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



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1    AN ACT concerning government.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
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
17holding and investing those funds.
18    The Treasurer may invest the public funds constituting the
19Public Treasurers' Investment Pool in the same manner, in the
20same types of investments and subject to the same limitations
21provided for the investment of funds in the State Treasury. The
22Treasurer shall develop, publish, and implement an investment
23policy covering the management of funds in the Public



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1Treasurers' Investment Pool. The policy shall be published each
2year as part of the audit of the Public Treasurers' Investment
3Pool by the Auditor General, which shall be distributed to all
4participants. The Treasurer shall notify all Public
5Treasurers' Investment Pool participants in writing, and the
6Treasurer shall publish in at least one newspaper of general
7circulation in both Springfield and Chicago any changes to a
8previously published investment policy at least 30 calendar
9days before implementing the policy. Any such investment policy
10adopted by the Treasurer shall be reviewed, and updated if
11necessary, within 90 days following the installation of a new
13    The Treasurer shall promulgate such rules and regulations
14as he deems necessary for the efficient administration of the
15Public Treasurers' Investment Pool and the E-Pay program,
16including specification of minimum amounts which may be
17deposited in the Pool and minimum periods of time for which
18deposits shall be retained in the Pool. The rules shall provide
19for the administration expenses of the Pool to be paid from its
20earnings and for the interest earnings in excess of such
21expenses to be credited or paid monthly to the several
22custodians of public funds participating in the Pool in a
23manner which equitably reflects the differing amounts of their
24respective investments in the Pool and the differing periods of
25time for which such amounts were in the custody of the Pool.
26    Upon creating a Public Treasurers' Investment Pool the



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1State Treasurer shall give bond with 2 or more sufficient
2sureties, payable to custodians of public funds who participate
3in the Pool for the benefit of the public agencies whose funds
4are paid into the Pool for investment, in the penal sum of
5$150,000, conditioned for the faithful discharge of his duties
6in relation to the Public Treasurers' Investment Pool.
7    "Public agency", as used in this Section, means the State
8of Illinois or any political subdivision, or any agency, board,
9or department thereof, any special district, any municipality,
10or any unit of local government.
11    "Public funds", as used in this Section, means current
12operating funds, special funds, and funds of any kind or
13character belonging to or in the custody of any public agency.
14    "Public funds" and "public agency", as used in this Section
15have the meanings ascribed to them in Section 1 of "An Act
16relating to certain investments of public funds by public
17agencies", approved July 23, 1943, as amended.
18    This amendatory Act of 1975 is not a limit on any home rule
20    After the effective date of this amendatory Act of the 99th
21General Assembly, participation in the Public Treasurers'
22Investment Pool shall not be a prerequisite for participation
23in the Treasurer's E-Pay program.
24(Source: P.A. 99-856, eff. 8-19-16.)
25    (15 ILCS 505/30 new)



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1    Sec. 30. Preferences for veterans, minorities, women, and
2persons 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
16Treasurer to promote and encourage the use of businesses owned
17by or under the control of qualified veterans of the armed
18forces of the United States, qualified service-disabled
19veterans, minority persons, women, or persons with a disability
20in the area of goods and services. Furthermore, the State
21Treasurer shall utilize such businesses to the greatest extent
22feasible within the bounds of financial and fiduciary prudence,
23and take affirmative steps to remove any barriers to the full
24participation of such firms in the procurement and contracting
25opportunities afforded.
26    (c) It shall be an aspirational goal of the State Treasurer



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1to use businesses owned by or under the control of qualified
2veterans of the armed forces of the United States, qualified
3service-disabled veterans, minority persons, women, or persons
4with a disability for not less than 25% of the total dollar
5amount of funds under management, purchases of investment
6securities, and other contracts, including, but not limited to,
7the use of broker-dealers. The State Treasurer is authorized to
8establish additional aspirational goals.
9    (d) When the State Treasurer procures goods and services,
10whether through a request for proposal or otherwise, he or she
11is authorized to incorporate preferences in the scoring process
12for: (1) a minority-owned business, a women-owned business, a
13business owned by a person with a disability, a qualified
14veteran-owned small business, or a qualified service-disabled
15veteran-owned small business; and (2) businesses having a
16record of support for increasing diversity and inclusion in
17board membership, management, employment, philanthropy, and
18supplier diversity, including investment professionals and
19investment sourcing.
20    When the State Treasurer utilizes a financial institution
21or determines the eligibility of a financial institution to
22participate in a banking contract, investment contract,
23investment activity, or other financial program of the State
24Treasurer, he or she shall review the financial institution's
25Community Reinvestment Act rating, record, and current level of
26financial commitment to the community prior to making a



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1decision to utilize or determine the eligibility of such
2financial institution.
3    (e) Beginning with fiscal year 2019, and at least annually
4thereafter, the State Treasurer shall report on his or her
5utilization of minority-owned businesses, women-owned
6businesses, businesses owned by a person with a disability,
7qualified veteran-owned small businesses, or qualified
8service-disabled veteran-owned small businesses. The report
9shall be published on the State Treasurer's official website.
10    (f) The provisions of this Section take precedence over any
11goals established under the Business Enterprise for
12Minorities, Women, and Persons with Disabilities Act.
13    Section 99. Effective date. This Act takes effect upon
14becoming law.