each assumed corporate name,
$150.
| 12 |
| (p) Filing an application for change or cancellation of | 13 |
| an assumed
corporate name, $5.
| 14 |
| (q) Filing an application to register the corporate | 15 |
| name of
a foreign corporation, $50; and an annual renewal | 16 |
| fee for
the registered name, $50.
| 17 |
| (r) Filing an application for cancellation of a | 18 |
| registered
name of a foreign corporation, $5.
| 19 |
| (s) Filing a statement of correction, $25.
| 20 |
| (t) Filing an election to accept this Act, $25.
| 21 |
| (u) Filing any other statement or report, $5.
| 22 |
| (Source: P.A. 93-59, eff. 7-1-03; 94-605, eff. 1-1-06.)
|
|